GOLD DEVELOPMENT NEWS More Reserves Support Jerritt Canyon

ELKO, Nevada QUEENSTAKE RESOURCES of Denver, Colo., has increased proven and probable reserves at its Jerritt Can...
ELKO, Nevada QUEENSTAKE RESOURCES of Denver, Colo., has increased proven and probable reserves at its Jerritt Canyon gold mine. In situ reserves are estimated at 2.57 million tons at 0.302 opt Au (10.35 g/t). Stockpiled reserves add about 500,000 tons at 0.093 opt Au to the total.

Queenstake is examining a development plan that would increase production from underground sources, replacing stockpiled mill feed. The plan covers accelerated development of reserves accessible from existing mines, and could allow gold production from the 1.5 million tons/year processing facility to increase by 15% to 20% from mid-2005.

Subsidiaries of AngloGold and Meridian Gold sold their respective 70% and 30% shares of Jerritt Canyon to Queenstake in June 2003. See also www.queenstake.com.

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