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To: coug who wrote (619)	1/19/2006 11:27:04 AM
From: coug	Read Replies (1) \| Respond to of 3961

Bought some QEE at 0.31... A golden lottery ticket. Good to great property, imo... But high stock outstanding 500 mill, but most of these have.. Like it a lot better than CDE with 250 mill outstanding at 4.00 bucks for example. queenstake.com Also like the sound of these results. Queenstake's Drilling at Starvation Canyon Continues to Hit High Grade Gold Mineralization 07:00 EST Wednesday, January 18, 2006 DENVER, Jan. 18 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd.'s (TSX: QRL, Amex: QEE) recently completed exploration program(1) at the Starvation Canyon project intercepted high grade mineralization with substantial intervals, extending the mineralized zone to the south. Two holes, TJ-216C and TJ-242, had intercepts of 60 feet of 0.357 ounce of gold per ton (opt) or 18.3 meters of 12 grams of gold per tonne (gpt), and 45 feet of 0.413 opt or 13.7 meters of 14 gpt, respectively. Commenting on the drill results, Dorian L. (Dusty) Nicol, President and Chief Executive Officer of Queenstake, said, "These results from the Starvation Canyon project reinforce our belief that this project has tremendous potential to become another substantial Jerritt Canyon deposit at a higher grade than most of our current mine reserves. The two holes with high-grade mineralized intervals in excess of 0.35 opt (>12 gpt) were particularly significant as they lie on the southern edge of the mineralized zone, which remains open to the south and southeast. We will pursue step out drilling and further definition drilling beginning in spring 2006." In October through early December 2005, 27 drill holes totaling 15,544 feet (4,737.8 meters) of reverse circulation(2) and core drilling(2) were completed at Starvation Canyon, located 12 miles southwest of the Jerritt Canyon mill on private land owned by Queenstake. This second phase of 2005 drilling was designed to extend the margins of the deposit as well as better define areas within the resource shape through tighter spaced drilling. The results from the drilling program will be incorporated into the resource block modeling(3) for calculation of indicated and inferred resources(3) for year-end 2005. The mineralized zone at Starvation Canyon lies above the water table in an area of steep topography and could be readily accessed by portal from the hillside. Mineralization remains open along both directions (northeast and southwest; northwest and southeast) of each of the two principal controlling structures. Starvation Canyon appears to be part of a mineralized trend with a strike length of approximately 4.5 miles. This trend appears comparable geographically and geochemically to the mineralized trends in the northern and central parts of the Jerritt Canyon district that have combined to produce over seven million ounces of gold since 1981. Of the 27 holes drilled in this program, 13 intercepted 10 feet (3.1 meters) or more of gold mineralization with an average grade above 0.15 opt (5 gpt); these holes are tabulated in the following table. Table 1: Starvation Canyon Results Highlights(2),(4),(5) From To Length Grade Hole # Dip (feet) (feet) (feet) (opt) Drill Type TJ-210 -90 500 520 20 0.296 RC TJ-212 -90 600 630 30 0.380 RC TJ-214 -90 630 645 15 0.210 RC TJ-215C -90 650 660 10 0.167 Core TJ-216C -90 660 720 60 0.357 Core TJ-221 -90 165 175 10 0.208 RC TJ-230A -80 450 460 10 0.303 RC TJ-232C -80 430 495 65 0.292 Core TJ-233 -90 305 315 10 0.300 RC TJ-241 -90 390 405 15 0.293 RC TJ-242 -90 400 445 45 0.413 RC TJ-243 -90 425 455 30 0.233 RC TJ-244 -90 340 350 10 0.154 RC Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon district in Nevada. Jerritt Canyon has produced over seven million ounces of gold since 1981. Current production at the property is from underground mines. The Jerritt Canyon district comprises over 100 square miles of geologically prospective ground and represents one of the largest contiguous exploration properties in Nevada. globeinvestor.com