TORONTO, ONTARIO--(Marketwire - Dec. 1, 2011) - QUEENSTON MINING INC. (News - Market indicators) (OTCQX:QMNMF) (FRANKFURT:QMI) ("Queenston or the Company") is pleased to announce that diamond drilling has intersected high-grade gold mineralization on the 100% owned Rand Property outlining a new gold system on the western portion of the Company's holdings in the Kirkland Lake Gold Camp, Ontario.

• 8.4 g/t Au over 22.6 m (including 14.6 g/t Au over 1.1 m and 44.5 g/t Au over 3.6 m) (KGR11-12)
• 6.2 g/t Au over 7.0 m (including 20.0 g/t Au over 2.0 m) (KGR10-01)
• 11.6 g/t Au over 2.0 m and 8.9 g/t Au over 1.0 m (KGR11-07)
• 1.3 g/t Au over 6.5 m and 9.4 g/t Au over 0.9 m (KGR11-06)
• 8.1 g/t Au over 1.0 m (KGR10-01W1)

Charles Page, President and CEO of Queenston said, "We are pleased with the results from the Rand property where recent drilling has identified a new style of gold mineralization. The best hole of the program, KGR11-12, targeted the eastern portion of the mineralized corridor intersecting high-grade mineralization that remains open to the east and to depth. In 2012 in addition to advancing our Upper Beaver Project towards underground development and feasibility, we also plan to continue the aggressive exploration on our inventory of known gold deposits and begin testing a variety of new targets in the camp. Our exploration budget for 2012 is $25 million and the Rand property represents one of the new target areas".

The drilling targeted favourable stratigraphy below the historic Rand gold mine located in the eastern portion of Teck Township where since 2010 the Company has completed 15 holes plus 2 wedges (17,050m).

The assay results from the drilling are listed in Table 1 accompanying this news release.

To view Figure 1, "Longitudinal Section Rand Property", please visit the following link: http://www.queenston.ca/primages/NR201126Section.pdf

ALBITITE ZONE DISCOVERY

The drilling has discovered a large alteration zone below the old mine workings on the Rand property. All holes intersected sediments and volcanics of the Timiskaming Group that are intruded by a number of narrow syenite porphyry dykes and wider, partially albitized syenite porphyries deeper in the holes. The gold mineralization as intersected to date is contained in altered albitized syenite with quartz vein zones containing minor chalcopyrite, galena and molybdenum. Drill holes KGR10-01, -10W1, KGR11-06, -07 and -12 form the core of the mineralized horizon that measures 400 m long and remains open to depth and to the east.

ABOUT THE RAND PROPERTY

The Rand property comprises 15 mineral claims located in the eastern portion of Teck Township. Between 1921-22 Ontario Kirkland Gold Mines sunk two shafts on the property, the #1 shaft and an internal winze to a depth of approximately 438 m and the #2 shaft to a depth of 137 m with production of 438 oz of gold reported in 1922. From 1922 to 1947 various parties completed further underground development and diamond drilling. In the early 1990's Battle Mountain Canada and Cyprus Canada completed 12 shallow drill holes testing geophysical anomalies. From 1994 to 2010 no work was completed on the property.
Table 1. Significant Assay Results from the Rand Drilling Program

Notes: The mineralized intervals reported in this news release represent core length. Holes KGR10-04, 08, KGR11-13, 14 and 15A reported no significant values and holes KGR11-09 and 15 were abandoned.

QUALITY CONTROL

The design of Queenston's drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Queenston's geological staff including qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. The Rand project is supervised by Queenston's Senior Geologist, Frank Ploeger, P. Geo. A detailed review of Queenston's QA/QC procedures is filed in the 2010 Annual Information Form on SEDAR. The drill core is logged and split with half-core samples shipped to Swastika Laboratories of Swastika, Ontario and analyzed employing the appropriate gold fire assaying technique. For QA/QC purposes the Company as well as the lab submits standards and blanks every 25 samples. Approximately 5% of sample rejects and/or pulps are sent to other laboratories for check assaying.

This news release was reviewed by Queenston's Senior Geologist and QP, Frank Ploeger, P. Geo.

ABOUT QUEENSTON

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 $84 million, no debt and a fiscal 2012 exploration budget of $25 million.

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