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TORONTO, ONTARIO--(Marketwire - Sept. 30, 2009) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("the Company") is pleased to announce that it has completed the Second Tranche ($4,000,500) of a private placement financing previously announced on September 1, 2009. The financing initially planned to raise $14 million was oversubscribed and as a result the Company has raised in total $17 million. The First Tranche of the financing ($12,999,504) closed on September 23, 2009. The financing was led by Primary Capital Inc. and included Dundee Securities Corporation, Thomas Weisel Partners Canada Inc., Cormark Securities Inc., Wolverton Securities Inc., and Northern Securities Inc. (collectively the "Agents").

Gross proceeds from the Second Tranche sale of 571,500 Flow-Through Units priced at $7.00 per unit amounted to $4,000,500. Each Flow-Through Unit consisted of one flow-through share and one common share warrant. Each common share warrant entitles the holder to purchase one additional common share of the Company at a price of $7.50 for a period of 18 months from today's date. At the closing of the Second Tranche the Company paid the Agents a cash commission equal to 6% of the gross proceeds and issued 34,290 Broker Warrants to the Agents to acquire 32,475 Broker Units at $5.46 per unit comprising one common share and one common share warrant and 1,815 Broker Units at $5.66 per unit comprising one common share and one common share warrant within 12 months of today's date. The common share warrant entitles the Agents to purchase one additional common share of the Company at a price of $7.50 for a period of 18 months from today's date.

As a result of the financing the Company's cash resources are in excess of $40 million. The proceeds from the financing will be used to accelerate the Company's gold projects located in the Kirkland Lake gold camp.

Queenston is a Canadian mineral exploration and development company with a primary focus on its vast land holdings in the historic Kirkland Lake gold camp. Our strategy is to continue the accelerated exploration that has led to new discoveries at the Upper Beaver, McBean and AK properties. The plan is to return to producer status through the advancement of four 100% owned gold deposits in Gauthier Township (Upper Beaver, McBean, Anoki and Upper Canada) and through five joint ventures with Kirkland Lake Gold Inc.

Queenston's Cautionary Note Regarding NI 43-101 and Forward Looking Statements

The disclosure in this news release has been reviewed, verified and compiled by its President, Charles E. Page, P. Geo. a "qualified person" for the purposes of NI 43-101.

Except for historical information this News Release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Company's expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filed by the Company on SEDAR at [ www.sedar.com ]