Queenston Mining Inc.

"The Upper Beaver project is one of four wholly owned projects that Queenston is developing in the Kirkland Lake gold camp. In 2008, the company reported an initial NI 43-101 compliant resource for Upper Beaver, including indicated resources of 1.4 million tons of 8.5 g/t gold (capped) and 0.43% copper and inferred resources of 1.1 million tons grading 7.7 g/t gold (capped) and 0.39% copper. Total contained gold resources (all categories) are 637,800 ounces of gold.

Last week, the company reported assay results from Hole UB09-100W1, an infill drill hole testing near the base of the current mineral resource designed to upgrade inferred resources into the indicated category. Hole UB09-100W1 returned 37.3 meters grading 9.4 g/t Au and 0.60% Cu from the Porphyry zone (true width estimated at 33.8 meters). This intercept included a 12.5 meter interval grading 16.0 g/t Au and 1.1% Cu and a 7.7 meter interval grading 11.3 g/t Au and 0.5% Cu.

Two previously released drill results returned high-grade mineralized intercepts 200 and 350 meters below the existing mineral resource. The Upper Beaver Porphyry zone remains open below a vertical depth of 1,300 meters. Cumulatively, the results have demonstrated the potential to upgrade and expand the mineral resource at the Porphyry zone of the Upper Beaver project. The Porphyry zone currently represents 82% of the current mineral resource estimate.

Hole UB09-100W1 is the first hole released from the 20,000 meter 2009 drill program that is currently ongoing at the Upper Beaver project to upgrade and expand the current mineral resource."
    -NICHOLAS CAMPBELL,   CANACCORD ADAMS (07/14/09)

"TGR: You recently looked at Queenston Mining properties. What were some of your impressions?

MS: I really liked what I saw. It was my first time to the Kirkland Lake mining camp in Ontario. We toured the surface works on their properties there. I was very impressed with some of the recent exploration results they've generated out of their property packages. In particular, one of the properties I like most is what they're calling the South Claims Joint Venture. It's a joint venture with a company called Kirkland Lake Gold. They've produced some fairly spectacular drill results, bonanza grades over pretty wide intercepts. The really exciting part of that for me on the technical side is that, historically, the companies that have mined in this camp have mined in vertically dipping shear hosted gold mineralization. Fairly recently, within the last two to three years, companies such as Kirkland Lake Gold and Queenston Mining have discovered horizontal or shallow dipping structures within the camp, at depth, that host equally high grade and broad intercepts of gold. So they're basically giving new life to this camp.

. . .For me, the real news with the South Claims Joint Venture is that they're no longer limited to looking at vertical structures. They've discovered that gold carries in these shallow dipping structures and that these structures may repeat. They've found one particular structure that spans two vertical structures. The question now is whether there will be some repetition of these horizontal structures throughout the 40-kilometer length of this mining trend.

TGR: Is Queenston currently producing?

MS: It is not producing; Queenston is strictly an exploration company at this time. And the soonest we can envision them organically becoming a producer is probably at least two to three years out. However, it's our opinion that Queenston is not really aiming to be a producer. Their strengths lie in exploration and any exit strategy for them would be to build the assets, to grow ounces, to put more confidence around those ounces in terms of doing scoping studies and feasibility studies and either sell those assets or be taken out entirely by a more senior company.

TGR: So given that business model, this horizontal discovery is really big.

MS: Yes, and Queenston has seen a good run up in their share price commensurate with these discoveries, but we believe there's lots more room to grow for these guys." Read Full Article
    -   The Gold Report Interview with Mike Starogiannis (06/05/09)

"TGR: What about Queenston Mining?

WI: I like companies in great jurisdictions, and Queenston Mining is in a tremendous situation. It's the dominant landholder in Kirkland Lake, which is the second-largest mining camp in Canada. In historical terms, about 40 million ounces have been produced from that area. The company is run by Charlie Page. He's a hard-working and honest mining professional. It's conservatively run and all cashed up. I really like the aggressive drill program going on there, which will help build on Queenston's 2 million ounces of reserves.

They're in joint venture on some property with Kirkland Lake Gold, the other major gold company in the area, and they're seeing tremendous success on their drilling. If you follow the trend, there's a very good chance some of these very good results will continue on to Queenston's 100%-owned property. Their Upper Beaver Zone is also kicking in a bit and getting some good results. From an investor base, some solid and very experienced investors are backing Queenston; and they know some of the upside that could be available over the next number of years as they continue to build ounces.

TGR: What sort of catalyst will drive this stock? Further expansion of the resource?

WI: Near term, I believe it will be their drill program. They'll add ounces over time, which builds value for shareholders every day. Longer term, it's pretty obvious something will happen on the M&A front. If Queenston is able to build resources to the point where it is a standalone operation, it would be a target for a major interested in a high-grade gold mine in one of the best mining camps in the country. Also, it seems pretty obvious to me Kirkland Lake Gold and Queenston should merge at some point. I could see that transaction happening over the next few years as both realize the benefits of teaming up. Kirkland Lake already has production and Queenston seems to have a lot of the land position in the camp and some tremendous blue sky. The two companies together would make a great mining company."
    -   The Gold Report Interview with Warren Irwin (05/08/09)

"Queenston Mining is a deal I’ve followed for years. It's seen its ups and downs, but it is, in my opinion, about to permanently transform itself into a gold mining force to be reckoned with. The reason for that conviction is its emerging ability to do deals that are accretive for it and its shareholders. The cornerstone area of focus is the increasingly prolific Kirkland Lake mining camp in northern Ontario, Canada, which is Canada’s second largest gold camp with historical production of 37 million ounces of gold." Read full article
    -   Midas Letter (02/24/09)

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