Queenstake Resources Ltd (QEE) ニュース

Bob have you started a Yukon Nevada board yet? I think we could use one.

Newly acquired Jerritt Canyon in Nevada, United States is to be substantially restructured with the goal to capitalize on identified opportunities to increase revenues and reduce costs. Jerritt Canyon concessions cover 350 sq. km ( 135 sq. miles) with numerous exploration targets at various stages of exploration. Jerritt Canyon possesses an abundance of experienced employees. Investment will be made which to improve the operating efficiency of the drying circuit and to improve the capacity of the dry grinding circuit.

The Company recognizes responsible environmental stewardship as an integral part of our business practices and has recognized environmental management as a corporate priority. We integrate environmental factors into the decision-making process throughout the company. Sufficient resources have and will be devoted to environmental protection and remediation to ensure that environmental risks are minimized and that the environment and public welfare are protected during the Company's activities.

Recently the Company has embarked on a targeted and aggressive media and investor relations program, which we are confident will help fulfill the Company's obligation to improve investor returns by reporting accurate and up-to-date information in a timely manner.

Its a well experienced mining team added -

http://www.yukon-nevadagold.com/s/Management.asp

Welcome to -
http://www.investorshub.com/boards/board.asp?board_id=9633

Bob thanks any input regarding the deal?

PLAN OF ARRANGEMENT WITH QUEENSTAKE BECOMES EFFECTIVE
Vancouver, BC -- June 21, 2007 -

YGC Resources Ltd.
(Toronto Stock Exchange: YGC; Frankfurt Xetra Exchange: ZH6) --
Graham Dickson,
the President of Yukon-Nevada Gold Corp.
(formerly named YGC Resources Ltd. (the "Company")),
is pleased to announce that the Plan of Arrangement with Queenstake Resources Ltd.
("Queenstake") became effective
at 12:01 a.m., June 20, 2007.

As announced in the Company's releases dated May 30, 2007
and June 12, 2007, gross proceeds of $64.7 million
were closed into escrow from a brokered private placement
co-led by Pacific International Securities Inc.
and Casimir Capital LP, and including Blackmont Capital Inc.
and Wellington West Capital Markets Inc. as agents.
An additional $11.5 million was closed into escrow
from a non-brokered private placement.
As a result of the Plan of Arrangement becoming effective,
the Company will be receiving the net proceeds from the
$76.2 million gross proceeds held in escrowed.

Subject to filing of all requisite material with
the Toronto Stock Exchange ("TSX"), the shares of
Queenstake will be de-listed,
and the shares of the Company will be called for trading
under the symbol "YNG" on a day determined by the TSX.

Shareholders of Queenstake
will be receiving a Letter of Transmittal setting out
the procedure to be followed in order for them to exchange
their certificates representing Queenstake Shares
for certificates representing shares of
Yukon-Nevada Gold Corp.

The Company will issue a comprehensive news release
summarizing the business of the company soon
after trading commences.

YGC Resources Ltd.

Graham Dickson, President
Tel: (604) 688-9427
Email: graham@ygcr.ca
http://www.ygcr.ca

http://www.yukon-nevadagold.com/s/News.asp

http://www.investorshub.com/boards/board.asp?board_id=9633

http://siliconinvestor.advfn.com/subject.aspx?subjectid=57187

Welcome to Enjoy QEE new board -

http://www.investorshub.com/boards/board.asp?board_id=9633

http://www.investorshub.com/boards/quotes.asp?ticker=t.yng

Bob any idea when QEE trades?

Queenstake Announces Extension of Bridge Loan Facility -

DENVER, May 1 /CNW/ -- Queenstake Resources Ltd.
("Queenstake") (TSX: QRL; Amex: QEE) announces that Auramet
Trading LLC ("Auramet") has agreed to extend the payment date
of the secured convertible bridge loan facility of US$8
million from April 30, 2007 to June 29, 2007.

On January 15, 2007, the Company closed a secured convertible
bridge loan financing facility (the "Facility") of
$8 million with Auramet.
The Facility has an interest rate of 12.9% per annum and
was repayable no later than April 30, 2007 in cash, or at
the option of Auramet, part or all of the Facility may
be repaid in common shares of Queenstake at a conversion
price of US$0.22 per share.
Auramet received warrants exercisable to acquire 10 million
Queenstake common shares for a term of one year at an
exercise price US$0.22 per share.

Under the revised terms Queenstake will pay Auramet a fee
of US$100,000 and, subject to regulatory approval, has
agreed to reprice the 10 million warrants to
Cdn$0.18 per share and extend the expiry of the warrants
to January 16, 2009.

For Queenstake:
Wendy Yang 303-297-1557 ext. 105
800-276-6070
Email -- info@queenstake.com
www.queenstake.com

http://www.investorshub.com/boards/board.asp?board_id=5466

QEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE!!!!!!!!!

Well rossi. I wont sugar cote it for you. Ive held queen for awhile and always had a long term view. I still hold a long term view. Although with the merger i see the long term shrinking a bit. If its quick money your after then this probably is not the one for it.

Yep,I think you are right.Hope we dont have to wait too much longer.

The one thing im scratching my head over are the grades. I fully belive there is alot more gold on this property and better grades. I dont think the past owners found it all. And i think they only mined the tip of the iceberg.
The big problem with queen is the management.
And a big plus from where im sitting is the people involved with YGC. Check em out. The cream of the crop so to speak. People involved with nova gold,people involved in building mines and plant for a number of companies.
And the best part of the deal is the whole board of Queen is sacked. However i only wish they would have dumped the lot of em. Anyways i think in time (not long). The two remaining members of Queen will be gone (lets only hope). We wouldnt want them to infest a good thing now would we.
My big decision to buy awhile ago was the property. I know its not the greatest reason,but i believe the new entity will not only unlock the jewel that is the jerrit canyon,but also work the mill and operations into a productive entity.
Im holding and buying these blue light specials all day long.

NOT GOOD!Making a loss and a reduction in reserves.

Friday March 30, 8:10 am ET

DENVER, March 30 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd. (TSX: QRL - News; Amex: QEE - News) reported that estimated measured and indicated resources(1),(2), including reserves, totaled 1.9 million ounces of gold contained in 8.2 million tons grading 0.23 ounce of gold per ton (opt) at year-end 2006. Proven and probable reserves of gold totaled 485,700 ounces contained in 2.0 million tons at a grade of 0.25 opt at year-end 2006, using a three-year average gold price of $485 per ounce.

ADVERTISEMENT
For year-end 2005, measured and indicated resources were 8.8 million tons grading 0.24 opt totaling 2.1 million contained ounces while proven and probable reserves were 3.7 million tons at a grade of 0.24 opt for 877,900 contained ounces.

The reduction in reserves in 2006 was primarily due to higher mining unit costs, resulting in an increase in cutoff grade, some remnant ounces condemned with the shutdown of the Murray Mine and elimination from reserves of ounces below the water table at the Smith Mine. Measured and indicated resources were slightly lower, due to the above factors as well as depletion from production at the SSX-Steer Complex and Smith Mine during the year.

In addition, inferred resources of 2.4 million tons at 0.23 opt totaled 545,200 contained ounces at year-end 2006, compared to 2.6 million tons at 0.23 opt for 605,600 contained ounces a year ago. Queenstake's proven and probable reserves, and measured, indicated and inferred resources were audited and verified by SRK Consulting (U.S.), Inc.(3) in accordance with the standards of Canadian National Instrument 43-101.

The Starvation Canyon project maintained its reserves and measured and indicated resources in 2006, while enhancing the definition of the two known resource zones. Queenstake estimated Starvation Canyon's measured and indicated resources totaled approximately 636,500 tons at 0.29 opt for 184,300 contained ounces, including probable reserves of 112,900 contained ounces, at year-end 2006. The drilling program conducted during 2006 began testing targets of up to a mile away, which will be followed up in 2007.

Queenstake invested $4.9 million in exploration during the full-year 2006 with five surface drill rigs working at the Jerritt Canyon District, at Starvation Canyon and other targets. Exploration expenditures for 2006 were constrained by reduced cash being available from operations and access to drill rigs.

For the year ended December 31, 2006, the Company's net loss of $20.8 million, the accumulated deficit of $103.7 million and the working capital deficit of $12.4 million led to a going concern disclosure under Canadian and US generally accepted accounting principles, as described in Note 1 of the Notes to the Company's Consolidated Financial Statements for such year, as filed with the Canadian securities commissions and the US Securities and Exchange Commission. The Company's ability to discharge its liabilities and realize the carrying value of its assets in the normal course of operations is dependent upon, among other things, the resumption of full mill processing capacity during the second quarter of 2007, further extension, payment or conversion of the Auramet loan facility and either successful completion of the proposed merger with YGC or the raising of additional financing.

Operations Review

Full-year 2006 gold production from Jerritt Canyon mined ore was 153,581 ounces, excluding production from ore purchased from Newmont, as compared to 204,091 ounces produced in 2005.

Lower production in 2006 was due to ongoing mechanical issues at the mill and declining ore tons mined, caused by delays in accessing ore from the Smith Mine and Zone 1 of the SSX Mine. The Smith Mine was adversely affected by water inflows in excess of the capacity of the pumping system to dewater. The SSX Mine experienced grade declines from higher mining dilution as a result of the mining of smaller, less contiguous ore blocks. Production from below the water table at the Smith Mine and from Zone 1 of the SSX Mine has been deferred and is not planned during 2007. The Murray Mine was shut down in the second quarter of 2006.

Total ore tons processed in 2006 were 973,593, a decline of 12% from 2005. The reduction in tonnage is due to a combination of fewer ore tons mined, ongoing mill mechanical issues and the Company's original plan to scale-back roaster operations in early 2006. The grade of Queenstake ore milled increased to 0.23 ounce of gold per ton, a 5% improvement from 2005.

Yukon Nevada Gold Corp sounds much better.I thought they were going to call it Newco.

Queenstake and YGC Execute Definitive Combination Agreement

DENVER and VANCOUVER, British Columbia, March 22, 2007 /PRNewswire-FirstCall via COMTEX/ -- Queenstake Resources Ltd. ("Queenstake") (CA:QRL: news, chart, profile) (QEE :
queenstake res ltd yukon com

QEE0.14, +0.01, +7.3% ) and YGC Resources Ltd. ("YGC") (CA:YGC: news, chart, profile) are pleased to announce that further to their joint news release dated February 5, 2007, the two companies have satisfactorily completed their mutual due diligence reviews, and have executed a comprehensive Combination Agreement to combine their businesses under the name "Yukon-Nevada Gold Corp." ("Yukon-Nevada"). Following a thorough review of the available alternatives by the respective boards of directors, the transaction has been structured, by way of a plan of arrangement, as an acquisition by YGC of all of the outstanding shares and other securities of Queenstake, on the basis of one common share of YGC for each ten outstanding common shares of Queenstake.
The respective Boards of Directors of Queenstake and YGC have unanimously approved the Combination Agreement, agreed to recommend the plan of arrangement to their shareholders and agreed not to solicit and not to support competing transactions, except as required to meet fiduciary obligations. A break fee equal to 5% of the non-completing company's market value will be payable in certain circumstances.
Subject to shareholder approval of the transaction, the Board of Directors of Yukon-Nevada will comprise all of the current members of the Board of Directors of YGC, Dorian Nicol and Peter Bojtos. The two current Boards have agreed that the President and CEO of Yukon-Nevada will be Graham C. Dickson and that the Executive Vice President of Exploration will be Dorian ("Dusty") Nicol.
Completion of the business combination is subject to the satisfaction of a number of conditions precedent, including a significant financing to be completed by YGC for the benefit of Yukon-Nevada, shareholder and Court approvals and regulatory acceptance. The two companies will schedule their shareholder meetings, to consider and vote on the proposed combination, for May 18, 2007.
The transaction will combine Queenstake's and YGC's mineral property interests throughout North America to create operating efficiencies with particular emphasis on the Jerritt Canyon Mine in Nevada, and the development to production of the Ketza River gold property in the Yukon. The business combination will yield benefits to the shareholders of Yukon-Nevada by providing a greater asset base and capitalization, reducing overhead and creating a broader share trading market with the potential for greater liquidity.

hi james, did qee ever do the merger?

In today and hope to build a position.

Don't know how that came about. That is what it should read 'Don't know how ..............." I must pay more attention in future.

Sorry Golden08 No know how that duplication of my post came about

THIS NOT FROM ANY DOUBT, as I figured you had some specific
reason for asking the number of O/S, and I am sure you have obviously done your maths, but how have you arrived at that conclusion?

(I am of the opinion that reasoning of the merger is based
on sound viability of the new company.)

Im just curious how diluted my shares of QEE will end up being. Im glad to see this merger happen. Ive sat on QEE longer than i probably should have. But i believe in the property.

THIS NOT FROM ANY DOUBT, as I figured you had some specific
reason for asking the number of O/S, and I am sure you have obviously done your maths, but how have you arrived at that conclusion?

(I am of the opinion that reasoning of the merger is based
on sound viability of the new company.)

You realize that with that amount of shares the company should have positive earnings.

TRUE, I hadn't allowed for the R/S so divide the present QEE S/O by 10 = 58.5 million (almost equal to YGC's) Gives a total of around 117.5 million

Thanks for noticing,

(Should give a market cap of just around $220 million) I had not alllowed for YGC's share price being in Canadian dollars. But there could be price change between now and the date of merger.

Are you sure?My understanding is that there will be a reverse split for QEE holders.10 Qee = 1 Newco.

GOT THE ANSWER NOW - about 643 mllion will be the combined outstanding shares of the new company - NEWCO

The good points are that it is joining with a company that has a higher current share price, more exposure to the gold business (more mines) but which, up to now, is not listed in the US.

Providing gold itself maintains its upward trend, this should do well, Newco will be listed on the Amex.

It could well become the target itself of a merger as the sector consolidates.

As the new shares will be distributed on the basis of QEE 1 for 10; and YGC 1 for 1. This would appear to indicate that the new share price would be around 2.00 as this is the current price of YGC.

YGC do not disclose on their website the number of shares outstanding QEE have approx., 584 million

Anyone know what the new outstanding share count will be. I like the comination and think it will do us alot of good.

FURTHER E-MAIL FROM QEE which addresses my question

" We have had a very high volume of calls and emails from our recent announcement and apologize for the delay in responding.

Newco intends to trade on both the TSX and AMEX.

Sincerely,

Queenstake Resources Ltd.

(TSX: QRL, AMEX:QEE)

AN E-MAIL FROM QEE

I asked if they would continue to be traded on the US market after the merger. This was their reply

YGC Resources Ltd. (TSX: YGC; F: ZH6) and Queenstake Resources Ltd. (TSX: QRL; AMEX: QEE) are pleased to invite shareholders and interested parties to a webcast to be hosted by YGC's President and CEO Graham C. Dickson to discuss the proposed merger of YGC and Queenstake.

The webcast will be held on Thursday, February 15, 2007 at 11:30 a.m. Eastern time, 9:30 a.m. Mountain time, or 8:30 a.m. Pacific time.

To access the webcast, please visit:
English Event URL: <http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID>=1738880
French Event URL: <http://www.cnw.ca/fr/webcast/viewEvent.cgi?eventID>=1738880

If you have a question you would like to ask Mr. Dickson, please send an email prior to the webcast to: Nicole@ygcr.ca.
YGC Resources Ltd. is focused on the discovery and development of gold ore deposits in North America.

The management of YGC aims to achieve added shareholder value by leveraging its proven ability to take quality projects forward to production. YGC holds a diverse portfolio of gold, silver, zinc and copper properties in the Yukon Territory and British Columbia in Canada and in Arizona in the United States.

Please visit www.ygcr.ca <http://www.ygcr.ca/>.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado.

Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada, which has produced over 7.5 million ounces of gold from open pit and underground mines since 1981. Current production at the property is from three underground mines.

The Jerritt Canyon District, which comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, represents one of the largest contiguous exploration properties in Nevada.

In addition, Jerritt Canyon also has one of only three permitted roasting facilities in Nevada. Please visit www.queenstake.com <http://www.queenstake.com/>.

APOLOGIES THAT SHOULD HAVE READ QEE NOT BEMA

" We must never forget that to work out the relationship to the old price it would have been had it remained Bema we will have to divide Newco's shares by a factor of 10........"

No I cant phone them.I am in NZ at the moment.
http://www.investorshub.com/boards/read_msg.asp?message_id=16960996
The HUI chart and comments look good for QEE.

We have always to remember that changes in a company's fortunes are always noted by some long before they reach public domain.

Then there are those who get out when they see the price fall below a certain benchmark they have set themselves.

The fall gathers pace and usually gets overdone by the time the event is made public.

What I am sayng is that most of the negatives, probably even more so, have already been built in to the current price.

I believe it is best to sit tight now, and, providing nothing adverse happens in the industry in general, once the amalgamation goes through, the price should recover.

We must never forget that to work out the relationship to the old price it would have been had it remained Bema we will have to divide Newco's shares by a factor of 10.

If it doesn't get a US listing, then that would be a negative.

I have written to the company to ask if that is likely. I should get an answer next week. However, if you live in the US
you could perhaps phone them - they often have a freephone number for investor relations. I am in London and the freephone doesn't work from here.

Cheers

Hmmm.I wonder if that is a good reason to sell?Get out before your broker gets confused and messes up your account/charges fees?

But there will be no QEE or YGC after the joining. The new company will be NEWCO and there will be a new symbol for that company. I am surprised they did not mention the listing as this is most important.

QEE is an AMEX stock.I expect it to remain so.I do not know if they will change the ticker when the deal is completed.

Will this Newco be traded on the US NY market as is Queenstake?
YGC is not.

DENVER and VANCOUVER, British Columbia, Feb. 5 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd. ("Queenstake") (Amex: QEE - News; TSX: QRL - News) and YGC Resources Ltd. ("YGC") (TSX: YGC; F: ZH6) are pleased to announce that they have agreed to combine the two companies to create a new publicly traded company ("Newco"). The business combination is proposed to be structured as a plan of arrangement, but other structures are being considered. Under the agreed upon terms, shareholders of YGC will receive one common share of Newco for each share of YGC held, and shareholders of Queenstake will receive one common share of Newco for each ten shares of Queenstake held. Outstanding warrants and options in each company will be exchanged on the basis of the same ratio.
ADVERTISEMENT


The proposed transaction will combine Queenstake's and YGC's mineral property interests throughout North America to create operating efficiency with emphasis on production from the Jerritt Canyon Gold Mine in Nevada, and the advancement towards production of the Ketza River gold property in the Yukon. The business combination will yield benefits to the shareholders of Newco by providing a greater asset base and capitalization, creating operating synergies and efficiency, reducing overhead and creating a broader share trading market with the potential for greater liquidity. In addition, the transaction will allow an aggressive and sustained exploration program throughout the extensive and prospective land packages that will be wholly owned by Newco in Nevada and the Yukon.

on the radar.

News - Queenstake Reports Fourth Quarter Production and Improved Cash Balance1-15-07 9:16 PM EST | E-mail Article | Print Article

DENVER, Jan. 15 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd. (Amex: QEE; Toronto: QRL) produced approximately 45,700 ounces of gold during the fourth quarter of 2006, including production from ore purchased from Newmont. The Company's unaudited cash and cash equivalents at the end of 2006 was US$6.6 million, compared to US$5.5 million in cash and cash equivalents at the end of the third quarter of 2006.
Fourth quarter gold production was approximately 37,000 ounces from Queenstake's Jerritt Canyon mined ore. The additional approximately 8,700 ounces of gold was produced from ore purchased as part of the ore purchase agreement with Newmont. Total gold production was essentially on track with the revised operating plan, which was implemented at the beginning of the fourth quarter. In addition, the Jerritt Canyon ore stockpile next to the mill increased by approximately 2,000 contained ounces of gold to total approximately 10,000 contained ounces at December 31, 2006.

For the full year 2006, Queenstake produced approximately 169,700 ounces of gold, with approximately 154,200 ounces from Jerritt Canyon mines and the remainder from ore purchased from Newmont.

The Jerritt Canyon mines demonstrated improved performance in the fourth quarter over the third quarter of 2006 by moving 226,354 total tons of ore and waste, in line with the revised operating plan. The fourth quarter mined ore grade of 0.31 ounce of gold per ton (opt) or 11 grams per tonne (gpt) was higher than the plan, largely due to the increase in the ore grade of the Mahala deposit at the Smith Mine. Ore tons mined during the fourth quarter were 182,119 tons, 13% more than in the third quarter of 2006 and within 3% of the operating plan.

During the fourth quarter, the Jerritt Canyon mill processed 253,945 tons, compared with 297,563 tons in the third quarter of 2006. Processed tons were lower than the operating plan as a result of blending and roaster testing of new types of ores received from Newmont and the impact of wet Jerritt Canyon mined ore due to winter conditions. A slightly lower recovery rate of 85.6% in the fourth quarter compared with 86.0% in the third quarter was somewhat offset by a higher mill throughput ore grade of 0.22 opt (8 gpt) compared with a 0.18 opt (6 gpt) throughput grade in the third quarter. The throughput grade is a weighted average of the higher grade of Jerritt Canyon mined ore and lower grade purchased ore.

At the end of the third quarter of 2006, the Company had recorded a US$6.2 million receivable from its insurer, a subsidiary of AIG, (the Insurer) based on the expected reimbursement of the costs of the new evaporation pond under its existing reclamation insurance policy. At the end of the fourth quarter, there was approximately US$8.0 million of trade payables incurred for the evaporation pond, which will be paid down using the Facility. Although the Company continues to expect reimbursement from the Insurer, the timing and receipt of such reimbursement is uncertain. (See today's news release, "Queenstake Arranges Bridge Loan Financing".)

The Company expects to report its complete financial and operating results for the fourth quarter and full year 2006 by the end of the first quarter of 2007. The Company is working on its 2007 operating plan and budget, incorporating the ongoing review of strategic alternatives, which the Company and its financial advisors Blackmont Capital, are currently engaged in.

Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada, which has produced over 7.5 million ounces of gold from open pit and underground mines since 1981. Current production at the property is from three underground mines. The Jerritt Canyon District, which comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, represents one of the largest contiguous exploration properties in Nevada. In addition, Jerritt Canyon also has one of only three permitted roasting facilities in Nevada.

For further information call:
Wendy Yang 303-297-1557 ext. 105
800-276-6070
Email -- info@queenstake.com web -- www.queenstake.com

Cautionary Statement -- This news release contains "Forward-Looking Statements" within the meaning of applicable Canadian securities law requirements and Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake's future plans are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates of reimbursement and (ii) estimated closing. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, operational risks, mine development, production and cost estimate risks and other risks which are described in the Company's most recent Annual Information Form filed on SEDAR (www.sedar.com) and Annual Report on Form 40-F on file with the Securities and Exchange Commission (SEC; www.sec.gov) as well as the Company's other regulatory filings. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Queenstake Resources Ltd.

News This Evening - EOM.

At $.25 we are Back BUY Territory

Queenstake Continues to Expand Gold Mineralization at SSX and Steer Mines

Wednesday September 13, 8:00 am ET

DENVER, Sept. 13 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd. (Amex: QEE - News; Toronto: QRL - News) reported that recent underground drilling at the SSX Mine at the Jerritt Canyon operations in Northeastern Nevada continued to identify high-grade gold mineralization, the most significant of which included intersections of 35 feet grading 0.628 ounce of gold per ton (opt) or 10.7 meters grading 22 grams of gold per tonne (gpt) in Zone 2 and 15 feet of 0.658 opt (4.6 meters of 23 gpt) in Zone 6.

In addition, drilling from underground platforms along the prospective connecting corridor between the SSX and Steer mines in Zone 7 intercepted 50 feet of 0.369 opt (15.2 meters of 13 gpt) and 40 feet of 0.412 opt (12.2 meters of 14 gpt). This mineralization is expected to provide additions to the estimated mineral resource at the Steer Mine. Production from the SSX and Steer mines are managed and reported as part of the SSX-Steer Complex.

Commenting on the exploration results, President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "The continuing positive exploration results from the near-mine exploration program reinforces our belief that we can achieve our goal of replacing gold reserves, net of production, and increasing our resources at Jerritt Canyon at year-end 2006. These areas referred to above are near production drifts and have good potential for discovery of resource additions in the future. Key targets include Zones 5 and 6 along the South Boundary Fault trend at SSX and along the connecting drift between the SSX and Steer mines."

The extensions of the newly identified mineralization from results highlighted in this news release are open along strike. The SSX Mine started gold production in 1997 in Zone 2 of the South Boundary Fault trend. This northwest trend is now known to extend for approximately 7,500 feet (2,286 meters), intersected by several northeast mineralized faults, and is generally open in the northwest and southeast directions. The South Boundary Fault trend remains one of the best target areas for gold resource additions.

All results highlighted in this news release are located outside of the Company's year-end 2005 mineral resource estimate boundary. (Refer to the Appendix Map 1 showing the selected drill results at the SSX-Steer Complex.) These results will be incorporated in new mine models that will be used in the estimation of mineral reserves and resources(1) for year-end 2006. The data in the table below report drill intercepts of 10 feet or more at a grade of 0.225 opt or higher (>3 meters of approximately 8 gpt).

Underground reverse circulation(2) and core(2) drilling results highlighted in this news release were part of the near-mine exploration program(3) conducted at the SSX and Steer mines this past summer. The program completed 140 reverse circulation drill holes totaling 33,538 feet (10,222 meters) drilled and 27 core holes totaling 13,348 feet (4,069 meters).

Table 1: SSX-Steer Complex Significant Results(4), (5)

From To Length Grade Drill
Hole # (feet) (feet) (feet) (opt) Type
SX-995 385 420 35 0.628 Core
SX-997 380 395 15 0.610 Core
SR-080 365 380 15 0.365 Core
Z50743 15 60 45 0.225 RC
Z50750 0 15 15 0.431 RC
Z50837 0 50 50 0.330 RC
Z50838 25 50 25 0.496 RC
Z60397 90 115 25 0.435 RC
Z60403 120 135 15 0.658 RC
Z70301 120 145 25 0.318 RC
and 185 210 25 0.253 RC
Z70305 140 190 50 0.369 RC
Z70306 145 160 15 0.354 RC
Z70307 45 60 15 0.354 RC
and 75 100 25 0.225 RC
Z70310 90 110 20 0.274 RC
SR-082 395 455 60 0.275 Core
SR-087 310 350 40 0.412 Core

Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over 7.5 million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District, which comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, represents one of the largest contiguous exploration properties in Nevada.


Notes:

(1) Mineral "resources" or "resource" used in this news release are as
defined in National Instrument 43-101 of the Canadian Securities
Administrators and are not terms recognized or defined by the U.S.
Securities and Exchange Commission (SEC). Mineral resources are not
reserves and do not have demonstrated economic viability. For further
information, please refer to the risk factors and definitions of
mineral reserves and resources in the Company's filings on SEDAR and
with the SEC on the Company's website, www.queenstake.com. The
Qualified Person for the technical information contained in this news
release is Mr. Dorian L. (Dusty) Nicol, President and Chief Executive
Officer of Queenstake.

(2) Underground drilling uses either core or reverse circulation (RC)
methods for near-mine exploration programs at Jerritt Canyon. Reverse
circulation drilling has demonstrated accuracy in ore control
definition drilling and for resource conversion at Jerritt Canyon's
mines. However, reverse circulation drilling can result in a lower
degree of confidence and less geologic information than core drilling.

(3) A complete data set, from which the drill results highlighted in this
news release were selected, is available as an Appendix to this news
release under the Investor Information/News section on the Company's
website, www.queenstake.com.

(4) Results presented in this news release were analyzed using standard
fire assay techniques at the Company's Jerritt Canyon laboratory.
Intercepts are reported as drilled and are not necessarily "true
widths," which have not yet been calculated.

(5) A description of the geology, sampling procedures and the Company's
laboratory Quality Assurance/Quality Control procedures are described
in the Company's National Instrument 43-101 Technical Report filed on
SEDAR on May 4, 2006. This report is available under Investor
Information/Financial Information/SEDAR filings at www.queenstake.com
or at www.sedar.com under the Company's name.

http://biz.yahoo.com/prnews/060913/law026.html?.v=71

Thanks I agree and hope you get some but IMO dont expect a deep pullback. I was surprised to see QEE drop maybe we can add some here soon.

PRVB looks very nice. Will get in on a pull back. Thanks for posting this one

Added QEE here at .36

I hear you but IF there is one thing I AM A CRAP SHOOTER and now it looks like my turn to throw.

James444ct, fine, but No Margin for me.

I have a nice position but boy the chart looks strong. I did add APXR and APLL take a look and also may buy some PRVB. I am tempted to go margin here for a few too. What are you buying?