July 16, 2010 - News

queenstonmining.mwnewsroom.com

July 16, 2010 - News

27. The assumptions used include $898.01 U.S. per ounce of gold, and an exchange rate of $1.00 Canadian=U.S.$0.9147 ($982.66 Canadian per ounce = 3 year average).8. The Company is not aware of any environmental, permitting, legal, title, taxation, socio‐political, marketingor other issue that may materially affect its estimate of mineral resources.9. Mineral resources which are not mineral reserves have not demonstrated economic viability.The 2010 mineral resource is based on underground drilling that was completed from the 5300 foot level of theMacassa Mine onto the JV property. The mineral resource was calculated by KL Gold’s geological staff which includesqualified person (“QP”), Stewart Carmichael P.Geo., the Company’s Chief Exploration Geologist, for the purpose of NI43‐101. The resource estimate was audited and verified by independent QP, Glenn R. Clark, P. Eng., of Glenn R. Clark& Associates Limited. A report detailing the resource estimate will be filed on SEDAR (www.sedar.com) within fortyfive days of this news release..The Joint Venture is completing further drilling onto the South Claims JV property from the 5300 level of the MacassaMine. Upon completion the JV will commence a fourth phase of exploration and resource definition drilling from theunderground workings of the mine to further target the SMC on both the South Claims and HM joint ventureproperties.This news release was reviewed by Queenston’s VP Exploration and qualified person William McGuinty, P. Geo.About QueenstonQueenston controls a significant land package in the Kirkland Lake gold camp now containing 29 properties, totallingapproximately 19,000 hectares. The Company’s strategy is to return to producer status through the development offour 100% owned gold projects including the Upper Beaver, McBean, Anoki and Upper Canada. The Company is alsocarrying out deep exploration targeting the new South Mine Complex with joint venture partner Kirkland Lake GoldInc. on the South Claims property, and on its 100% owned AK property. Queenston is well financed with $45 million incash and has a 2010 exploration budget of $16 million, employing up to 15 diamond drill rigs on 8 properties.For further information, contact:Charles E. Page, P. Geo., President and CEO (416) 364‐0001 (ext. 224)Hugh D. Harbinson, Chairman (416) 364‐0001 (ext. 225)Andreas Curkovic, Investor Relations (416) 577‐9927Email: Info@queenston.caWebsite: www.queenston.caForward Looking StatementsExcept for historical information this News Release may contain certain “forward looking statements”. Thesestatements may involve a number of known and unknown risks and uncertainties and other factors that may causethe actual results, level of activity and performance to be materially different from the Company’s expectations andprojections. A more detailed discussion of the risks is available in the “Annual Information Form” filed by theCompany on SEDAR at www.sedar.com

More magazines by this user
Similar magazines