TORONTO, ONTARIO--(Marketwire - Jan. 5, 2012) - QUEENSTON MINING INC. (News - Market indicators)(FRANKFURT:QMI)(OTCQX:QMNMF) ("Queenston or the Company") is pleased to announce the appointment of Philip Ng as the Company's Chief Operating Officer. He assumed his duties on January 1, 2012.
Mr. Ng came to Queenston from Claude Resources Inc., where he was Senior Vice President of Mining Operations after joining them in 2006. During his employment with Claude, Mr. Ng was responsible for operations of the Seabee and Madsen underground gold mines located in Saskatchewan and Ontario respectively. At Seabee, Mr. Ng advanced the Santoy 8 Mine to commercial production.
Prior to joining Claude, Mr. Ng was employed by INCO for five years where he grew through the ranks to become Chief Mining Engineer at the Coleman McCreedy East Mine. Prior to that Mr. Ng was employed by Hudson Bay Mining and Smelting for ten years working at four mines as Rock Mechanic Specialist/Mine Planner to Mining Engineer.
Mr. Ng has a degree in Bachelor of Engineering (B.Eng. Mining) and a degree in Masters of Engineering (M.Eng. Mining) from McGill University.
Charles Page, President and CEO of Queenston said, "We are very pleased to have a person with Philip's experience and credentials to lead the development of our Upper Beaver Project in the Kirkland Lake Gold Camp. He is an excellent addition to the Queenston team and an important step in achieving our goal of moving towards production".
Queenston 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 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 $80 million, no debt and a fiscal 2012 exploration budget of $25 million.
FORWARD LOOKING STATEMENTS
This 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.com.