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

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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% GoldSilverCopperMolybdenumNickelLeadZinc
    Upper BeaverCA$13.23060%40%718.38 K oz         10.05 K t                        
    AnokiCA$2.09077%23%124.35 K oz                                  
    South ClaimCA$2.05037%63%122.00 K oz                                  
    IronwoodCA$1.1400100%67.48 K oz                                  
 
GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / MetalGoldSilverCopperMolybdenumNickelLeadZinc
    Metal Totals1.03 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 Value93.89%    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.


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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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
MetalMVpShContained Metal QuantityOre GradeOre 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.

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