BOLIDEN, Sweden--(BUSINESS WIRE)-- Regulatory News:
The increased investments in exploration in recent years have had a positive impact on the Boliden Group’s (STO: BOL) (TSX: BOL) mineral resources and mineral reserves. The biggest increase in 2011 occurred in the Boliden Area, where mineral resources and mineral reserves increased by 28 per cent and 10 per cent, respectively.
“It’s been a good year, not least for the Boliden Area, where the Renström and Kristineberg mines have generated the biggest increase in mineral resources, but the Aitik copper mine and the Garpenberg zinc mine have also made a good contribution to overall mineral resources. At the Tara mine in Ireland, we have managed to more or less maintain the mineral reserve,” says Jan Moström, President of Boliden’s Business Area Mines.
The primary focus of Boliden’s exploration work is on zinc-, copper-, and precious metal-bearing ores. Boliden’s mineral resources and mineral reserves* generally continued to show positive development in 2011 as a result both of exploration successes and of high metal prices.
Boliden currently has over 50 active projects, and in 2011 the Group invested SEK 282 million in exploration work. 2011 saw targeted exploration activities carried out in Sweden in the Skellefte field (the Boliden Area), Bergslagen, Norrbotten, Västernorrland and along the edge of the western mountain range, over and above the mine-site exploration that is carried out in all mining areas. Field exploration work in Ireland is mainly being carried out in Limerick and Tullamore.
Results for 2011
The Boliden Area
Mineral resources and mineral reserves in the Boliden Area totalled 21.1 Mtonnes (16.5 Mtonnes) and 12.1 Mtonnes (11.0 Mtonnes), respectively. The Renström mine has reported the biggest exploration successes within the Boliden Group as a whole, adding 3.6 million tonnes to the mineral resources. Significant increases have also been noted at the Kristineberg mine, and at currently planned levels, production in the Boliden Area will continue until 2021, inclusive.
Aitik
Mineral resources and mineral reserves at Aitik totalled 1,760 (1,720) Mtonnes and 710 Mtonnes (733 Mtonnes), respectively. The development has been good from Aitik Östra, a deposit located a mere 300 m to the north east of Aitik’s open pit mine. At currently planned levels, production at Aitik will continue up until 2030, inclusive.
Garpenberg
Mineral resources and mineral reserves at Garpenberg totalled 41.0 Mtonnes (39.3 Mtonnes) and 23.6 Mtonnes (25.1 Mtonnes), respectively. Garpenberg’s production capacity is currently being expanded and at planned levels, including the expansion, production at Garpenberg is expected to continue until 2031.
Tara
Mineral resources and mineral reserves at Tara totalled 10.5 Mtonnes (11.9 Mtonnes) and 15.7 Mtonnes (16 Mtonnes), respectively. Production at Tara is expected to continue until 2019.
*Calculations of mineral resources and mineral reserves, 2011
Mining companies are required to carry out a calculation of their mineral resources and mineral reserves every year. Boliden’s calculations and compilations are conducted in accordance with the recommendations issued by the Swedish industry association, SveMin. These recommendations have been drafted in accordance with international regulations. Some of these regulations have been amended, effective as of 2012, and the term, ore reserve, has been replaced by a new term, mineral reserve.
Boliden reports mineral reserves and mineral resources separately, which means that reported mineral reserves are not included in the mineral resources. A mineral resource is a concentration of minerals in the bedrock that may become commercially extractable. Mineral reserves are those parts of a mineral resource that can be mined and processed in accordance with the company’s demands on profitability. Factors such as waste rock dilution, pillar offset and process yields, etc., are taken into account in these calculations.
Boliden’s mineral resources and mineral reserves have been compiled under the supervision of Gunnar Agmalm, who is registered as a “Qualified Person” by SveMin. Gunnar Agmalm, Mineral Reserves and Project Evaluation Manager, is a member of AusIMM and has over 20 years’ experience in the mining and minerals industry. The calculations for Tara have been carried out under the supervision of John Ashton, Chief Mine Geologist, Tara Mines Ltd. John Ashton is a “Qualified Person” and a member of the Institute of Materials, Minerals and Mining and of the Institute of Geologists of Ireland, and has more than 25 years’ experience in the mining and minerals industry.
The prices employed when calculating mineral reserves are, in the main, planning prices, which are an anticipated average price for metals or exchange rate for currencies over the coming business cycle. Boliden currently employs the following planning prices:
Copper: USD 5,500/tonne
Zinc: USD 2,100/tonne
Lead: USD 2,000/tonne
Gold: USD 1,100/tr.oz.
Silver: USD 20/tr.oz.
USD/SEK: 7.00 EUR/SEK: 9.00
Boliden is a metals company with a commitment to sustainable development. Our roots are Nordic, but our business is global. The company’s core competence is within the fields of exploration, mining, smelting and metals recycling. Boliden has a total of approximately 4,400 employees and an annual turnover of approximately SEK 40 billion. Its shares are listed on NASDAQ OMX Stockholm, segment Large Cap, and on the Toronto Stock Exchange in Canada.
MINERAL RESOURCES ON 31ST DECEMBER 2011
| Quantity | Quantity | Au | Ag | Cu | Zn | Pb | Mo | Te | |||||||||||||
| 2011, ktonnes | 2010, ktonnes | g/t | g/t | % | % | % | g/t | g/t | |||||||||||||
| The Boliden Area | |||||||||||||||||||||
| Polymetallic mineralisations | |||||||||||||||||||||
| Kristineberg | Measured | 50 | 50 | ||||||||||||||||||
| Indicated | 3,760 | 1,660 | 0.7 | 31 | 0.7 | 5.0 | 0.3 | ||||||||||||||
| Inferred | 2,600 | 2,300 | 0.5 | 29 | 0.5 | 3.0 | 0.2 | ||||||||||||||
| Petiknäs N | Measured | 310 | 310 | 8.1 | 73 | 1.8 | 3.1 | 0.3 | |||||||||||||
| Indicated | 1,200 | 1,200 | 2.7 | 52 | 0.6 | 1.8 | 0.3 | ||||||||||||||
| Inferred | 720 | 720 | 3.3 | 33 | 0.5 | 1.2 | 0.2 | ||||||||||||||
| Renström | Measured | 10 | 10 | 2.8 | 135 | 1.2 | 6.8 | 1.1 | |||||||||||||
| Indicated | 2,170 | 1,510 | 2.2 | 95 | 0.6 | 6.1 | 0.9 | ||||||||||||||
| Inferred | 3,960 | 1,890 | 2.4 | 158 | 0.4 | 7.5 | 1.6 | ||||||||||||||
| Maurliden | Measured | 1,050 | 1,050 | 1.3 | 40 | 0.4 | 3.3 | 0.2 | |||||||||||||
| Indicated | 360 | 360 | 0.9 | 45 | 0.7 | 2.9 | 0.2 | ||||||||||||||
| Inferred | |||||||||||||||||||||
| Maurliden Östra | Measured | ||||||||||||||||||||
| Indicated | 360 | 410 | 0.4 | 11 | 0.4 | 0.2 | |||||||||||||||
| Inferred | |||||||||||||||||||||
| Total | Measured | 1,400 | 1,400 | 2.5 | 47 | 0.7 | 3.3 | 0.2 | |||||||||||||
| Polymetallic mineralisations | Indicated | 7,900 | 5,100 | 1.4 | 52 | 0.6 | 4.5 | 0.4 | |||||||||||||
| Inferred | 7,300 | 4,900 | 1.8 | 100 | 0.5 | 5.3 | 1.0 | ||||||||||||||
| Gold mineralisations | |||||||||||||||||||||
| Kankberg | Measured | 38 | 59 | 0.5 | 2 | 80 | |||||||||||||||
| Indicated | 200 | 610 | 2.8 | 9 | 82 | ||||||||||||||||
| Inferred | 140 | 120 | 4.4 | 6 | 78 | ||||||||||||||||
| Älgträsk | Measured | ||||||||||||||||||||
| Indicated | 2,930 | 2,930 | 2.6 | 3 | |||||||||||||||||
| Inferred | 1,270 | 1,270 | 1.8 | 3 | |||||||||||||||||
| Total | Measured | 40 | 60 | 0.5 | 2 | ||||||||||||||||
| Gold mineralisations | Indicated | 3,100 | 3,500 | 2.6 | 3 | ||||||||||||||||
| Inferred | 1,400 | 1,400 | 2.0 | 3 | |||||||||||||||||
| Aitik | Measured | 704,000 | 708,000 | 0.12 | 1.0 | 0.19 | 24 | ||||||||||||||
| Indicated | 966,000 | 845,000 | 0.11 | 1.0 | 0.18 | 24 | |||||||||||||||
| Inferred | 94,000 | 164,000 | 0.10 | 0.9 | 0.16 | 24 | |||||||||||||||
| Garpenberg | Measured | 2,900 | 2,600 | 0.3 | 101 | 0.07 | 3.8 | 1.7 | |||||||||||||
| Indicated | 14,300 | 9,900 | 0.4 | 153 | 0.06 | 4.7 | 2.1 | ||||||||||||||
| Inferred | 23,800 | 26,800 | 0.6 | 132 | 0.07 | 4.5 | 2.3 | ||||||||||||||
| Tara | Measured | 300 | 300 | 6.0 | 1.7 | ||||||||||||||||
| Indicated | 4,200 | 4,600 | 6.5 | 2.1 | |||||||||||||||||
| Inferred | 6,000 | 7,000 | 6.9 | 1.7 |
Figures may be rounded up or down.
This information was brought to you by Cision http://www.cisionwire.com
Boliden:Marcela SylvanderDirector Group CommunicationsTel: +46 8 610 1630or +46 733 244 551 ororFrans BensonDirector Investor RelationsTel:+46 8 610 1523
Source: Boliden
CHESTER, England--(BUSINESS WIRE)-- Whilst many hopeless romantics will be hoping for sumptuous chocolates, red Roses and handwritten Valentine’s Day cards this month, many online bingo fans are preparing for a lucrative 14th February. For bingo players, all festive events mean a series of new and exciting promotions and Valentine’s Day is no different.
Super Free Bingo fans have been keeping up-to-date with the latest bingo news via SuperFreeBingo.com. In the bingo industry, players are hoping for more than a quick after thought from a garage on the way home. Instead, they are keeping an eye out for freebingo promotions and attractive jackpot prizes.
Sophie’s Bingo, Posh Bingo and Tasty Bingo are amongst the bingo sites to launch their romantic themed games and they do not disappoint. Pages on sites are filled with a sea of red and pink, saucy bingo lingo and the all important jackpot prizes.
At Tasty Bingo £15,000 is being given away in the aptly named Joy Love Pot. What has caught the attention of many online bingo fans is the fact that tickets can be earned for free. Playing their favourite bingo and instants games will earn players points which will be transformed into free bingo cards on 14th February.
As Valentine’s Day approaches, bingo fans are reminded to keep a firm eye on the bingo news page at Super Free Bingo. The best deals from the most lucrative freebingo sites will be announced. Players can even earn extra special free bingo and no deposit bingo rewards by signing up to the advertised sites through SuperFreeBingo.com.
Company Name: Super Free BingoName: Rachel DeerTelephone: 01244305088Email: Rachel@insideonline.co.uk
Source: Super Free Bingo
LOUISVILLE, Ky., Feb. 10, 2012 /PRNewswire/ -- Beacon Enterprise Solutions Group, Inc. (OTC BB: BEAC) (www.askbeacon.com), an emerging global leader in the design, implementation and management of high performance Information Technology Systems ("ITS") infrastructure solutions, announced a significant increase in the Company's Blended Project Funnel.
(Logo: http://photos.prnewswire.com/prnh/20101021/DA85933LOGO)
In the Company's fiscal 2011 year-end earnings release and conference call, Jerry Bowman, President and COO of Beacon provided an update on the Company's recently implemented, cloud-based Customer Relations Management (CRM) system. The CRM system has enabled Beacon to have a higher degree of visibility into the sales and forecasting process, as well as client integration and management. As a result, Beacon stopped calculating what was formally known as "Project Backlog" and implemented a new weighted average process to quantify current and anticipated sales activity. This new "Blended Project Funnel" assessment includes both contracted order backlogs, along with weighted average client opportunities based on their position in the five-stage sales process. This report includes project activity related to potential clients, new clients and long-term clients.
"With the implementation of our new CRM system, Beacon now has a better tool to manage the client base and sales opportunity process," stated Jerry Bowman, President and COO of Beacon. "By placing a weighted average onto these projects and opportunities based upon historical results, we have visibility to not only the high-range of what can be sold, but also to a more conservative expectation of results during the near term. On December 12, 2011, we reported the Blended Project Funnel was at $111 million with $37 million in weighted-average project value over the next 12-18 months. Since that time frame, the Blended Project Funnel has increased by 36% to $151 million as of February 10, 2012, with a weighted average of $40 million in project value over the next 12-18 months. As previously noted, this is not a revenue forecast, but rather an indicator of project activity, which could increase or decrease during the year. We anticipate that reporting of Blended Project Funnel data will, over time, be replaced by revenue forecasts for specific periods."
About Beacon Enterprise Solutions Group, Inc.
Beacon Enterprise Solutions Group is an emerging global leader in the design, implementation and management of high performance Information Technology Systems ("ITS") infrastructure solutions. Beacon offers fully integrated, turnkey IT infrastructure solutions capable of fully servicing the largest companies in the world as they increasingly outsource to reduce costs while optimizing critical IT design and infrastructure management. Beacon is headquartered in Louisville, Kentucky, with regional headquarters in Cincinnati, Ohio, Dublin, Ireland, Prague, Czech Republic and personnel located throughout the United States and Europe.
For additional information, please visit Beacon's corporate website: www.askbeacon.com
This press release may contain "forward-looking statements." Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements may include, without limitation, statements about our market opportunity, strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward looking statements are reasonable, we cannot predict the effect that market conditions, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and factors described in our filings with the Securities and Exchange Commission may have on our results. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
SOURCE Beacon Enterprise Solutions Group
TORONTO, ONTARIO -- (MARKET WIRE) -- 02/10/12 -- QUEENSTON MINING INC. (TSX: QMI)(FRANKFURT: QMI)(OTCQX: QNMNF) ("Queenston or the Company") is pleased to announce new drill results from the ongoing drill program on the 100% owned Upper Beaver property located in the Kirkland Lake Gold Camp, Ontario. Results are reported from the deep Porphyry Zone and the near-surface mineralization that forms part of the new Q and Contact Zones.
Highlights:
-- 42.2 g/t Au with 0.14% Cu over 10.0 m in UB11-198 (includes 398.9 g/t Au
over 1.0 m)
-- 28.5 g/t Au with 0.56% Cu over 6.0 m and 4.1 g/t Au with 0.20% Cu over
26.0 m (includes 8.9 g/t Au over 10.0 m) in UB11-204
-- 18.7 g/t Au with 0.25% Cu over 5.0 m in UB11-174W10
-- 24.2 g/t Au with 4.85% Cu over 1.0 m in UB11-196
-- 5.8 g/t Au with 0.31% Cu over 27.0 m in UB11-205
-- 2.5 g/t Au with 0.12% Cu over 56.0 m in UB11-197 (includes 10.1 g/t Au
over 11.0 m)
-- 2.3 g/t Au over 53.0 m in UB11-195 (includes 11.7 g/t Au over 5.0 m)
-- 3.0 g/t Au over 17.0 m in UB11-180W4
-- 2.1 g/t Au over 48.0 m in UB11-195
-- 1.9 g/t Au over 27.0 m and 2.3 g/t Au over 14.0 m in UB11-191
Charles Page, President and CEO of Queenston said, "The new drilling results support the addition of mineral resources closer to surface and the conversion of mineralization to higher confidence levels in the deeper portion of the deposit. The recent drilling continues to intersect and extend widespread gold and copper mineralization capping the deposit with the exciting addition of a significant high-grade component.
A Preliminary Economic Assessment to build a stand-alone mine/mill complex at Upper Beaver will be reported this month based on the mineral resource completed in May 2011. A resource update to include drilling results from the entire 2011 program is scheduled in the third quarter."
During the recent phase of drilling 11 new holes were completed (6,082 m) with the significant assay results listed in Table 1 accompanying this news release. Four drill rigs continue to operate on the property both upgrading and expanding the existing resources laterally and to depth below 1200 m as well as extending the footprint of the near surface mineralization.
To view Figure 1, "Surface Drill Plan", please visit the following link: http://media3.marketwire.com/docs/queenston209.pdf
Porphyry Zone
As part of the on-going infill drilling program designed to upgrade and extend the confidence level of the deeper mineral resources, two holes were completed in the East Porphyry Zone both intersecting significant mineralization that continues to upgrade and extend the resource footprint. Hole UB11-174W10 intersected a high grade interval at approximately -1100 m below surface assaying 18.74 g/t Au with 0.25% Cu over 5.0 m extending the deposit 50 m to the east of the pilot hole UB11-174 that previously intersect 8.01 g/t Au with 0.71% Cu over 11.0 m.
Hole UB11-180W4 intersected the Porphyry Zone at the -850 m elevation assaying 3.00 g/t Au over 17.0 m including 6.88 g/t Au over 4.0 m extending the mineralization approximately 30 m below pilot hole UB11-180 that assayed 3.1 g/t Au over 10.0 m. The Porphyry Zone remains open to the east, west and to depth.
Near Surface Mineralization
Nine holes continued to target the shallow, near surface gold and copper mineralization identified in 2011. The drilling to date has outlined a 400 m long corridor that extends from surface to a depth of 300 m located north of and in the hanging-wall of the main East and West Porphyry Zones. The corridor is found to straddle the central diabase dyke and contains multiple gold-copper zones including the Q and North Contact Zones that were previously reported in news releases dated November 3, 2011 and December 20, 2011. Interpretation of these individual zones within the corridor continues.
Holes UB11-191, 195 and 197 completed on the eastern portion of the corridor has confirmed and expanded the mineralization from previous holes UB11-177 (4.97 g/t Au over 26.5 m), UB11-185 (22.3 g/t Au over 1.0 m) and UB11-188 (2.01 g/t Au over 101.0 m). New hole UB11-191 drilled on the same section and above previous holes UB11-185 and -187 intersected three primary zones of mineralization assaying 2.25 g/t Au over 14.0 m, 1.93 g/t Au over 27.0 m and 1.66 g/t Au over 13.0 m. New hole UB11-197 drilled a further 25 m east and above previous hole UB11-177 also intersected three separate zones assaying 1.42 g/t Au over 13.4 m, 2.49 g/t over 56.0 m (including 10.1 g/t Au over 11.0 m) and 1.52 g/t Au over 15.0 m. New hole UB11-195 drilled above -197 intersected four zones assaying 2.07 g/t Au over 48.0 m, 3.81 g/t Au over 9.0 m, 3.48 g/t Au over 6.0 and 2.26 g/t Au over 53.0 m (including 11.7 g/t Au over 5.0 m). This mineralization remains open to the east.
Holes UB11-196, -198, -202, -203, -204 and -205 were all completed on the western portion of the corridor expanding the mineralization a further 50 m to the west where it remains open. Significant results include two high-grade intervals 42.2 g/t Au with 0.14% Cu over 10.0 m (including 399 g/t Au over 1.0 m) in hole UB11-198 and 28.5 g/t Au with 0.56% Cu over 6.0 m in hole UB11-204. Both these intersections form part of the Q Zone. In holes UB11-205 and -204 other Q Zone intervals include 5.78 g/t Au with 0.31% Cu over 27.0 m and 4.05 g/t Au with 0.20% Cu over 26.0 m respectively. These holes were drilled on the same section and below previous hole UB11-187 (3.41 g/t Au over 54.0 m).
About the Upper Beaver Deposit
The Upper Beaver deposit contains National Instrument ("NI") 43-101 mineral resources of 3,074,000 t grading 6.98 g/t Au (690,000 oz.) (8.84 g/t Au uncapped (874,000 oz.)) with 0.54% Cu in the indicated category and 3,093,000 t grading 6.19 g/t Au (616,000 oz.) (7.15 g/t Au uncapped (711,000 oz.)) with 0.41% Cu in the inferred category. The mineral resource was announced by the Company on May 4, 2011 and completed by Watts, Griffis and McOuat Limited of Toronto under the supervision of independent qualified person Kurt Breede, P. Eng. The NI 43-101 technical report on the mineral resource estimate was filed on SEDAR in June 18, 2011.
The majority of the mineral resources occur in a series of breccia zones that dip steeply north (75 degrees ) below the old mine workings. These zones contain chalcopyrite, magnetite, pyrite and visible gold within a mineralized corridor that extends over a horizontal length of approximately 500 m and a dip length of approximately 1,300 m. The most prominent zones are the Porphyry Zones that contain approximately 80% of the mineral resource.
Quality Control
The design of the 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 Upper Beaver project is supervised by Queenston's Vice President Exploration, William McGuinty, 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 Accurassay Laboratories Ltd. of Thunder Bay, Ontario and analyzed employing the appropriate gold fire assaying techniques. For QA/QC purposes the Company as well as the lab submit 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 Vice President Exploration and QP, William McGuinty, 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 the other five 100% owned deposits that will provide additional feed for a central milling facility. The Company has cash and short-term investments of approximately $75 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 is 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.
Table 1. Upper Beaver Assay Results (February 2012)
----------------------------------------------------------------------------
Hole # From (m) To (m) Interval (m) Cu (%) Au (g/t) Zone
----------------------------------------------------------------------------
UB11_174W10 1198.0 1203.0 5.0 0.25 18.7 Porphyry
----------------------------------------------------------------------------
UB11_180W4 912.0 929.0 17.0 Trace 3.00 Porphyry
----------------------------------------------------------------------------
Including 912.0 916.0 4.0 Trace 6.88 Porphyry
----------------------------------------------------------------------------
UB11-191 171.0 185.0 14.0 Trace 2.25 East Shallow
----------------------------------------------------------------------------
including 174.0 176.0 2.0 Trace 11.7 East Shallow
----------------------------------------------------------------------------
188.0 191.0 3.0 Trace 1.67 East Shallow
----------------------------------------------------------------------------
233.0 260.0 27.0 Trace 1.93 East Shallow
----------------------------------------------------------------------------
including 234.0 239.0 5.0 Trace 3.00 East Shallow
----------------------------------------------------------------------------
and 245.0 248.0 3.0 0.14 5.20 East Shallow
----------------------------------------------------------------------------
and 256.0 259.0 3.0 Trace 4.66 East Shallow
----------------------------------------------------------------------------
270.0 271.0 1.0 Trace 5.91 East Shallow
----------------------------------------------------------------------------
297.0 304.0 7.0 0.22 1.64 East Shallow
----------------------------------------------------------------------------
308.0 310.5 2.5 0.46 2.52 East Shallow
----------------------------------------------------------------------------
342.0 355.0 13.0 Trace 1.66 East Shallow
----------------------------------------------------------------------------
UB11-195 127.0 175.0 48.0 Trace 2.07 East Shallow
----------------------------------------------------------------------------
227.0 236.0 9.0 Trace 3.81 East Shallow
----------------------------------------------------------------------------
250.0 256.0 6.0 Trace 3.48 East Shallow
----------------------------------------------------------------------------
298.0 351.0 53.0 Trace 2.26 East Shallow
----------------------------------------------------------------------------
including 305.0 316.0 11.0 0.10 2.75 East Shallow
----------------------------------------------------------------------------
and 326.0 338.0 12.0 0.11 1.75 East Shallow
----------------------------------------------------------------------------
and 346.0 351.0 5.0 Trace 11.7 East Shallow
----------------------------------------------------------------------------
UB11-196 18.0 20.0 2.0 0.39 2.45 West Shallow
----------------------------------------------------------------------------
51.0 53.0 2.0 Trace 2.73 West Shallow
----------------------------------------------------------------------------
104.0 108.3 4.3 0.66 4.26 West Shallow
----------------------------------------------------------------------------
155.0 166.0 11.0 0.26 1.02 West Shallow
----------------------------------------------------------------------------
262.0 263.0 1.0 4.85 24.2 West Shallow
----------------------------------------------------------------------------
286.0 298.0 12.0 0.11 1.40 West Shallow
----------------------------------------------------------------------------
514.0 515.0 1.0 0.89 14.4 West Shallow
----------------------------------------------------------------------------
UB11-197 193.0 194.0 1.0 Trace 9.03 East Shallow
----------------------------------------------------------------------------
312.0 325.4 13.4 0.13 1.42 East Shallow
----------------------------------------------------------------------------
343.0 399.0 56.0 0.12 2.49 East Shallow
----------------------------------------------------------------------------
including 344.0 355.0 11.0 Trace 10.1 East Shallow
----------------------------------------------------------------------------
552.0 567.0 15.0 Trace 1.52 East Shallow
----------------------------------------------------------------------------
573.0 574.0 1.0 0.14 12.4 East Shallow
----------------------------------------------------------------------------
UB11-198 50.0 52.0 2.0 0.39 2.02 West Shallow
----------------------------------------------------------------------------
92.0 96.0 4.0 0.74 0.96 West Shallow
----------------------------------------------------------------------------
110.0 120.0 10.0 0.14 42.2 West Shallow
----------------------------------------------------------------------------
including 110.0 111.0 1.0 Trace 399 West Shallow
----------------------------------------------------------------------------
137.0 144.0 7.0 0.31 3.02 West Shallow
----------------------------------------------------------------------------
including 138.0 139.6 1.6 No Assay Stope
----------------------------------------------------------------------------
200.0 205.0 5.0 0.27 1.75 West Shallow
----------------------------------------------------------------------------
UB11-202 43.0 50.0 7.0 Trace 0.90 West Shallow
----------------------------------------------------------------------------
101.0 105.0 4.0 0.25 6.33 West Shallow
----------------------------------------------------------------------------
150.0 152.0 2.0 Trace 4.55 West Shallow
----------------------------------------------------------------------------
UB11-203 40.0 42.0 2.0 0.37 11.2 West Shallow
----------------------------------------------------------------------------
151.0 156.0 5.0 0.11 2.26 West Shallow
----------------------------------------------------------------------------
177.0 177.7 0.7 Trace 7.14 West Shallow
----------------------------------------------------------------------------
UB11-204 35.7 52.0 16.3 0.30 0.78 West Shallow
----------------------------------------------------------------------------
119.0 145.0 26.0 0.20 4.05 West Shallow
----------------------------------------------------------------------------
including 132.0 142.0 10.0 0.24 8.92 West Shallow
----------------------------------------------------------------------------
and 132.0 134 2.0 0.59 6.27 West Shallow
----------------------------------------------------------------------------
and 139.0 140.0 1.0 Trace 62.6 West Shallow
----------------------------------------------------------------------------
188.0 194.0 6.0 0.56 28.5 West Shallow
----------------------------------------------------------------------------
Including 190.0 194.0 4.0 0.76 42.2 West Shallow
----------------------------------------------------------------------------
UB11-205 94.0 112.0 18.0 0.47 1.27 West Shallow
----------------------------------------------------------------------------
136.0 163.0 27.0 0.31 5.78 West Shallow
----------------------------------------------------------------------------
including 139.0 140.0 1.0 Trace 54.7 West Shallow
----------------------------------------------------------------------------
including 157.0 158.0 1.0 2.15 49.7 West Shallow
----------------------------------------------------------------------------
NOTE: True widths are interpreted based on drill-hole intercepts and
interpreted orientations of intersected lithologies and are estimated at 65-
80% of the core length interval. Assays are uncut. Intercepts occur within
geological confines of major zones but have not been correlated to
individual vein domains at this time. Hole UB11-199 was abandoned prior to
reaching target and assay results are pending on holes UB11-200 and -201.
Contacts: Queenston Mining Inc. Charles E. Page, P. Geo. President and CEO (416) 364-0001 (ext. 224) Info@queenston.ca Queenston Mining Inc. Ann Gibbs-Baines Investor Relations (416) 627-8872 Info@queenston.ca Queenston Mining Inc. Andreas Curkovic Investor Relations (416) 577-9927 Info@queenston.ca www.queenston.ca
Source: Queenston Mining Inc.
TORONTO, ONTARIO--(Marketwire - Feb. 10, 2012) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(OTCQX: QNMNF) ("Queenston or the Company") is pleased to announce new drill results from the ongoing drill program on the 100% owned Upper Beaver property located in the Kirkland Lake Gold Camp, Ontario. Results are reported from the deep Porphyry Zone and the near-surface mineralization that forms part of the new Q and Contact Zones.
Highlights:
-- 42.2 g/t Au with 0.14% Cu over 10.0 m in UB11-198 (includes 398.9 g/t Au
over 1.0 m)
-- 28.5 g/t Au with 0.56% Cu over 6.0 m and 4.1 g/t Au with 0.20% Cu over
26.0 m (includes 8.9 g/t Au over 10.0 m) in UB11-204
-- 18.7 g/t Au with 0.25% Cu over 5.0 m in UB11-174W10
-- 24.2 g/t Au with 4.85% Cu over 1.0 m in UB11-196
-- 5.8 g/t Au with 0.31% Cu over 27.0 m in UB11-205
-- 2.5 g/t Au with 0.12% Cu over 56.0 m in UB11-197 (includes 10.1 g/t Au
over 11.0 m)
-- 2.3 g/t Au over 53.0 m in UB11-195 (includes 11.7 g/t Au over 5.0 m)
-- 3.0 g/t Au over 17.0 m in UB11-180W4
-- 2.1 g/t Au over 48.0 m in UB11-195
-- 1.9 g/t Au over 27.0 m and 2.3 g/t Au over 14.0 m in UB11-191
Charles Page, President and CEO of Queenston said, "The new drilling results support the addition of mineral resources closer to surface and the conversion of mineralization to higher confidence levels in the deeper portion of the deposit. The recent drilling continues to intersect and extend widespread gold and copper mineralization capping the deposit with the exciting addition of a significant high-grade component.
A Preliminary Economic Assessment to build a stand-alone mine/mill complex at Upper Beaver will be reported this month based on the mineral resource completed in May 2011. A resource update to include drilling results from the entire 2011 program is scheduled in the third quarter."
During the recent phase of drilling 11 new holes were completed (6,082 m) with the significant assay results listed in Table 1 accompanying this news release. Four drill rigs continue to operate on the property both upgrading and expanding the existing resources laterally and to depth below 1200 m as well as extending the footprint of the near surface mineralization.
To view Figure 1, "Surface Drill Plan", please visit the following link: http://media3.marketwire.com/docs/queenston209.pdf
Porphyry Zone
As part of the on-going infill drilling program designed to upgrade and extend the confidence level of the deeper mineral resources, two holes were completed in the East Porphyry Zone both intersecting significant mineralization that continues to upgrade and extend the resource footprint. Hole UB11-174W10 intersected a high grade interval at approximately -1100 m below surface assaying 18.74 g/t Au with 0.25% Cu over 5.0 m extending the deposit 50 m to the east of the pilot hole UB11-174 that previously intersect 8.01 g/t Au with 0.71% Cu over 11.0 m.
Hole UB11-180W4 intersected the Porphyry Zone at the -850 m elevation assaying 3.00 g/t Au over 17.0 m including 6.88 g/t Au over 4.0 m extending the mineralization approximately 30 m below pilot hole UB11-180 that assayed 3.1 g/t Au over 10.0 m. The Porphyry Zone remains open to the east, west and to depth.
Near Surface Mineralization
Nine holes continued to target the shallow, near surface gold and copper mineralization identified in 2011. The drilling to date has outlined a 400 m long corridor that extends from surface to a depth of 300 m located north of and in the hanging-wall of the main East and West Porphyry Zones. The corridor is found to straddle the central diabase dyke and contains multiple gold-copper zones including the Q and North Contact Zones that were previously reported in news releases dated November 3, 2011 and December 20, 2011. Interpretation of these individual zones within the corridor continues.
Holes UB11-191, 195 and 197 completed on the eastern portion of the corridor has confirmed and expanded the mineralization from previous holes UB11-177 (4.97 g/t Au over 26.5 m), UB11-185 (22.3 g/t Au over 1.0 m) and UB11-188 (2.01 g/t Au over 101.0 m). New hole UB11-191 drilled on the same section and above previous holes UB11-185 and -187 intersected three primary zones of mineralization assaying 2.25 g/t Au over 14.0 m, 1.93 g/t Au over 27.0 m and 1.66 g/t Au over 13.0 m. New hole UB11-197 drilled a further 25 m east and above previous hole UB11-177 also intersected three separate zones assaying 1.42 g/t Au over 13.4 m, 2.49 g/t over 56.0 m (including 10.1 g/t Au over 11.0 m) and 1.52 g/t Au over 15.0 m. New hole UB11-195 drilled above -197 intersected four zones assaying 2.07 g/t Au over 48.0 m, 3.81 g/t Au over 9.0 m, 3.48 g/t Au over 6.0 and 2.26 g/t Au over 53.0 m (including 11.7 g/t Au over 5.0 m). This mineralization remains open to the east.
Holes UB11-196, -198, -202, -203, -204 and -205 were all completed on the western portion of the corridor expanding the mineralization a further 50 m to the west where it remains open. Significant results include two high-grade intervals 42.2 g/t Au with 0.14% Cu over 10.0 m (including 399 g/t Au over 1.0 m) in hole UB11-198 and 28.5 g/t Au with 0.56% Cu over 6.0 m in hole UB11-204. Both these intersections form part of the Q Zone. In holes UB11-205 and -204 other Q Zone intervals include 5.78 g/t Au with 0.31% Cu over 27.0 m and 4.05 g/t Au with 0.20% Cu over 26.0 m respectively. These holes were drilled on the same section and below previous hole UB11-187 (3.41 g/t Au over 54.0 m).
About the Upper Beaver Deposit
The Upper Beaver deposit contains National Instrument ("NI") 43-101 mineral resources of 3,074,000 t grading 6.98 g/t Au (690,000 oz.) (8.84 g/t Au uncapped (874,000 oz.)) with 0.54% Cu in the indicated category and 3,093,000 t grading 6.19 g/t Au (616,000 oz.) (7.15 g/t Au uncapped (711,000 oz.)) with 0.41% Cu in the inferred category. The mineral resource was announced by the Company on May 4, 2011 and completed by Watts, Griffis and McOuat Limited of Toronto under the supervision of independent qualified person Kurt Breede, P. Eng. The NI 43-101 technical report on the mineral resource estimate was filed on SEDAR in June 18, 2011.
The majority of the mineral resources occur in a series of breccia zones that dip steeply north (75 degrees ) below the old mine workings. These zones contain chalcopyrite, magnetite, pyrite and visible gold within a mineralized corridor that extends over a horizontal length of approximately 500 m and a dip length of approximately 1,300 m. The most prominent zones are the Porphyry Zones that contain approximately 80% of the mineral resource.
Quality Control
The design of the 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 Upper Beaver project is supervised by Queenston's Vice President Exploration, William McGuinty, 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 Accurassay Laboratories Ltd. of Thunder Bay, Ontario and analyzed employing the appropriate gold fire assaying techniques. For QA/QC purposes the Company as well as the lab submit 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 Vice President Exploration and QP, William McGuinty, 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 the other five 100% owned deposits that will provide additional feed for a central milling facility. The Company has cash and short-term investments of approximately $75 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 is 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.
Table 1. Upper Beaver Assay Results (February 2012)
----------------------------------------------------------------------------
Hole # From (m) To (m) Interval (m) Cu (%) Au (g/t) Zone
----------------------------------------------------------------------------
UB11_174W10 1198.0 1203.0 5.0 0.25 18.7 Porphyry
----------------------------------------------------------------------------
UB11_180W4 912.0 929.0 17.0 Trace 3.00 Porphyry
----------------------------------------------------------------------------
Including 912.0 916.0 4.0 Trace 6.88 Porphyry
----------------------------------------------------------------------------
UB11-191 171.0 185.0 14.0 Trace 2.25 East Shallow
----------------------------------------------------------------------------
including 174.0 176.0 2.0 Trace 11.7 East Shallow
----------------------------------------------------------------------------
188.0 191.0 3.0 Trace 1.67 East Shallow
----------------------------------------------------------------------------
233.0 260.0 27.0 Trace 1.93 East Shallow
----------------------------------------------------------------------------
including 234.0 239.0 5.0 Trace 3.00 East Shallow
----------------------------------------------------------------------------
and 245.0 248.0 3.0 0.14 5.20 East Shallow
----------------------------------------------------------------------------
and 256.0 259.0 3.0 Trace 4.66 East Shallow
----------------------------------------------------------------------------
270.0 271.0 1.0 Trace 5.91 East Shallow
----------------------------------------------------------------------------
297.0 304.0 7.0 0.22 1.64 East Shallow
----------------------------------------------------------------------------
308.0 310.5 2.5 0.46 2.52 East Shallow
----------------------------------------------------------------------------
342.0 355.0 13.0 Trace 1.66 East Shallow
----------------------------------------------------------------------------
UB11-195 127.0 175.0 48.0 Trace 2.07 East Shallow
----------------------------------------------------------------------------
227.0 236.0 9.0 Trace 3.81 East Shallow
----------------------------------------------------------------------------
250.0 256.0 6.0 Trace 3.48 East Shallow
----------------------------------------------------------------------------
298.0 351.0 53.0 Trace 2.26 East Shallow
----------------------------------------------------------------------------
including 305.0 316.0 11.0 0.10 2.75 East Shallow
----------------------------------------------------------------------------
and 326.0 338.0 12.0 0.11 1.75 East Shallow
----------------------------------------------------------------------------
and 346.0 351.0 5.0 Trace 11.7 East Shallow
----------------------------------------------------------------------------
UB11-196 18.0 20.0 2.0 0.39 2.45 West Shallow
----------------------------------------------------------------------------
51.0 53.0 2.0 Trace 2.73 West Shallow
----------------------------------------------------------------------------
104.0 108.3 4.3 0.66 4.26 West Shallow
----------------------------------------------------------------------------
155.0 166.0 11.0 0.26 1.02 West Shallow
----------------------------------------------------------------------------
262.0 263.0 1.0 4.85 24.2 West Shallow
----------------------------------------------------------------------------
286.0 298.0 12.0 0.11 1.40 West Shallow
----------------------------------------------------------------------------
514.0 515.0 1.0 0.89 14.4 West Shallow
----------------------------------------------------------------------------
UB11-197 193.0 194.0 1.0 Trace 9.03 East Shallow
----------------------------------------------------------------------------
312.0 325.4 13.4 0.13 1.42 East Shallow
----------------------------------------------------------------------------
343.0 399.0 56.0 0.12 2.49 East Shallow
----------------------------------------------------------------------------
including 344.0 355.0 11.0 Trace 10.1 East Shallow
----------------------------------------------------------------------------
552.0 567.0 15.0 Trace 1.52 East Shallow
----------------------------------------------------------------------------
573.0 574.0 1.0 0.14 12.4 East Shallow
----------------------------------------------------------------------------
UB11-198 50.0 52.0 2.0 0.39 2.02 West Shallow
----------------------------------------------------------------------------
92.0 96.0 4.0 0.74 0.96 West Shallow
----------------------------------------------------------------------------
110.0 120.0 10.0 0.14 42.2 West Shallow
----------------------------------------------------------------------------
including 110.0 111.0 1.0 Trace 399 West Shallow
----------------------------------------------------------------------------
137.0 144.0 7.0 0.31 3.02 West Shallow
----------------------------------------------------------------------------
including 138.0 139.6 1.6 No Assay Stope
----------------------------------------------------------------------------
200.0 205.0 5.0 0.27 1.75 West Shallow
----------------------------------------------------------------------------
UB11-202 43.0 50.0 7.0 Trace 0.90 West Shallow
----------------------------------------------------------------------------
101.0 105.0 4.0 0.25 6.33 West Shallow
----------------------------------------------------------------------------
150.0 152.0 2.0 Trace 4.55 West Shallow
----------------------------------------------------------------------------
UB11-203 40.0 42.0 2.0 0.37 11.2 West Shallow
----------------------------------------------------------------------------
151.0 156.0 5.0 0.11 2.26 West Shallow
----------------------------------------------------------------------------
177.0 177.7 0.7 Trace 7.14 West Shallow
----------------------------------------------------------------------------
UB11-204 35.7 52.0 16.3 0.30 0.78 West Shallow
----------------------------------------------------------------------------
119.0 145.0 26.0 0.20 4.05 West Shallow
----------------------------------------------------------------------------
including 132.0 142.0 10.0 0.24 8.92 West Shallow
----------------------------------------------------------------------------
and 132.0 134 2.0 0.59 6.27 West Shallow
----------------------------------------------------------------------------
and 139.0 140.0 1.0 Trace 62.6 West Shallow
----------------------------------------------------------------------------
188.0 194.0 6.0 0.56 28.5 West Shallow
----------------------------------------------------------------------------
Including 190.0 194.0 4.0 0.76 42.2 West Shallow
----------------------------------------------------------------------------
UB11-205 94.0 112.0 18.0 0.47 1.27 West Shallow
----------------------------------------------------------------------------
136.0 163.0 27.0 0.31 5.78 West Shallow
----------------------------------------------------------------------------
including 139.0 140.0 1.0 Trace 54.7 West Shallow
----------------------------------------------------------------------------
including 157.0 158.0 1.0 2.15 49.7 West Shallow
----------------------------------------------------------------------------
NOTE: True widths are interpreted based on drill-hole intercepts and
interpreted orientations of intersected lithologies and are estimated at 65-
80% of the core length interval. Assays are uncut. Intercepts occur within
geological confines of major zones but have not been correlated to
individual vein domains at this time. Hole UB11-199 was abandoned prior to
reaching target and assay results are pending on holes UB11-200 and -201.
FOR FURTHER INFORMATION PLEASE CONTACT:
Queenston Mining Inc.
Charles E. Page, P. Geo.
President and CEO
(416) 364-0001 (ext. 224)
Info@queenston.ca
Queenston Mining Inc.
Ann Gibbs-Baines
Investor Relations
(416) 627-8872
Info@queenston.ca
Queenston Mining Inc.
Andreas Curkovic
Investor Relations
(416) 577-9927
Info@queenston.ca
www.queenston.ca
Source: Queenston Mining Inc.
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