Queenstake Resources (QEE) Files Suit Against AIG (AIG) Subsidiary

Queenstake Resources Ltd. (Amex: QEE) and its wholly owned subsidiary, Queenstake Resources USA Inc., filed suit on January 19, 2007 against American International Specialty Lines Insurance Company, a subsidiary of AIG, (NYSE: AIG) in United States District Court for the District of Colorado.

The suit seeks over US$8 million in damages as a result of the Insurance Company's failure to reimburse Queenstake under its reclamation costs insurance policy for the costs to construct an evaporation pond at Queenstake's Jerritt Canyon gold mining and processing operations in Nevada.

This legal action is unrelated to the ongoing process of reviewing strategic alternatives, which Queenstake and its financial advisors Blackmont Capital are currently engaged in.

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