The Energy Report

Queenston Mining Inc. TICKER: QMI:TSX Visit Company Website Queenston Mining Inc. is a Canadian resource company focused on the exploration and development of gold deposits on "Proven Mine Trends." The company is a past producer with an inventory of historic-current resources of 2.7 million ounces of gold. With new discoveries in the Kirkland Lake and Cadillac gold camps, the company is closer to its goal of returning to producer status.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Stephen Mussart, eResearch (1/31/12) "Queenston Mining Inc. has the largest land holding, with 11 known gold deposits, in the Kirkland Lake camp, a major gold camp with 100 years of history. . .it's NI 43-101 resource estimate includes 1,464,000 oz. (grading 5 g/t Au) Measured and Indicated, and 1,939,000 oz. (grading 5.2 g/t Au) Inferred. . .projects are located in established mining jurisdictions, providing an infrastructure advantage. . .the company has a strong balance sheet with $90M cash. . .Queenston's objective is to prove up a mineral resource of 6 Moz. Au."

Ovais Habib, Scotia Capital (1/5/12) "We have initiated coverage on Queenston Mining Inc. with a Sector Outperform rating and a one-year target of $8.75/share. The company holds the largest assembled land package in the prolific Kirkland Lake gold camp in Ontario, which has produced over 40 Moz of gold. . . encouraging drilling results from ongoing aggressive exploration programs enhances our confidence in the company's ability to upgrade and expand its global NI-43-101-compliant gold resources to ~4.7 Moz from 3.4 Moz in the next 12 months; Queenston is expected to follow-up on its successful 2011 exploration campaign with a $25M+ exploration budget."

Adam Melnyk, Desjardins Securities (1/5/12) "Queenston Mining Inc. has hired Philip Ng as Chief Operating Officer, effective Jan. 1, 2012; he has 20 years of industry experience, including senior positions at INCO and Hudson Bay Mining. In our view, this appointment is positive for the company, as the company required an experienced COO to advance its flagship Upper Beaver project in the Kirkland Lake camp. . .Queenston controls a high-quality land package in a high-grade mining camp. . .Queenston's stable of assets and its large prospective land position in Kirkland Lake could attract the interest of potential acquirers."

Ron Stewart, Dundee Securities (12/20/11) "Queenston Mining Inc. released the results of fifteen new holes completed at the company's flagship Upper Beaver project, in the Kirkland Lake district; in our view, the length of the mineralized intervals is significant in that it suggests the possibility of reasonable mining widths to the mineralized zones, which in turn could support low cost, blasthole stope underground mining. Upper Beaver is the most advanced of six separate high-quality exploration opportunities that Queenston is aggressively perusing in the region; we consider Queenston to be one of the premier all-Canadian exploration companies with excellent prospects in an exceptional gold district."

Adam Melnyk, Desjardins Securities (12/19/11) "Queenston Mining Inc.'s preliminary economic assessment for a standalone operation at Upper Beaver is expected in Q112. . .in our view, Upper Beaver has the potential to be a significant, low-cost (net of copper credits) underground gold producer. We are initiating coverage of Queenston Mining Inc. with a Buy–Speculative rating and CA$9 target price; in our view, Queenston controls a high-quality land package in a high-grade mining camp; we believe that with future derisking of its assets, as well as further exploration success, Queenston should be able to create tangible value for shareholders."

(3/2/11) Queenston Mining Inc. on BTV

(11/15/10) Queenston Mining

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