TORONTO, ONTARIO--(Marketwire - Oct. 25, 2011) - QUEENSTON MINING INC. (News - Market indicators)(FRANKFURT:QMI) ("Queenston or the Company") announces the retirement of Hugh Harbinson as Chairman of the Company effective December 31, 2011.
On behalf of Queenston and its stakeholders, the Board of Directors wishes to acknowledge and thank Mr. Harbinson for his outstanding contribution as a co-founder and Chairman of the Company since 1990.
Hugh Harbinson stated that he is looking forward to remaining an active director of Queenston as the Company advances its Kirkland Lake projects towards feasibility and ultimately production.
The Board is pleased to announce the appointment of Michael Brown, B.Sc., P.Eng., MBA, CFA as the new Chairman. Mr. Brown has been a director of the Company since 2002 and is President of Capital Markets Advisory, a capital and financial advisory firm, and prior thereto was President and CEO of Macquarie North America Ltd.
Queenston is a Canadian mineral exploration and development company with a primary focus on its assets in the historic Kirkland Lake gold camp comprising land holdings of 235 km² and five, 100% owned gold deposits. The Company's flagship project, Upper Beaver, is at the advanced exploration/development stage where in 2012 the Company plans to begin excavation of a new shaft as part of the feasibility process and moving the project ultimately towards production. The Company has working capital of approximately $90 million no debt and a fiscal 2012 exploration budget of $25 million.
Queenston's Cautionary Note Regarding NI 43‐101 and Forward Looking Statements
Except for historical information this News Release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Company's expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filed by the Company on SEDAR at www.sedar.com.
