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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
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.
| 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% |
| 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.
All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.
| 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 | $2.65 | ||
| Percentage of Total Metal Value | 96.22% | 3.78% | ||
| Metal Value Percentage Proven + Probable | 0% | 0% | ||
| Metal Value Percentage Measured + Indicated | 44% | 57% | ||
| Metal Value Percentage Inferred | 56% | 43% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Average Ore Value US$/t | Gold | Copper | PP% | MI% | I% |
|---|---|---|---|---|---|---|---|---|
| Upper Beaver | Onatario, Canada | $29.72 ( 42.4% ) | US$456.80 | 1.49 M oz | 29.28 K t | 0 | 53% | 47% |
| Upper Canada | Ontario, Canada | $14.15 ( 20.2% ) | US$195.63 | 776.89 K oz | 0 | 18% | 82% | |
| AK | Ontario, Canada | $8.23 ( 11.7% ) | US$291.56 | 451.90 K oz | 0 | 54% | 46% | |
| McBean | Ontario, Canada | $5.30 ( 7.6% ) | US$260.80 | 291.05 K oz | 0 | 37% | 63% | |
| Anoki | Ontario, Canada | $2.99 ( 4.3% ) | US$266.35 | 164.34 K oz | 0 | 68% | 32% | |
| South Claim JV | Ontario, Canada | $2.75 ( 3.9% ) | US$2,622.73 | 151.05 K oz | 0 | 49% | 51% | |
| SMC | Ontario, Canada | $2.69 ( 3.8% ) | US$2,621.55 | 147.95 K oz | 0 | 48% | 52% | |
| Ironwood | Quebec, Canada | $2.46 ( 3.5% ) | US$959.96 | 135.16 K oz | 0 | 0 | 100% | |
| Bidgood | Ontario, Canada | $1.82 ( 2.6% ) | US$97.04 | 100.20 K oz | 0 | 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
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:
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.
Latest NI43-101 Report:
( pages).
Updates: Corporate Presentation, slide 10 of 31 in the presentation dated October, 2011
(viewed online October, 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:
Latest NI43-101 Report:
( pages).
Updates: Corporate Presentation, slide 10 of 31 in the presentation dated October, 2011
(viewed online October, 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:
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:
Latest NI43-101 Report:
( pages).
Updates: Corporate Presentation, slide 10 of 31 in the presentation dated October, 2011
(viewed online October, 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:
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%.
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.
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).
= <<
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:
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