The document provides information about Queenston Mining's Upper Beaver Gold Project located in Kirkland Lake, Canada. Key details include: - The project contains an Indicated resource of 1.5 million ounces of gold and an Inferred resource of 1.9 million ounces. - A PEA showed the Upper Beaver deposit could support an initial average production rate of 120,000 ounces of gold per year. - The company aims to develop its first standalone mine at Upper Beaver while also utilizing feed from five satellite deposits. - Queenston has a large land package in the historic Kirkland Lake gold camp and sees potential to expand resources to 8 million ounces total.

1. Upper Beaver Gold Project
Located in Kirkland Lake, Canada
April 2012
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2. Disclosures
This presentation contains certain statements regarding future events, results or outlooks that are considered forward looking statements within the meaning
of securities regulation. These forward looking statements reflect management s best judgment based on current facts and assumptions that management
considers reasonable and include the words anticipate , believe , could , estimate , expect , intend , may , plan , potential and should .
Forward looking statements contain significant risks and uncertainties. A number of circumstances could cause results to differ materially from the results
discussed in the forward looking statements including, but not limited to, changes in general economic and market conditions, metal prices, political issues,
permitting, environmental and other risk factors. The forward looking statements contained in this document are based on what management believes to be
reasonable assumptions, however, we cannot assure that the results will be compatible to the forward looking statements as management assumes no
obligation to revise them to reflect new circumstances. The Mineral Resources reported in this document are not Mineral Reserves and do not demonstrate
economic viability. Historic mineral resources should not be relied upon as they have not been verified by a Qualified Person. Historical information contained
in this presentation has been derived from information provided by certain third parties. The Corporation has no knowledge that would indicate the
information is not true or incomplete and the Corporation assumes no responsibility for the accuracy and completeness of the information. Readers should
not place reliance on forward looking statements. More information concerning risks and uncertainties that may affect the Company s business is available
in Queenston s most recent Annual Information Form and other regulatory filings which are posted on SEDAR (www.sedar.com).
Quality Control
The design of the drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Queenston’s geological staff
including Qualified Persons (“QPs”) employing a QA/QC program consistent with NI 43-101 and industry best practices. A detailed review of Queenston’s
QA/QC procedure is filed in the 2010 Annual Information Form on SEDAR. Drill core is logged and split with half-core samples shipped to one of four
laboratories (Swastika Laboratories; ALS Minerals; PolyMet Resources Inc. or SGS Canada Inc.) and analyzed employing the appropriate gold fire assaying
technique. For QA/QC purposes the Company as well as the lab submits standards and blanks every 25 samples. Approximately 5% of sample rejects and/
or pulps are sent to other laboratories for check assaying.
Qualified Persons
The PEA was prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an independent QP in accordance with NI
43-101 and has reviewed and approved the contents of this Presentation. A NI 43-101 compliant PEA Technical Report was filed by P&E on SEDAR on
March 29, 2012.
The Company’s QP’s (as defined in NI 43-101, Standards of Disclosure for Mineral Projects) for the Company’s mineral projects in Kirkland Lake, Ontario
including Upper Beaver, Upper Canada, Lebel, Anoki/McBean, AK are William McGuinty, P.Geo., Frank Ploeger, P.Geo., Michael Sutton, P.Geo., William
McGuinty, P.Geo. and David Gamble, P.Eng. respectively.
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3. The Queenston Advantage
Significant Holdings in a Proven Canadian Gold Camp
Large land package in a proven mining district that provides great infrastructure, people, power, rail,
smelter and year round access
Advancing to Feasibility
PEA completed on Upper Beaver high-grade gold and copper deposit and is on track for production in 2016
Expansion
3.4 million ounces of gold – 1.5 M oz. @ 5.0 g/t Au (Indicated) 1.9 M oz. @ 5.2 g/t (Inferred) –
currently defined with a target of 8 million ounces from Upper Beaver and satellite deposits
Still Finding More Gold
Opportunity for New discoveries along 60 km of proven gold structures within the massive land package
Skilled Team
Management has record of discovery plus experience as underground gold mine operators
Strong Financial Position
$80 million cash (+ $20 M August 30th, + $30 M December 3rd), no debt
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4. Centred in Canada’s Richest Gold District
“Abitibi Greenstone Belt”
Historic Production: (1911-2011) of 200 million oz.
Reserves + Resources: 100 million oz.
District hosts 10 of the world’s largest gold deposits
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5. A Leading Edge in a Major Gold Camp
Queenston has established the largest holdings in the Kirkland Lake Camp covering 230 km²
Land package covers 60 km along all major gold structures with interests in 11 deposits
Home of abandoned gold mines and famous for high-grade
Past production of 40 M oz. over 100 years
Camp hosts 9 deposits that contained >1 million oz. of gold
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6. Vision for Queenston Operations
Company’s first stand alone high-grade mine to be built at Upper Beaver
Mill to be supplemented with feed from 5 separate 100%-owned satellite deposits
Initial production forecast of 120,000 oz. Au/year with 5.3 M lbs. Cu/year with
growth potential to +200,000 oz. Au/year
Current resource base of 3.3 M oz. with potential for 8 M oz.
Area renowned for mining expertise and infrastructure
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7. Mineral Resources (NI 43-101 Compliant)
Underground Resources Indicated Inferred…
Deposit Tonnes Grade (g/t) Gold (oz.) Tonnes Grade (g/t) Gold (oz.)
Upper Beaver * 3,074,000 8.04 795,000 3,093,000 6.99 696,000
Upper Canada 238,000 4.25 33,000 3,622,000 4.78 557,000
Anoki/McBean 1,436,000 4.69 217,000 1,558,000 4.73 237,000
AK 1,145,000 4.47 164,000 1,530,000 4.21 207,000
Bidgood 26,000 3.28 3,000 76,000 3.09 8,000
SMC* 46,000 48.30 72,000 51,400 46.30 77,000
Ironwood, Que. 121,600 17.30 68,000
Total 5,965,000 6.70 1,284,000 10,052,000 5.72 1,850,000
* SMC resource is subject of sale to Kirkland Lake Gold (due to close on August 30, 2012)
Open Pit Resources Indicated Inferred…
Deposit Tonnes Grade (g/t) Gold (oz.) Tonnes Grade (g/t) Gold (oz.)
Upper Canada 1,721,000 1.88 104,000 1,273,000 1.86 76,000
Bidgood 1,438,000 1.66 76,000 242,000 1.68 13,000
Total 3,159,000 1.78 180,000 1,515,000 1.83 89,000
Combined Resources Indicated Inferred…
Tonnes Grade (g/t) Gold (oz.) Tonnes Grade (g/t) Gold (oz.)
Total 9,124,000 5.00 1,464,000 11,567,000 5.20 1,939,000
* Note: Upper Beaver resource grade includes gold equivalent using $1050/oz. for Au and $3.00/lb. for Cu from
Indicated Resource: 3,074,000 t @ 7.0 g/t Au with 0.54% Cu, Inferred Resource: 3,093,000 t @ 6.2 g/t Au with 0.41% Cu
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8. Upper Beaver
Proving up a stand-alone operation
in the eastern portion of the Camp
Developing the first new mine in the
camp since 1985
Potential for 3 million ounces of gold with
an important copper credit
Targeting initial production in 2016 for a
LOM average rate 120,000 oz. Au
& 5.3 M lbs. Cu/year
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9. Upper Beaver – Robust Economics
Indicated: 690,000 oz. Au @ 7 g/t + 36.6 M lbs. Cu @ 0.54%;
PEA Resource: Inferred: 616,000 oz. Au @ 6 g/t + 28.0 M lbs. Cu @ 0.42%
LOM Annual Average Production: 120,000 oz. Gold and 5.3 M lbs. Copper
LOM Metal Production: 1.1 M oz. Gold and 50.5 M lbs. Copper
Production Rate: 2,000 tpd
Pre Production Capital: Cdn$240 M (includes 15% contingency)
Mine Life: 10 years
Average LOM Cash Costs: US$386/oz. net of Copper credits (includes 20% contingency)
IRR / NPV(5%) base case: 26.5% / $345 (pretax)
$1275 Au, $3.00 Cu 22.1% / $233 (aft tax) payback 2.5 years
IRR / NPV(5%) current metal prices: 41.6% / $688 (pretax)
$1700 Au, $3.80 Cu 35.0% / $475 (aft tax) payback 1.5 years
Opportunities: Extend mine life with additional resources and satellite deposits
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10. Building a New, Low-Cost Gold Mine
Production rate of 2,000 tpd
New 3,000 tpd capacity shaft planned
to depth of 1,300 m
Competentground conditions and
favourable deposit geometry leads to
low-cost, mechanized mining technique
Conventional:
• Mechanized, long-hole mining method
• Crushing, grinding, flotation and CIL process
• Paste fill plant
Expandable mill
Future central milling facility capable
to process all of Queenston’s deposits
in the Kirkland Lake camp
Metallurgical recovery:
• 98% gold (95% payable)
• 90% copper (90% payable)
Mine Design Schematic
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11. Upper Beaver Mine Site Plan
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12. Project Enhancements
Resource Expansion
84 drill holes (41,019 m) not included in current resource estimate
Next resource update planned for Q3 2012
6 surface drill rigs on the project to upgrade the resource for feasibility
and step out drilling to further explore and expand deposit footprint
Satellite Deposits
Five100%-owned satellite deposits with current resource estimates of 1.7 M oz
Provides production flexibility and will add years to the life of mine
Mining
Underground mine optimization
Milling
Mill expansion to accommodate a larger deposit
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13. High Grade, Continuous and Expanding
Deposit remains open down plunge and along strike
Drill Results from Shallow Q Zone
42.2 g/t Au over 10.0 m
5.78 g/t Au over 27.0 m
3.41 g/t Au over 54.0 m
4.97 g/t Au over 26.5 m
2.01 g/t Au over 101.0 m
Deep Drilling extends deposit 200 m to depth
13.7 g/t Au with 0.60% Cu over 6.0 m
High-Grade infill drilling results include:
13.2 g/t Au with 1.14% Cu over 13.5 m
21.4 g/t Au with 0.54% Cu over 6.0 m
18.7 g/t Au with 0.25% Cu over 5.0 m
11.6 g/t Au with 1.60% Cu over 8.0 m
11.5 g/t Au with 0.40% Cu over 25.0 m
49.9 g/t Au with 0.78% Cu over 7.0 m
All 2011 drilling (84 holes) and 2012 not in resource.
New estimate planned for 3rd Quarter
Cross-Section, Porphyry Zone 13

14. Project Timeline
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15. Growth
Satellite deposits will provide future
mill feed, flexibility and longer life
Inventory of 5 other 100%-owned deposits
Each deposit displays growth for expansion
Ore from these satellite deposits
will increase mine life and supplement
production to +200,000 oz./year
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16. Upper Canada – 2nd Largest and Growing
Past gold producer, 1.5 M oz. of gold
West Pit Resource East
Drillingin 2010 identifies potential for
bulk tonnage mining, pit and UG
Includes historic tailings site
Initial Pit Resource -500 m
104,000 oz. Au @ 1.9 g/t Indicated
76,000 oz. Au @ 1.9 g/t Inferred open C Zone
Initial Underground Resource (C Zone)
33,000 oz. Au @ 4.3 g/t Indicated
557,000 oz. Au @ 4.8 g/t Inferred
open
200 + holes not in resource estimate
Update planned for 3rd Quarter
Historic Resource
773,475 t @ 7.7 g/t
-
-1800 m
High-Grade Drill Results
• 42.4 g/t Au over 5.5 m • 4.47 g/t Au over 37.2 m
• 22.9 g/t Au over 6.6 m • 4.40 g/t Au over 26.2 m
• 13.2 g/t Au over 5.5 m • 3.89 g/t Au over 17.7 m
• 11.5 g/t Au over 5.5 m • 3.69 g/t Au over 13.7 m
• 10.0 g/t Au over 7.0 m • 3.53 g/t Au over 24.2 m
Upper Canada Mine 1965
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17. New Upper Canada Results – Expand Pit + UG
New drilling extends footprint of mineralization to 3 km
High-grade potential at Upper L and H, M & Q Zones confirm underground bulk mining concept
200 + holes not in resource estimate, update planned for 3rd Quarter
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18. Shallow Satellite Deposits
Anoki-McBean Deposits
217,000 oz. Au @ 4.69 g/t Indicated
237,000 oz. Au @ 4.73 g/t Inferred
Located 5 km from proposed mill site
Anoki deposit developed with ramp
McBean is a past gold producer (50,000 oz)
Bidgood Deposit (Past Producer)
Initial Pit Resource
79,000 oz. Au @ 1.7 g/t Indicated
21,000 oz. Au @ 2.0 g/t Inferred
Located 12 km from proposed mill site
New drill results include:
38.8 g/t Au over 4.0 m
5.2 g/t Au over 11.8 m
1.6 g/t Au over 23.7 m
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19. Kirkland West
Exploration in the Western Portion
of Camp
Recent sale of JV properties to KL Gold
for $60 M + royalty
Investigating the 100% AK property
for SMC potential
Exploring Rand and Toburn properties
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20. Kirkland West JV – Sale of Non-Core Assets
Interest in 6 year old JV sold to 50% partner Kirkland Lake Gold
SMC orebody extends onto the South Claims, HM and AK properties
Sale will net Queenston $60 M cash plus a production royalty
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21. Sale of JV Delivers Valuable Cash
Kirkland Lake Gold enters agreement to purchase QMI’s JV interests for $60M
$10 M cash deposit on signing (March 28, 2012)
$20 M cash on closing (August 31, 2012)
$30 M balance backed by promissory note (mortgage terms) bearing interest rate of
prime plus 2.5% payable Dec. 3, 2012
Plus royalty payable after production of the first 1.3M oz. of Au
Opportunity to monetize resources not available for production
until well into the future
Mitigates financing risk with non-dilutive funds
Book value of the JV assets equals $4M
Acquisition values resource at $405/oz.
72,000 oz. Au @ 48.30 g/t Indicated
77,000 oz. Au @ 46.30 g/t Inferred
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22. AK 100% Owned – Evidence of SMC Potential
AK deposit is
adjacent to SMC
ore body
New drilling
confirms
continuity leading
to initial
underground
resource
Drilling continues
to expand and
explore deposit to
depth where the
SMC may be
present
Initial AK Resource
164,000 oz. Au @ 4.47 g/t Indicated
207,000 oz. Au @ 4.21 g/t Inferred
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23. Aggressive Plans
Momentum building
as we advance to feasibility
$35 million exploration/development budget –
12 rigs 160,000 m of drilling
Continue resource definition and exploration drilling
leading towards updated mineral resource studies
BeginAdvanced Underground Exploration at
Upper Beaver
Commence New Exploration including drilling
along proven structures
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24. 2012 Work Activity – News and Value Drivers
Exploration ($25 M with 12 drill rigs)
Continuous stream of exploration results from core properties
Upper Beaver, Upper Canada, Bidgood, AK and Anoki-McBean
Begin new exploration along 60 km of proven gold-structures
Rand, Toburn, Victoria Creek, AK
NI 43-101 resource updates at Upper Beaver and Upper Canada in Q3
Development ($10 M)
Commence advanced exploration leading to new shaft development
Site preparation, power line, road improvements, permitting
Procure key lead time items for underground development (hoist, electrical equip.)
Continue to build development/production team
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25. Share Performance and Structure
SHARE PERFORMANCE (April 10, 2012) ANALYST COVERAGE
52 Week High-Low $8.07 - $3.99 CIBC $8.00
3 Month Average Daily Volume 120,000 shares Desjardins Capital Markets $8.60
Price at close April 10, 2012 $4.10 Dundee Capital Markets $8.50
Market Capitalization $340 M Scotia Capital $8.75
Cash $80 million Stifel Nicolaus $6.50
Exchanges TSX, OTCQX Stonecap Capital $7.00
SHARE STRUCTURE (at April 10, 2012)
Shares Outstanding 82,930,623
Options (weighted avg. $4.23; avg. life 3 yrs.) 8,646,000
Warrants (weighted avg. $6.45; expire Nov 2, 2013) 3,301,887
Fully Diluted 94,878,510
Institutional Holders:
Pinetree, Northfield Capital, Agnico Eagle,
55% of Issued
Goodman & Co., RBC Global, Primary, Oppenheimer
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26. Management & Board
Management Directors
Charles Page, P.Geo., President and CEO Michael Brown, P. Eng. – Chairman
Joined Queenston in 1987
John Arnold, CA – Director
Professional Geologist with over 30 years experience
Charles Bartliff – Director
Hugh Harbinson – Director
Philip Ng, P.Eng., COO
Joined Queenston in 2012
Edmund Merringer, LLB – Director
Mining Engineer with over 18 years experience
Charles Page, P. Geo. – Director
Built and operated mines in Sask., Man., Ont.
Barry Simmons, P. Eng. – Director
John Francis, CA, CFO
Joined Queenston in 2006
Technical Team
Chartered Accountant with over 25 years experience
40 person exploration office in Kirkland Lake
Includes 12 geologists with extensive Canadian experience
William McGuinty, P.Geo., VP Exploration
Joined Queenston in 2009
Professional Geologist with over 20 years experience
Jennifer McGuinty Corporate Secretary
Joined Queenston in 2010
9 years experience in corporate management
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27. QMI: More Than Just the Gold Price
A Premier Asset, as well as the financial ability and skill set to become
a junior gold producer
PEA delivers robust economics
Dominant land holding in a developed, high-grade Canadian gold camp
Focused on building a low-cost gold mine at Upper Beaver
Inventory of satellite deposits will provide mining flexibility and expanded
mine life
Quality prospects with ability to expand current gold resources from
3.3 M oz. to 8 M oz.
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28. Appendix
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29. Summary of PEA Economic Parameters
Item Value
Gold Price (US$ per ounce) $1,275
Copper price (US$ per pound) $3.00
Foreign Exchange Rate 0.96
Tax Rate 30%
Pre-Production Capital (Cdn$ millions)
Infrastructure $31M
Process Plant $69M
Mining $105M
Indirect Costs $4M
Contingency $31M
Total Pre-Production Capital (Cdn$ millions) $240M
Sustaining Capital & Mine Closure (Cdn$ millions) $178M
Average mining cost ($ per t milled) $37
Milling costs ($ per t milled) $18
General and Administration $6
Contingency (20%) $12
Total Operating Cost (Cdn$ per t milled) $73
Smelter payables (%)
Payable Gold 95%
Payable Copper 90%
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30. Pre-Production Capital Costs
Item Cost (Cdn$M)
Development $22.6
Shaft Sinking $50.0
Shaft Head frame, Hoist & Hoist Room, LP $14.4
Mine Equipment $18.3
Underground Infrastructure $2.8
Surface Infrastructure, Power Line, Road Upgrade $28.7
Process Plant $68.5
Closure Bond $3.6
Contingency (15%) $31.2
Total Pre-production Capital $240.1
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31. Operating Costs
Item Cost (Cdn$/t)
Mining $20.70
Backfill, Waste and Paste $7.00
Tailings $1.32
Process Plant $17.81
Under Ground Haulage $3.50
Under Ground Hoisting Services $1.50
Mine Air Heating $3.05
General and Administration $6.00
Contingency (20%) $12.18
Total Operating Costs $73.06
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32. Global Mineral Resources
Current Resources (NI 43-101 Compliant)
Indicated Inferred…
Deposit Tonnes Grade (g/t) Gold (oz.) Tonnes Grade (g/t) Gold (oz.)
Upper Beaver * 3,074,000 8.04 795,000 3,093,000 6.99 696,000
Upper Canada 1,959,000 2.17 137,000 4,895,000 4.02 633,000
Anoki/McBean 1,436,000 4.69 217,000 1,558,000 4.73 237,000
AK 1,145,000 4.47 164,000 1,530,000 4.21 207,000
Bidgood 1,464,000 1.69 79,000 318,000 2.02 21,000
SMC 46,000 48.30 72,000 51,400 46.30 77,000
Ironwood, Que. 121,600 17.30 68,000
Total 9,124,000 5.00 1,464,000 11,567,000 5.21 1,939,000
• Note: Upper Beaver resource includes 36.6 M lbs. Cu (0.54%) Indicated and 28 M lbs. Cu (0.41%) Inferred. In this table copper has been converted to a gold equivalent using
$1050/oz. for Au and $3.00/lb. for Cu
Historic Resources (non NI 43-101 Compliant)
Indicated Inferred…
Deposit Tonnes Grade (g/t) Gold (oz.) Tonnes Grade (g/t) Gold (oz.)
Upper Canada 774,000 7.70 192,000
180 East 327,000 4.10 43,000
Victoria Creek 1,342,000 5.10 222,000
Cadillac, Que. 3,045,000 4.70 458,000
Total 1,101,000 6.60 235,000 4,387,000 4.80 680,000
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33. Resource Growth of 2600% Since 2007
Indicated Inferred
Year Expenditure NI 43-101 Resources (ounces of gold)
2007 $4,750,000 96,000 Indicated / 29,000 Inferred
2008 $7,400,000 500,000 475,000
2009-10 $25,000,000 660,000 720,000
2011 $10,200,000 1.5 million 1.9 million
Total $47,350,000
“$14/ounce discovery cost”
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34. Cadillac Camp, Quebec – 2 Key Properties on Break
2 properties adjacent to mines operated
by Agnico-Eagle
Pandora 100% owned,
Wood-Pandora 50% JV with Globex
Contains 4 shallow gold deposits
Drilling
on JV property reports new
high grade results
• 28.86 g/t Au over 4.9 m
• 14.75 g/t Au over 2.9 m
• 13.90 g/t Au over 3.0 m
• 10.85 g/t Au over 3.7 m
Agnico-Eagle’s Lapa Mine 2010
Mineral Resource
68,000 oz. Au @ 17.30 g/t Inferred
Historic Resource
458,000 oz. Au @ 4.70 g/t Inferred
34

35. New Exploration along Proven Structures
reak
ake – Cadillac B
Larder L
Total Field Magnetics
Victoria Creek – commence drilling to define 222,000 oz. historic resource and plan deeper exploration
Northland – target historic mineralized porphyry that was developed by shaft in 1930’s
McBean West – exploring for McBean-type mineralization on newly acquire ground on the Larder Lake Break
Anoki Deep – follow up on deep drilling below Anoki deposit
Toburn – target Kirkland Lake Main Break below 500,000 oz. past producer with drilling
Gateford – explore potential along trend of this small past producer on the Larder Lake Break
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36. 201-133 Richmond Street West
Toronto, Ontario M5H 2L3
T: 416-364-0001 F: 416-364-5098
E: info@queenston.ca
www.queenston.ca
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