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Gold/Mining/Energy : Queenstake Resources (QTR.T) -- Ignore unavailable to you. Want to Upgrade?

To: JAS who wrote (1945)	2/8/1999 1:57:00 PM
From: George Castilarin	Respond to of 2249

Mon Feb 8, 1999 NR 99-2 Drill Results - Uchcumachay, Peru Barrick Gold Corporation, Queenstake's joint venture partner on the Uchcumachay property, has advised the Company of drill results on their initial program described in news Release 98-9 (November 26, 1998). Barrick completed 9 reverse circulation holes ranging from 128 to 300 meters for a total of 2,121 meters drilled. Holes were sited to intersect gold targets defined by geochemistry, alteration, and structure along a + 2 km long high sulfidation epithermal system. Although strong alteration features were intersected, gold assay results were disappointing in that only a few intervals have greater than 0.1 gram per tonne gold (100 ppb), the highest being 0.232 gram per tonne, as noted on the table. Hole Azimuth Dip Length Interval Comments Number (degrees) (meters) From To UCH-03 90 70 248 No significant results ("NSR") UCH-04 110 70 300 Best result, 161 ppb/2 meters UCH-06 105 70 270 116 120 Best result, 232 ppb/6 meters UCH-07 300 70 280 182 186 Best result, 110 ppb/4 meters UCH-10 175 70 171 NSR UCH-11 220 65 234 NSR UCH-12 220 70 280 NSR UCH-14 165 70 210 Best result, 100 ppb/2 meters UCH-18a 180 70 128 NSR A full report from Barrick is expected shortly. Queenstake has not yet been advised whether Barrick intends to continue to fund the joint venture at Uchcumachay or whether more holes will be drilled; they have met their first year's requirement to drill 1,000 meters on the property. /s/ James Mancuso James Mancuso President and Chief Executive Officer