Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

*** Gold related post ***

QEE, Tryin' to do the limbo here, how low can it go?
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Beats me! I didn't think it, or, for that matter, so many of the miners would sink so far with the PoG only $35 from it's highs.....



Queenstake Provides Mine Production, Mill Update, and Near-Mine Exploration Drilling Results from Jerritt Canyon

Thursday April 14, 9:00 am ET

DENVER--(BUSINESS WIRE)--April 14, 2005--Queenstake Resources Ltd. (TSX:QRL - News; AMEX:QEE - News; the "Company") updates mine production, mill improvements, and underground drilling activities in its near-mine exploration program at Jerritt Canyon, Nevada.

Queenstake President and Chief Executive Officer Dorian (Dusty) Nicol said: "We are beginning to see the benefits from capital investment made by Queenstake in mill upgrades and underground development. The increased mill throughput is the result of many creative modifications made by the staff and we are confident that these modifications will help us reduce unit cash costs below 2004 levels. The mine staff continues underground development of the Steer and Mahala ore bodies and the connection between Steer and SSX, discovering new ore as it progresses. We are proud of our entire staff at Jerritt Canyon, who have exceeded 1.4 million man-hours worked without a lost time accident."

Mine Operations

Development at the Steer Mine has restarted and is proceeding well. The 1,800 foot drift connecting Steer with the SSX Mine is in progress from both ends, with completion scheduled for early August 2005. The connection will provide ventilation and a secondary escapeway for Steer, thus permitting full commercial production. Once the mines are connected there will be increased efficiencies in production and maintenance. The drift will also provide drill stations for additional underground exploration.

Development at Mahala is progressing and incidental ore (ore that is encountered during development) is being processed at the mill. Closely spaced definition drilling has confirmed, and may improve, reserve grades at Mahala.

SSX production in March was 68,537 tons of ore, beating the previous monthly record by 16%. SSX production provided 63% of the total March gold production from Jerritt Canyon.

Mill Improvements

We are seeing the benefit of process improvements that were made to the milling facility during 2004. All ore is dried to less than 1% moisture before roasting and therefore a dependable and efficient ore drying system is essential to sustain ore throughput, especially during the winter months when there is high moisture due to snowfall. To increase throughput and capacity in the drying circuit the ore-dryer burner barrel was coated with a ceramic refractory, an airslide system was installed on the ore dryer bag-house, a high strength conveyor belt was installed on the dryer feed, and a heat duct from the dryer burner box to the dryer feed chute was installed. The secondary cone crusher was completely replaced with a new unit which has greatly reduced down time in the crushing circuit. Overall, mill throughput in the first quarter of 2005 has increased 7% over the first quarter of 2004.

Near-Mine Exploration

During the week of April 18, two underground core drills will be added to the one currently on site. In addition, two contract underground reverse circulation (RC) drills are at Jerritt Canyon, as well as two RC drills owned by the Company. The ongoing drill programs include exploration at the Smith, Mahala, Steer, and SSX Mines, and infill drilling at Murray Zone 7, Mahala, and Steer Mines. Results from the SSX program have identified new mineralization in Zone 1 associated with a northeasterly fault; follow-up drilling is pending. In SSX Zone 5, the drift that will connect SSX to Steer crossed a strongly mineralized dike in the northwest extension of the South Boundary Fault. Truck samples of the last 22 feet of the drift averaged 0.530 ounces per ton of gold (opt); a drill platform will be set up as the drift progresses so that follow-up drilling can be done in May. Mineralization along and within the South Boundary Fault has comprised much of SSX production from Zones 2, 3, and 6.

Between February 1 and April 8, a total of 21,940 feet in 221 underground RC holes were completed. The Table below lists assays greater than 0.250 opt over 10 or more feet at SSX. Results reported in this news release are from outside the Measured and Indicated Resource envelope at December 31, 2004 as defined in the Company's 43-101 Technical Report filed on February 23. 2005. These intercepts thus represent incremental additions to identified gold mineralization. A complete set of data and maps from which the selected drill results were taken is available as an "Appendix" on the Company's website, www.queenstake.com.

 
 SSX Mine 
 --------------------------------------------------------------------- 
           Az    Dip   Total 
         (deg-  (deg-  Depth   From     To  Length   Grade       Drill 
 Hole #  rees)  rees)  (feet) (feet) (feet)  (feet)   (opt) Zone  Type 
 --------------------------------------------------------------------- 
 S10036   310    +25      65      5     15      10   0.356     1    RC 
 --------------------------------------------------------------------- 
  and     310    +25      65     30     45      15   0.286     1    RC 
 --------------------------------------------------------------------- 
 S10037   310     +5      60     20     50      30   0.300     1    RC 
 --------------------------------------------------------------------- 
 S10038   310    -15     100      0     30      30   0.386     1    RC 
 --------------------------------------------------------------------- 
 S10039   310    -60      80      5     15      10   0.463     1    RC 
 --------------------------------------------------------------------- 
  and     310    -60      80     80     95      15   0.472     1    RC 
 --------------------------------------------------------------------- 
 S10041   130    -60      80      0     15      15   0.302     1    RC 
 --------------------------------------------------------------------- 
 S10050   130    -70     150      5     45      40   0.553     1    RC 
 --------------------------------------------------------------------- 
 S10060   130    +30      50      0     40      40   0.287     1    RC 
 --------------------------------------------------------------------- 
 S10061   130      0     175    105    130      25   0.256     1    RC 
 --------------------------------------------------------------------- 
 S10070   180     -2     120      0     10      10   0.263     1    RC 
 --------------------------------------------------------------------- 
  and     180     -2     120     30     45      15   0.320     1    RC 
 --------------------------------------------------------------------- 
 S10071   180    -18      95     10     30      20   0.278     1    RC 
 --------------------------------------------------------------------- 
  and     180    -18      95     40     60      20   0.279     1    RC 
 --------------------------------------------------------------------- 
 S10072   180    -60     100     45     55      10   0.254     1    RC 
 --------------------------------------------------------------------- 
 S50008   293     -2     200    105    170      65   0.377     5    RC 
 --------------------------------------------------------------------- 
 S50013    77    -10     200    135    145      10   0.543     5    RC 
 --------------------------------------------------------------------- 
 S50021   257    -30     100     55     65      10   0.298     5    RC 
 --------------------------------------------------------------------- 
 S50024   257     -8     220    165    175      10   0.314     5    RC 
 --------------------------------------------------------------------- 
 S50029   257     -7     200     45    135      90   0.273     5    RC 
 --------------------------------------------------------------------- 
 S50030   257    -15     200     95    120      25   0.329     5    RC 
 --------------------------------------------------------------------- 
 S50032   257    -60      60     25     45      20   0.541     5    RC 
 --------------------------------------------------------------------- 
 Z13039   180     +5     120     45     55      10   0.271     1    RC 
 --------------------------------------------------------------------- 
 Z13040   180    -15     100     85     95      10   0.824     1    RC 
 --------------------------------------------------------------------- 
 Z13041   180    -35     110     85     95      10   0.571     1    RC 
 --------------------------------------------------------------------- 
 Z13042   180    +35     110    100    110      10   0.253     1    RC 
 --------------------------------------------------------------------- 
 Z13044   180     -5     110     25     50      25   0.629     1    RC 
 --------------------------------------------------------------------- 
 Z13050     0    -45      90     35     45      10   0.369     1    RC 
 --------------------------------------------------------------------- 
 Z13051     0    -80      70     25     40      15   0.415     1    RC 
 --------------------------------------------------------------------- 
 Z13070     0    -90      30      0     10      10   0.281     1    RC 
 --------------------------------------------------------------------- 
 Z13071     0    -90      30     10     20      10   0.342     1    RC 
 --------------------------------------------------------------------- 
  
  
 --------------------------------------------------------------------- 
           Az    Dip   Total 
         (deg-  (deg-  Depth   From     To  Length   Grade       Drill 
 Hole #  rees)  rees)  (feet) (feet) (feet)  (feet)   (opt) Zone  Type 
 --------------------------------------------------------------------- 
 Z13072    36    +40      50      0     20      20   0.367     1    RC 
 --------------------------------------------------------------------- 
 Z13074    36      0     150     30     45      15   0.265     1    RC 
 --------------------------------------------------------------------- 
 Z13075    36    +40      75     30     40      10   0.498     1    RC 
 --------------------------------------------------------------------- 
 Z50295   180     -5     200    100    110      10   0.253     5    RC 
 --------------------------------------------------------------------- 
 Z50316   180    -90     125     50     70      20   0.296     5    RC 
 --------------------------------------------------------------------- 
 Z50321     0    -90      75     10     30      20   0.272     5    RC 
 --------------------------------------------------------------------- 
 Z50323    77      0     200    115    125      10   0.281     5    RC 
 --------------------------------------------------------------------- 
 Z50326    77    +30     200     70     80      10   0.348     5    RC 
 --------------------------------------------------------------------- 
 Z50327    77    +12     200    130    140      10   0.263     5    RC 
 --------------------------------------------------------------------- 
 Z50332    77    +30     200     80    100      20   0.368     5    RC 
 --------------------------------------------------------------------- 
 Z50340    77    +10     200    100    120      20   0.325     5    RC 
 --------------------------------------------------------------------- 
 Z50367   150    -45      40     15     25      10   0.426     5    RC 
 --------------------------------------------------------------------- 
 Z50369     0    -90      40      0     10      10   0.592     5    RC 
 --------------------------------------------------------------------- 
  and       0    -90      40     15     30      15   0.561     5    RC 
 --------------------------------------------------------------------- 
 Z50370   150    +45     100      0      5       5   1.183     5    RC 
 --------------------------------------------------------------------- 
  and     150    +45     100     10     15       5   0.278     5    RC 
 --------------------------------------------------------------------- 
  and     150    +45     100     70    100      30   1.046     5    RC 
 --------------------------------------------------------------------- 
 Z50372     0    -90      30     10     20      10   0.327     5    RC 
 --------------------------------------------------------------------- 
 Z50383     0    -90      40      0     40      40   0.272     5    RC 
 --------------------------------------------------------------------- 
 Z50384   150    -75      50      5     30      25   0.287     5    RC 
 --------------------------------------------------------------------- 
 Z50385     0    -90      40      5     40      35   0.301     5    RC 
 --------------------------------------------------------------------- 
 Z50387     0    -90      40     20     30      10   0.256     5    RC 
 --------------------------------------------------------------------- 
 Z50388     0    -90      40      0     10      10   0.527     5    RC 
 --------------------------------------------------------------------- 
  and       0    -90      40     15     25      15   0.476     5    RC 
 --------------------------------------------------------------------- 
 

At the Murray Mine, an underground drilling program is underway to further delineate the Zone 7 reserves. At the end of December 2004, Zone 7 reserves were estimated to be 43,400 tons at a grade of 0.266 opt, containing 11,500 ounces of gold. The drill program consists of 5,000 feet of RC drilling (26 holes) and 4,200 feet of core drilling (16 holes) and is scheduled to be completed by the end of April. The drift to Zone 7 is in progress and full production will begin from this zone in June.

Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the Jerritt Canyon District in Nevada, acquired in June 2003. The Jerritt Canyon District consists of four underground mines, a 1.5 million ton per year capacity processing facility and a 100 square mile land package that represents some of the most exciting gold exploration ground in Nevada. Jerritt Canyon has produced more than 7,000,000 ounces of gold since 1981.

Forward-Looking Statements - This news release contains "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake's future plans are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Queenstake does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change.

SEC file number 0-24096

The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this release.

http://biz.yahoo.com/bw/050414/145179.html?.v=1
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Queenstake Amends News Release 2005-14 Released Earlier This Morning

Thursday April 14, 1:32 pm ET

http://biz.yahoo.com/bw/050414/145638.html?.v=1