GoldMinerPulse.com -- Queenston Mining Inc.: (NI) 43-101 Metal Valuation Report

Queenston Mining Inc. (QMI)

Company Web Site: www.queenston.ca
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2009-09-08. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-11.
External Links: Yahoo News and Quotes  |  Yahoo Message Board  |  StockCharts  |  Stockhouse  |  Canadian Insider Trading
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-11
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Copper Molybdenum Nickel Lead Zinc
    Upper Beaver CA $13.23 0 60% 40% 718.38 K oz          10.05 K t
    Anoki CA $2.09 0 77% 23% 124.35 K oz
    South Claim CA $2.05 0 37% 63% 122.00 K oz
    Ironwood CA $1.14 0 0 100% 67.48 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal Gold Silver Copper Molybdenum Nickel Lead Zinc
    Metal Totals 1.03 M oz          10.05 K t
    Metal Prices in US$ (from 2010-03-11) $1,108.90 per oz     $17.15 per oz     $3.36580 per lb     $16.80 per lb     $9.66150 per lb     $1.01820 per lb     $1.05510 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $17.39     $0.00     $1.13     $0.00     $0.00     $0.00     $0.00
    Percentage of Total Metal Value 93.89%     0.00%     6.11%     0.00%     0.00%     0.00%     0.00%
    PP% | MI% | I% 0 | 55% | 45%     0 | 0 | 0     0 | 59% | 41%     0 | 0 | 0     0 | 0 | 0     0 | 0 | 0     0 | 0 | 0

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
    Metal Value per Share (MVpSh)    US$18.52
    Average Ore Value per Tonne    US$368.3
    Metal Value Leverage (MVL)    4.22
    Market Capitalization as % of Metal Value    23.7%
    Recent Stock Price    C$4.49   (TSX/TSXV close on 2010-03-11.)
Conversion rate used: 1 Cnd$ = 0.976275 US$ )
    Fully Diluted Share Count    65.84 M    ( From the 2009 Q2 MD&A:
As at July 29, 2009, the Company had outstanding 57,582,428 common shares together with 2,350,856 warrants and 5,904,500 stock options outstanding which, if exercised, would amount to a fully diluted position of 65,837,784 common shares. )
    PP% | MI% | I%    0 | 55% | 45%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    9.699 g/t
    Market Capitalization
    per oz of Gold In Ground    $279.59   US$  |   286.39   C$
    Gold Eq Oz Estimate    1.10 M oz   ( 1.03 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $262.50   US$  |   268.88   C$

See terms for more about GoldMinerPulse metrics.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Queenston Mining Inc. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper
Upper Beaver	CA	$13.23	0	60%	40%	718.38 K oz		10.05 K t
Anoki	CA	$2.09	0	77%	23%	124.35 K oz
South Claim	CA	$2.05	0	37%	63%	122.00 K oz
Ironwood	CA	$1.14	0	0	100%	67.48 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal	Gold	Silver	Copper	Molybdenum	Nickel	Lead	Zinc
Metal Totals	1.03 M oz		10.05 K t
Metal Prices in US$ (from 2010-03-11)	$1,108.90 per oz	$17.15 per oz	$3.36580 per lb	$16.80 per lb	$9.66150 per lb	$1.01820 per lb	$1.05510 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$17.39	$0.00	$1.13	$0.00	$0.00	$0.00	$0.00
Percentage of Total Metal Value	93.89%	0.00%	6.11%	0.00%	0.00%	0.00%	0.00%
PP% \| MI% \| I%	0 \| 55% \| 45%	0 \| 0 \| 0	0 \| 59% \| 41%	0 \| 0 \| 0	0 \| 0 \| 0	0 \| 0 \| 0	0 \| 0 \| 0

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
Metal Value per Share (MVpSh)	US$18.52
Average Ore Value per Tonne	US$368.3
Metal Value Leverage (MVL)	4.22
Market Capitalization as % of Metal Value	23.7%
Recent Stock Price	C$4.49 (TSX/TSXV close on 2010-03-11.) Conversion rate used: 1 Cnd$ = 0.976275 US$ )
Fully Diluted Share Count	65.84 M ( From the 2009 Q2 MD&A: As at July 29, 2009, the Company had outstanding 57,582,428 common shares together with 2,350,856 warrants and 5,904,500 stock options outstanding which, if exercised, would amount to a fully diluted position of 65,837,784 common shares. )
PP% \| MI% \| I%	0 \| 55% \| 45%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	9.699 g/t
Market Capitalization per oz of Gold In Ground	$279.59 US$ \| 286.39 C$
Gold Eq Oz Estimate	1.10 M oz ( 1.03 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$262.50 US$ \| 268.88 C$

See terms for more about GoldMinerPulse metrics.

Anoki - ^top^

(NI) 43-101 Report:

Title: Technical Report on the Mineral Properties of Queenston Mining Inc. in the Kirkland Lake Gold Camp
Date: 2007-11-15 (217 pages)

Project Location: Ontario, Canada / Mining Region: Abitibi Greenstone Belt

Map View: View the Anoki property on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.61 95.72 K oz 5.700 g/t 522.30 K t
Estimate notes: See Table 2: Current Mineral Resources on p. 16 of 217 in the NI 43-101 dated November 2007.
Cutoff was 3.5 g/t Au.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.61	95.72 K oz	5.700 g/t	522.30 K t
Estimate notes: See Table 2: Current Mineral Resources on p. 16 of 217 in the NI 43-101 dated November 2007. Cutoff was 3.5 g/t Au.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.48 28.63 K oz 6.280 g/t 141.80 K t
Estimate notes: See Measured + Indicated notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.48	28.63 K oz	6.280 g/t	141.80 K t
Estimate notes: See Measured + Indicated notes.

Ironwood - ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT FOR THE MINERAL RESOURCE ESTIMATE, IRONWOOD PROJECT, CADILLAC TOWNSHIP, QUÉBEC (NTS 32D/01)
Date: 2008-02 (93 pages)

Project Location: Quebec, Canada

Map View: View Ironwood gold deposit on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.14 67.48 K oz 17.260 g/t 243.20 K t
Estimate notes: See Table 17.9 Summary of the Mineral Resource Estimate, Ironwood Deposit. on p. 74 of 93 in the NI 43-101 dated February 2008.
Resource quantities adjusted for ownership percentage of 50.0%.
cutOffNotes

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.14	67.48 K oz	17.260 g/t	243.20 K t
Estimate notes: See Table 17.9 Summary of the Mineral Resource Estimate, Ironwood Deposit. on p. 74 of 93 in the NI 43-101 dated February 2008. Resource quantities adjusted for ownership percentage of 50.0%. cutOffNotes

South Claim - ^top^

(NI) 43-101 Report:

Title: Queenston Mining Inc. Review of Resources on South Claims Property Kirkland Lake, Ontario
Date: 2009-07-17 (47 pages)

Project Location: Ontario, Canada

Map View: View the South Claims property on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.76 45.26 K oz 42.510 g/t 33.11 K t
Estimate notes: See Table 7: Queenston’s Share of Resources 2008 and 2009 on p. 41 of 47 in the NI 43-101 dated July 2009.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.76	45.26 K oz	42.510 g/t	33.11 K t
Estimate notes: See Table 7: Queenston’s Share of Resources 2008 and 2009 on p. 41 of 47 in the NI 43-101 dated July 2009.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.29 76.75 K oz 42.170 g/t 56.61 K t
Estimate notes: See notes for Indicated.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.29	76.75 K oz	42.170 g/t	56.61 K t
Estimate notes: See notes for Indicated.

Upper Beaver - ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT AND MINERAL RESOURCE ESTIMATE FOR THE UPPER BEAVER PROPERTY, ONTARIO
Date: 2008-11-06 (110 pages)

Project Location: Onatario, Canada

Map View: View Upper Beaver property on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $7.21 428.34 K oz 9.700 g/t 1.37 M t
Copper $0.67 5.91 K t 4,300.000 g/t 1.37 M t
Estimate notes: See TABLE 16. SUMMARY OF UPPER BEAVER PROPERTY MINERAL RESOURCE ESTIMATE (Cutoff of 3.0 g Au/t) on p. 100 of 110 in the NI 43-101 dated November 2009.
Cutoff of 3.0 g/t Au/t

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$7.21	428.34 K oz	9.700 g/t	1.37 M t
Copper	$0.67	5.91 K t	4,300.000 g/t	1.37 M t
Estimate notes: See TABLE 16. SUMMARY OF UPPER BEAVER PROPERTY MINERAL RESOURCE ESTIMATE (Cutoff of 3.0 g Au/t) on p. 100 of 110 in the NI 43-101 dated November 2009. Cutoff of 3.0 g/t Au/t

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $4.89 290.03 K oz 8.500 g/t 1.06 M t
Copper $0.47 4.14 K t 3,900.000 g/t 1.06 M t
Estimate notes: See notes for Indicated.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.89	290.03 K oz	8.500 g/t	1.06 M t
Copper	$0.47	4.14 K t	3,900.000 g/t	1.06 M t
Estimate notes: See notes for Indicated.


PartyCasino is the online casino operated by PartyGaming Plc. PartyGaming Plc is listed on the London Stock Exchange and is part of the FTSE 250 in the Travel & Leisure sector.