Queensland Minerals Announces Further Impressive Gold-Copper Results From the Lynd Anastasia Project in North Queensland, Australia and Extension of Credit Facility: Financial News

Queensland Minerals Announces Further Impressive Gold-Copper Results From the Lynd Anastasia Project in North Queensland, Australia and Extension of Credit Facility
Tuesday February 12, 2008 1:11 pm ET

LONGUEUIL, QUEBEC--(MARKET WIRE)--Feb 12, 2008 -- Queensland Minerals Ltd. (CDNX:QML.V - News), (the "Company") is pleased to announce that it has received further encouraging drill results from the initial 2007 drilling program at the Anastasia Lynd River Project, North Queensland, Australia. The Company's interest in the project is held through its 100% owned subsidiary, Queensland Minerals (Australia) Pty Ltd.

Anastasia is a high sulphidation epithermal system associated with rhyolite flow dome complex and lies adjacent to the Permo-Carboniferous Scardons Volcanic Complex. The project is located at the intersection of a 20 km north-west trending structural corridor with a 10 km north easterly trending linear feature. The Company's current work program is focused on a half kilometre mineralized portion of the northwest trending regional structure. Another 3,000 m diamond drill program is presently underway.

These second set of results received to date, outlined below, continue to demonstrate the presence of a significant gold, silver and copper system. The Company's step out drilling is designed to rapidly determine the extent and orientation of the mineralized area.

 

Impressive results include:

- 37.8 g/t Au (includes 0.9m @ 70.7 g/t Au), 22.4 g/t Ag over 1.7 m and
  3.6 g/t Au, 32.5 g/t Ag, 0.02% Cu over 4 m in ALD010; and
- 1.98 g/t Au, 10.62 g/t Ag, 1.58% Cu over 13 m; 1.92 g/t Au, 24.4 g/t Au,
  3.54% Cu over 5 m; 13.53 g/t Au, 225.4 g/t Ag, 6.3% Cu over 1.9 m in
  ALD011.

Results from the recently received assays are tabulated below:

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Hole   From (m)    To (m)  Interval (m)   Au g/t   Ag g/t    Cu %  Comments
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ALD009       8        15             7      2.95    27.14  0.01        QSBX
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            19      23.1           4.1      2.59    31.34  0.02        QSBX
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           176     178.5           2.5      0.74    12.20  0.17        QSBX
---------------------------------------------------------------------------
           190       192             2      0.77     1.50  0.03        QSBX
---------------------------------------------------------------------------
ALD010     5.6       7.3           1.7     37.80    22.35  0.01        QSBX
---------------------------------------------------------------------------
          10.7      17.0           6.3      1.27    16.38  0.01        QSBX
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          18.0      22.0             4      3.60    32.50  0.02        QSBX
---------------------------------------------------------------------------
         138.0     141.0             3      1.71    21.33  0.50        QSBX
---------------------------------------------------------------------------
         148.0     149.0             1      0.95     4.00  0.02        QSBX
---------------------------------------------------------------------------
         152.0     153.0             1      2.17     3.00  0.03        QSBX
---------------------------------------------------------------------------
         187.0     188.0             1      0.78     3.00  0.08        QSBX
---------------------------------------------------------------------------
         206.7     209.3           2.6      0.70     4.50  0.32        QSBX
---------------------------------------------------------------------------
         215.1     216.0           0.9      0.57     4.00  0.27        QSBX
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ALD011    35.0        48            13      1.98    10.62  1.58        QSBX
---------------------------------------------------------------------------
            49        54             5      1.92    24.40  3.54        QSBX
---------------------------------------------------------------------------
         108.1       110           1.9     13.53   225.37  6.27        QSBX
---------------------------------------------------------------------------
ALD012      85        87             2      0.60 (i)50.00  1.18        QSBX
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ALD013     159     162.6           3.6      1.07    47.50  1.70        QSBX
---------------------------------------------------------------------------

(i) Preliminary Ag assay exceeded limits. Awaiting final assay
(i) QSBX equals Quartz sulphide breccia, sometimes quartz or sulphide
    veining with stockworks, silicification.

Drill hole locations are shown in the Lynd Anastasia map below. For complete location and drill results received to date, please refer to appendix or the Company website at www.queenslandminerals.com .

An image is available at the following address: http://media3.marketwire.com/docs/0212_1.pdf

Results for previous drilling at Lynd Anastasia in the 1980's, some 30 drill holes, some of which returned higher grade gold intersections, have been reported previously in the 43-101 Technical Report by Resource Equity Consultants Pty Ltd. Dated February 20, 2007.

To date, 19 NQ2 core holes totalling 5,178 m have been drilled since July 2007. 13 holes for 3,726 m were drilled in 2007. Drilling resumed in January and to date 1,452 m in six holes has been completed. Assays have been received for holes ALD001 through to ALD011 and partial assay results for ALD012 and ALD013. Results are awaited for holes ALD012 & 13 (remainder) through ALD017. Holes 18 and 19 are currently being logged and sampled at the site. Both angled and vertical holes were drilled in 2007 to determine the attitude of the new zone of mineralization first discovered in hole ALD004.

Analysis of the drilling and assay results, suggest that the host breccias are tabular and dip moderately to the NE. However, steeply dipping feeder zones are postulated and are one of the targets for the ongoing program. The geology and geochemistry appears to be vectoring to the ENE. Drill holes are in planning to test this zone to locate the up-flow area that produced the mineralization discovered to date.

Late in 2007 a dipole-dipole IP geophysics program was completed over the main Anastasia prospect. Ten lines for a total of 14.7 line km of survey was completed. Both chargeability and resistivity responses coincide with the newly discovered zone of gold-copper mineralization. The induced polarization (I.P.) response, a 12.5Mv/V isosurface (See figure below) suggests that holes ALD001 - 3 were collared too far south and drilled away from the northwest trending mineralized zone.

More significantly the resistivity zone is open ended to the northwest and suggests the mineralized zone is extending further northwest well past current drilling and under younger cover rocks. More IP needs to be undertaken and additional drilling is in progress to test the geophysics response and extend the gold-copper zone to the northwest.

The encouraging results returned late in 2007 prompted management to commit to recommence drilling in January 2008. Exploration is generally not undertaken in North Queensland at this time since it is the height of the rainy season. However, adequate preparations were made to supply the camp with food, fuel and consumables to allow work to continue during this period. An all weather airstrip is located 25 km NW of the prospect along good roads with no major stream or river crossings to use for re-supply and personnel transport.

Management believes that the results to date indicate that a potentially significant new gold-copper discovery may exist at the Lynd Anastasia project. The system is open along strike and at depth and there are other prospects nearby which will be evaluated over the coming months.

An image is available at the following address: http://media3.marketwire.com/docs/02_12_2.pdf

Quality Assurance

Queensland Minerals Ltd has put in place a rigorous QA/QC program using best industry practice. Elements of the program include chain of custody of samples, standard and blank samples submitted to SGS Analabs in Townsville, Australia. Results from the QA/QC program have to date been satisfactory.

Qualified Person

The technical information contained in this release was compiled by Mr. Al Marton, a corporate member of the Australasian Institute of Mining and Metallurgy, who has consented to the inclusion of such technical information in the form it appears in this release. Mr. Marton, a geologist from Juldex Pty Ltd., is a director of Queensland Minerals Ltd. Mr. Marton is a qualified person under Securities Administrators National Instrument 43-101 ("NI 43-101").

Extension of the temporary credit facility

The Company has received confirmation from its lender that the temporary credit facility, which matured on January 31, 2008, had been extended to May 31, 2008 and that the maximum amount available under the facility has been increased from $3.5 million to $5.0 million. All other terms and conditions under the temporary credit facility remain unchanged. As of February 8, 2008 the Company had used an amount of $2.75M of its temporary credit facility.

Forward Looking Statement

Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control, including, but not exclusively, statements regarding potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. There can be no assurance that such statements will prove to be accurate and actual results could differ materially from those suggested by these forward-looking statements for various reasons discussed throughout the Company's Prospectus dated February 21, 2007, particularly in the section entitled "Risk Factors".

For more information about the Company and its projects, please refer to the NI 43-101 Technical Report dated February 20, 2007 and other documents available on SEDAR (www.sedar.com) or via the Company's website at (www.queenslandminerals.com).

Tables are available at the following address: http://media3.marketwire.com/docs/0212_3.pdf

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.