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Press release from Marketwire

Queenston Drilling Extends Upper Beaver Deposit to Depth With 13.7 g/t Au and 0.6% Cu Over 6.0 m

Infill Returns 49.9 g/t Au and 0.8% Cu over 7.0 m

Monday, March 05, 2012

Queenston Drilling Extends Upper Beaver Deposit to Depth With 13.7 g/t Au and 0.6% Cu Over 6.0 m07:00 EST Monday, March 05, 2012TORONTO, ONTARIO--(Marketwire - March 5, 2012) -Editors Note: There is an embedded image associated with this press release.QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(OTCQX:QNMNF) ("Queenston or the Company") is pleased to announce high-grade results from two drill holes on the 100% owned Upper Beaver property located in Kirkland Lake, Canada. HighlightsHole UB11-200W1 is the first deep drill hole to target the down plunge extension of the East Porphyry Zone at 190 metres ("m") below and 100 m east of the existing mineral resource. This hole intersected 13.7 grams per tonne ("g/t") gold ("Au") with 0.6% copper ("Cu") over 6.0 m including 30.2 g/t Au with 1.15% Cu over 2.5 m at a depth of 1,450 m.Hole UB11-174W12 is part of the infill drilling program to upgrade the mineral resource in the East Porphyry Zone and intersected 49.9 g/t Au with 0.8% Cu over 7.0 m including 261.4 g/t Au with 3.13% Cu over 1.0 m at a depth of 1,000 m. Charles Page, President and CEO of Queenston states, "We are excited with the results of drill hole UB11-200W1 that extends the Porphyry Zone a further 190 m down plunge. This is the deepest exploration drill hole on the property to date and the assay results from both this intercept and infill hole UB11-174W12 continue to display the high-grade nature of the deposit. The strength of these deep results provides confidence that further exploration will continue to extend the deposit to depth and to the east. These new holes along with 84 others completed in 2011 will be included in a resource update at Upper Beaver, due in the third quarter. As the deposit expands we anticipate a solid increase in the resource size and to accelerate exploration, we will be increasing the number of drill rigs on the property from four to six." Details of the new drilling results are listed in Table 1 accompanying this news release.To view a schematic showing the new hole locations, please visit the following link: http://www.marketwire.com/library/20120304-QMI0503fig1.jpg.Activity at Upper BeaverFour drill rigs continue to operate on the property both upgrading/expanding the existing resources and extending the footprint of the new near surface mineralization. Two additional drills will be added to the Upper Beaver property to assist in the shallow drilling program.In addition to the ongoing exploration activity and as a result of the positive Preliminary Economic Assessment ("PEA") prepared by P&E Mining Consultants Inc. of Brampton, Ontario (see news release dated February 16, 2012) the Company is advancing the project to feasibility and has approved the development of an exploration shaft to provide access for bulk sampling and confirmation of the mineability/continuity of the deposit. The PEA incorporated the mineral resource at Upper Beaver that was announced in May 2011 containing 3,074,000 t grading 6.98 g/t Au (690,000 ounces ("oz")) with 0.54% Cu (36.6 million pounds ("M lbs")) (Indicated) and 3,093,000 t grading 6.19 g/t Au (616,000 oz) with 0.42% Cu (28.0 M lbs) (Inferred). The mineral resource does not include drill results after December 31, 2010. During 2011 an additional 84 drill holes and wedge holes (41,019 m) were drilled on the project both upgrading and extending the footprint of the deposit. A resource update is planned for the third quarter of 2012 and will include the drilling conducted in calendar 2011 as well as the early part of 2012. Quality ControlThe design of the Queenston's drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Queenston's geological staff including qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. The Upper Beaver project is supervised by Queenston's Vice President Exploration, William McGuinty, P.Geo. A detailed review of Queenston's QA/QC procedures is filed in the 2010 Annual Information Form on SEDAR. The drill core is logged and split with half-core samples shipped to Swastika Laboratories of Swastika, Ontario and Accurassay Laboratories Ltd. of Thunder Bay, Ontario and analyzed employing the appropriate gold fire assaying techniques. For QA/QC purposes the Company as well as the lab submit standards and blanks every 25 samples. Approximately 5% of sample rejects and/or pulps are sent to other laboratories for check assaying. This news release was reviewed by Queenston's Vice President Exploration and QP, William McGuinty, P. Geo.About QueenstonQueenston is a Canadian mineral exploration and development company with a primary focus on its holdings in the historic Kirkland Lake gold camp comprising 235 km² of prime exploration lands. The Company's assets include 6, 100% owned gold deposits, all with NI 43-101 compliant mineral resources and ongoing exploration and development. The objective of the Company is to advance the flagship Upper Beaver project towards feasibility and production. The project is currently being permitted for advanced exploration leading to new shaft development with site preparation beginning in 2012. The Company is also very active in exploring and advancing five other 100% owned deposit that will provide additional feed for a central milling facility. The Company has cash and short-term investments of approximately $75 million, no debt and a fiscal 2012 exploration/development budget of $35 million.FORWARD LOOKING STATEMENTSThis news release may contain certain statements regarding future events, results or outlooks that are considered forward looking statements within the meaning of securities regulation. These forward looking statements reflect management's best judgment based on current facts and assumptions that management considers reasonable and include the words "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "potential" and "should". Forward looking statements contain significant risks and uncertainties. A number of circumstances could cause results to differ materially from the results discussed in the forward looking statements including, but not limited to, changes in general economic and market conditions, metal prices, political issues, permitting, environmental, exploration and development success, continued availability of capital and other risk factors. The forward looking statements contained in this document are based on what management believes to be reasonable assumptions, however, we cannot assure that the results will be compatible to the forward looking statements as management assumes no obligation to revise them to reflect new circumstances. The Corporation has no knowledge that would indicate the information is not true or incomplete and the Corporation assumes no responsibility for the accuracy and completeness of the information. Readers should not place reliance on forward looking statements. More information concerning risks and uncertainties that may affect the Company's business is available in Queenston's most recent Annual Information Form and other regulatory filings of the Company at www.sedar.comTable 1. Upper Beaver Assay Results (March 2012)Hole #From (m)To (m)Interval (m)Cu (%)Au (g/t)ZoneUB11-174W121162.01169.07.00.7849.9East PorphyryIncluding1164.01169.05.00.9269.5East Porphyryand1166.01167.01.03.13261.4East PorphyryUB11-200W11489.71490.20.51.2710.7East Porphyry1520.01526.06.00.6013.7East PorphyryIncluding1520.51523.02.51.1530.2East Porphyry1534.51535.00.51.5916.2East PorphyryNOTE:True widths are interpreted based on drill-hole intercepts and interpreted orientations of intersected lithologies and are estimated at 65-80% of the core length interval. Assays are uncut. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. FOR FURTHER INFORMATION PLEASE CONTACT: Charles E. Page, P. Geo.Queenston Mining Inc.President and CEO(416) 364-0001 (ext. 224)Info@queenston.cawww.queenston.caORInvestor RelationsAnn Gibbs-Baines(416) 627-8872ORInvestor RelationsAndreas Curkovic(416) 577-9927