GoldMinerPulse Report: Queenston Mining Inc. Metal Value

Queenston Mining Inc. (QMI) NI 43-101 Metal Value Report

Queenston Mining Inc. is a Canadian resource company engaged in the exploration for gold in Canada. The Company has two main gold assets: the Kirkland Lake gold project located in Ontario and the Cadillac gold project in Quebec. [Source: March 31, 2011 Interim Financial Statements]

The Queenston Mining Inc. website is at www.queenston.ca.

Information Links: Yahoo News and Quotes | Yahoo Message Board | StockCharts | Canadian Insider Trading

GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-11-21.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**Queenston Mining Inc. Metric Summary**
General Metric	Value on 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$70.11
Average Ore Value per Tonne	US$317.86
Metal Value Leverage (MVL)	13.93
Market Capitalization as a Percentage of Metal Value	7.2%
Recent Closing Stock Price	C$5 [note 1]
Fully Diluted Share Count	94.79 M [note 2]
Percentage In Situ Proven + Probable Reserve	0%
Percentage In Situ Measured + Indicated Resource	44%
Percentage In Situ Inferred Resource	56%

**Gold Specific Metrics**
Metric	Value on 2012-02-03
Gold Reserves + Resources	3.71 M oz
Average Gold Ore Grade	5.7 g/t
Market Capitalization per oz of Gold In Situ	US$128.78 ( C$127.91 )
Gold Equivalent Ounces Estimate	3.85 M oz
Market Capitalization per oz of Gold Equivalent	US$123.92 ( C$123.08 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count taken from the September, 2011 financial statement.

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2012-02-03**
Metric / Metal	Gold	Copper
Total Counts (reserves + resources)	3.71 M oz	29.28 K t
Metal Prices in US$ (from 2012-02-03)	$1,725.90 / oz	$3.89 / lb
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$67.46	$2.65
Percentage of Total Metal Value	96.22%	3.78%
Metal Value Percentage Proven + Probable	0%	0%
Metal Value Percentage Measured + Indicated	44%	57%
Metal Value Percentage Inferred	56%	43%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	Copper	MI%	I%
Upper Beaver	Onatario, Canada	$29.72 ( 42.4% )	US$456.80	1.49 M oz	29.28 K t	53%	47%
Upper Canada	Ontario, Canada	$14.15 ( 20.2% )	US$195.63	776.89 K oz		18%	82%
AK	Ontario, Canada	$8.23 ( 11.7% )	US$291.56	451.90 K oz		54%	46%
McBean	Ontario, Canada	$5.30 ( 7.6% )	US$260.80	291.05 K oz		37%	63%
Anoki	Ontario, Canada	$2.99 ( 4.3% )	US$266.35	164.34 K oz		68%	32%
South Claim JV	Ontario, Canada	$2.75 ( 3.9% )	US$2,622.73	151.05 K oz		49%	51%
SMC	Ontario, Canada	$2.69 ( 3.8% )	US$2,621.55	147.95 K oz		48%	52%
Ironwood	Quebec, Canada	$2.46 ( 3.5% )	US$959.96	135.16 K oz		0	100%
Bidgood	Ontario, Canada	$1.82 ( 2.6% )	US$97.04	100.20 K oz		79%	21%

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

AK

Latest NI43-101 Report: TECHNICAL REPORT ON THE RESOURCES AT AMALGAMATED KIRKLAND PROPERTY TECK TOWNSHIP � LARDER LAKE MINING DIVISION
2011-10-18 (93 pages).

Updates: Amalgamated Kirkland ("AK") webpage (November, 2011).

Project Location: Ontario, Canada.

Average Ore Value (all estimate types): US$291.56

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.46	244.80 K oz	6.650 g/t	1.15 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.77	207.09 K oz	4.210 g/t	1.53 M t

Estimate notes:

Anoki

Latest NI43-101 Report:
( pages).

Project Location: Ontario, Canada.

Average Ore Value (all estimate types): US$266.35

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.04	112.30 K oz	4.800 g/t	727.70 K t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.95	52.04 K oz	4.800 g/t	337.20 K t

Estimate notes: See notes for Indicated.

Bidgood

Latest NI43-101 Report:
( pages).

Updates: Corporate Presentation, slide 10 of 31 in the presentation dated October, 2011 (viewed online October, 2011). = <<Kirkland Lake Gold Project, Ontario webpage (viewed November, 2011).

Project Location: Ontario, Canada.

Average Ore Value (all estimate types): US$97.04

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.45	79.55 K oz	1.690 g/t	1.46 M t

Estimate notes: Un-capped resource counts in Table 1: Upper Canada In‐Pit and Underground Mineral Resource

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.38	20.65 K oz	2.020 g/t	318.00 K t

Estimate notes:

Ironwood

Latest NI43-101 Report:
( pages).

Updates: Corporate Presentation, slide 10 of 31 in the presentation dated October, 2011 (viewed online October, 2011). = <<Kirkland Lake Gold Project, Ontario webpage (viewed November, 2011).

Project Location: Quebec, Canada.

Average Ore Value (all estimate types): US$959.96

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.46	135.16 K oz	17.300 g/t	243.00 K t

Estimate notes:

McBean

Latest NI43-101 Report:
( pages).

Project Location: Ontario, Canada.

Average Ore Value (all estimate types): US$260.80

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.94	106.58 K oz	4.700 g/t	705.30 K t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.36	184.47 K oz	4.700 g/t	1.22 M t

Estimate notes:

SMC

Latest NI43-101 Report:
( pages).

Updates: Corporate Presentation, slide 10 of 31 in the presentation dated October, 2011 (viewed online October, 2011). = <<Kirkland Lake Gold Project, Ontario webpage (viewed November, 2011).

Project Location: Ontario, Canada.

Average Ore Value (all estimate types): US$2,621.55

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.30	71.43 K oz	48.300 g/t	46.00 K t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.39	76.51 K oz	46.300 g/t	51.40 K t

Estimate notes:

South Claim JV

Latest NI43-101 Report:
( pages).

Project Location: Ontario, Canada.

Average Ore Value (all estimate types): US$2,622.73

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.36	74.54 K oz	48.300 g/t	96.00 K t

Estimate notes:
Resource quantities adjusted for ownership percentage of 50.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.39	76.51 K oz	46.300 g/t	102.80 K t

Estimate notes:
Resource quantities adjusted for ownership percentage of 50.0%.

Upper Beaver

Latest NI43-101 Report: TECHNICAL REPORT AND MINERAL RESOURCE ESTIMATE UPDATE FOR THE UPPER BEAVER PROPERTY, ONTARIO
2011-06-15 (118 pages).

Project Location: Onatario, Canada.

Average Ore Value (all estimate types): US$456.80

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$14.40	790.65 K oz	8.000 g/t	3.07 M t
Copper	$1.50	16.60 K t	5,400.000 g/t	3.07 M t

Estimate notes: See Summary of Upper Beaver Property Updated Mineral Resource Estimate (Cutoff of 2.5 g Au/t) on p. 15 of 118 in the technical report dated June 2011.
Cutoff of 2.5 g/t Au/t, uncapped grade used.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$12.67	696.10 K oz	7.000 g/t	3.09 M t
Copper	$1.15	12.68 K t	4,100.000 g/t	3.09 M t

Estimate notes: See notes for Indicated.

Upper Canada

Latest NI43-101 Report: TECHNICAL REPORT ON THE RESOURCES AT AMALGAMATED KIRKLAND PROPERTY TECK TOWNSHIP � LARDER LAKE MINING DIVISION
2011-10-18 (99 pages).

Updates: Corporate Presentation, slide 10 of 31 in the presentation dated October, 2011 (viewed online October, 2011). = <<Kirkland Lake Gold Project, Ontario webpage (viewed November, 2011).

Project Location: Ontario, Canada.

Average Ore Value (all estimate types): US$195.63

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.57	141.08 K oz	2.240 g/t	1.96 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$11.58	635.81 K oz	4.040 g/t	4.90 M t

Estimate notes:

Banner ad GoldMinerPulse.

Web site design by SEO-upgrades.