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Queenston Provides Update on JV Sale to Kirkland Lake Gold
Published : December 05, 2012
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TORONTO, ONTARIO--(Marketwire - Dec. 5, 2012) - QUEENSTON MINING INC. (News - Market indicators)(FRANKFURT:QMI)(OTCQX:QNMNF) ("Queenston" or the "Company") announces that the final $30 million ("M") payment originally due on December 3, 2012 on the sale of Queenston's 50% interest in the Kirkland Lake JV properties to Kirkland Lake Gold Inc. ("KL Gold") (TSX:KGI) has been delayed pending transfer of title to the AK North Property.

The AK North Property forms part of a mining lease that is being renewed by Queenston. The lease renewal has been approved by the Ministry of Northern Development and Mines of Ontario ("MNDM") and is awaiting final signature by the Lieutenant Governor of Ontario. Queenston anticipates it will be signed shortly. Upon signing, the AK mining lease will be severed with the northern portion transferred to KL Gold. The severance of the lease is a condition to receiving the final $30 M payment plus accrued interest from KL Gold. Pursuant to the terms for the final payment, if receipt of the lease is delayed beyond December 3, 2012 payment is then due two business days following delivery of the AK North Property to KL Gold.

On March 28, 2012, Queenston announced the sale of its 50% interest in the properties held under Joint Venture ("JV") with KL Gold located in Teck Township to KL Gold for $60 Million ("M") cash and a royalty. Queenston received from KL Gold a $10 M non-refundable cash payment on signing with an additional $20 M cash on closing (August 30, 2012). Also on closing, Queenston received a promissory note for the $30 M balance due on December 3, 2012 that accrues interest at a rate of prime plus 2.5% per annum, secured by way of a first fixed charge and mortgage on the JV properties. Queenston will receive a royalty on gold production from the properties after the first 1.3 M ounces (oz) of gold have been produced equal to $15/oz of gold for the next 1 M oz produced and $20/oz thereafter.


Queenston is a Canadian mineral exploration and development company with a primary focus on its holdings in the historic Kirkland Lake gold camp comprising 230 square kilometres of prime exploration lands. The Company's assets include six 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 Upper Beaver project is progressing with Advanced Exploration leading to new shaft development in 2013. On November 12, 2012 Queenston announced a friendly acquisition by Osisko Mining Corporation ("Osisko"). Subject to the acquisition being approved by Queenston shareholders at meeting to be held on December 20, 2012 each Queenston shareholder will receive 0.611 Osisko common shares.


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

Queenston Mining Inc.
Charles E. Page, P. Geo.
President and CEO
(416) 364-0001 (ext. 224)
Queenston Mining Inc.
David Donovan, CFA
Director of Corporate Communications
(416) 364-0001 (ext. 234)
Queenston Mining Inc.
Andreas Curkovic
Investor Relations
(416) 577-9927

Queenston Mining Inc.

ISIN : CA74832E1088
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Queenston Mining is a producing gold and copper company based in Canada.

Queenston Mining holds various exploration projects in Canada and in Mexico.


Queenston Mining is listed in Canada and in Germany. Its market capitalisation is CA$ 426.4 millions as of today (US$ 432.7 millions, € 329.3 millions).

Its stock quote reached its lowest recent point on December 31, 2001 at CA$ 0.30, and its highest recent level on April 29, 2011 at CA$ 8.07.

Queenston Mining has 84 598 000 shares outstanding.

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In the News and Medias of Queenston Mining Inc.
2/23/2009Why I'm Buying Queenston Mining
Annual reports of Queenston Mining Inc.
2009 Annual Report
2007 Annual Report
Financings of Queenston Mining Inc.
9/27/2011Closes $25,000,000 Financing
Nominations of Queenston Mining Inc.
1/5/2012Announces Appointment of Philip Ng as Chief Operating Office...
10/25/2011Appoints New Chairman of the Board
Project news of Queenston Mining Inc.
9/18/2012(Upper Beaver)Receives Closure Plan Approval for Advanced Underground Expl...
9/5/2012(Upper Beaver)Extends Deep Footwall Zone at Upper Beaver With 18.4 g/t Au,...
7/10/2012(Pandora)Globex and Queenston Commence Drilling on Wood-Pandora Prope...
6/27/2012(Upper Beaver)Intersects 7.4 g/t Au with 4.5% Cu over 7.0 m In Footwall Zo...
5/15/2012(Upper Beaver)Discovers a New Gold-Copper Zone at Upper Beaver 7.5 g/t Au ...
4/11/2012(Upper Canada)Intersects High-Grade at Upper Canada
2/16/2012Announces Positive Preliminary Economic Assessment and Appro...
2/10/2012(Upper Beaver)Reports Shallow and Deep High-Grade at Upper Beaver (Includi...
11/14/2011(Upper Canada)Reports Drill Results from the L Zone and the Discovery of T...
11/3/2011(Upper Beaver)Reports More High-Grade from Upper Beaver and the Discovery ...
9/6/2011(Upper Beaver)Reports New Drill Results from Upper Beaver Including 13.15 ...
6/7/2011(Upper Canada)Reports the Discovery of a New Gold Zone and Updates Drill R...
5/23/2011(Upper Beaver)Intersects More High-Grade at Upper Beaver Including 24.6 g/...
5/4/2011(Upper Beaver)Reports 105% Increase in NI 43-101 Mineral Resources at Uppe...
3/10/2011(Upper Canada)Reports More Upper Canada Results and Prepares for Initial R...
2/23/2011(Upper Beaver)Drilling Extends Upper Beaver Deposit with 10.8 g/t Au, 1.2%...
2/14/2011(Kirkland Lake West)Reports More Drill Results From Bidgood-Kirkland East Projec...
2/4/2011(Kirkland Lake West)Plans $25 Million for 2011 Exploration in Kirkland Lake
11/30/2010(Upper Canada)Intersects 10.43 g/t Au over 17.3 Metres at Upper Canada
7/9/2008(Wood - Pandora)High Grade Drilling Results
Corporate news of Queenston Mining Inc.
12/29/2012Osisko Completes Arrangement With Queenston
12/13/2012Announces that Proxy Advisors ISS and Glass Lewis Endorse th...
12/5/2012Provides Update on JV Sale to Kirkland Lake Gold
11/26/2012Obtains Interim Order for Plan of Arrangement
11/9/2012(Upper Beaver)Files NI 43-101 Technical Report on Updated Mineral Resource...
11/1/2012Extends Gold Footprint at Bidgood
10/17/2012Intersects High-Grade 500 m Below AK Deposit (42.4 g/t Gold ...
9/26/2012Announces 112% Increase in Indicated Resource (to 1.5 M oz. ...
8/30/2012Closes $60 Million Sale of JV Lands to Kirkland Lake Gold In...
7/24/2012Expands AK Deposit with 14.5 g/t Au over 5.9 m, 11.3 g/t Au ...
6/14/2012Strengthens Project Team
6/8/2012Invests $2,500,000 in Mistango River Resources Inc.
5/3/2012Drilling Expands Bidgood Gold Deposit in Kirkland Lake
3/28/2012Enters into Agreement to Sell Its JV Interests to Kirkland L...
3/5/2012(Upper Beaver)Drilling Extends Upper Beaver Deposit to Depth With 13.7 g/t...
2/28/2012Kirkland Lake Gold-Queenston Joint Venture Reports New Drill...
12/20/2011(Upper Beaver)Reports Wide Gold Intervals from Upper Beaver Drilling (Incl...
12/1/2011Intersects New Gold Zone at the Rand Property, Kirkland Lake...
10/17/2011Announces an Initial NI 43-101 Resource at Bidgood and New D...
10/11/2011(Pandora)Globex/Queenston Intersect 28.86 g/t Au Over 4.9 Metres on W...
6/30/2011Completes Private Placement Into Mistango River Resources
11/23/2010Closes $20,100,000 Financing
11/8/2010Announces $20 Million Financing
3/19/2008 Closes $10 Million Financing
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