Queenstake Resources Ltd (qee)

[NYBob]

Queenstake Announces Extension of Bridge Loan Facility -

DENVER, May 1 /CNW/ -- Queenstake Resources Ltd.
("Queenstake") (TSX: QRL; Amex: QEE) announces that Auramet
Trading LLC ("Auramet") has agreed to extend the payment date
of the secured convertible bridge loan facility of US$8
million from April 30, 2007 to June 29, 2007.

On January 15, 2007, the Company closed a secured convertible
bridge loan financing facility (the "Facility") of
$8 million with Auramet.
The Facility has an interest rate of 12.9% per annum and
was repayable no later than April 30, 2007 in cash, or at
the option of Auramet, part or all of the Facility may
be repaid in common shares of Queenstake at a conversion
price of US$0.22 per share.
Auramet received warrants exercisable to acquire 10 million
Queenstake common shares for a term of one year at an
exercise price US$0.22 per share.

Under the revised terms Queenstake will pay Auramet a fee
of US$100,000 and, subject to regulatory approval, has
agreed to reprice the 10 million warrants to
Cdn$0.18 per share and extend the expiry of the warrants
to January 16, 2009.

For Queenstake:
Wendy Yang 303-297-1557 ext. 105
800-276-6070
Email -- [e-mail]
www.queenstake.com

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