Reader Rebuttal (August 01, 2001)

Duck Pond Missing

In the February/March 2001 issue you identified the top 20 mineral development projects on a map of Canada. One project that, in our opinion, should have been included is the Duck Pond Cu-Zn project located in the Buchans area of central Newfoundland. This project is a 50-50 joint venture between Queenston Mining Inc. and Thundermin Resources Inc. who are earning a 100% interest from Noranda Inc.

The joint venture has recently completed a detailed positive feasibility study on Duck Pond that outlines proven and probable mineral reserves in two deposits totaling 5.3 million tonnes averaging 3.3% Cu, 5.8% Zn, 0.9% Pb, 59 gt Ag and 0.9 g/t Au. The study proposes a 1,500 t/d mining/milling operation with a mine life of 10.2 years. Capital costs are estimated at Cdn$79.6 million and operating cash costs are in the order of Cdn$42/t of ore, or US$0.32 /lb of copper net of bi-product credits.

The joint venture is proceeding with the next stage of development, which includes final permitting and project financing. Our goal is to become a junior operating mining company and re-establish central Newfoundland as a base metal producer.

Charles Page, president and CEO

Queenston Mining Inc.

Toronto, Ont.

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