🕐23.03.10 - 16:36 Uhr

QUEENSLAND MINERALS LTD./PRESS RELEASE



On behalf of Queensland Minerals Ltd., please find attached the latest press release from Queensland Minerals Ltd.

Dated March 22 , 2010.
Should you have any questions, please contact the undersigned.
Sincerely,
PRESS RELEASE/DATED MARCH 22, 2010
Queensland Minerals Ltd.

PRESS RELEASE Suite 411, West Tower Phone: 450.677.3868 1111 St-Charles Street West Fax: 450.677.2601 Longueuil, Qu�bec J4K 5G4
Not for dissemination in the United States of America
March 22, 2010
QUEENSLAND MINERALS ANNOUNCES TRANSACTION UPDATE Queensland Minerals Ltd.

(TSXV: QML) (the "Company" or "Queensland"), provides this updated news release, as required by the policies of the TSX Venture Exchange (the "TSXV"), in respect of the proposed transaction that was first announced on February 23, 2010 pursuant to which the Company will acquire from Dundee Precious Metals ("DPM") the right, title and interest in mineral licenses related to the Surdulica molydenum project, the Tulare copper and gold project and the Karmanica gold project located in Serbia (hereinafter referred to as the "Serbian Assets") and all other associated assets and liabilities.

As previously disclosed, the contemplated transaction will be effected by way of the sale to Queensland of DPMs interest in all of the issued and outstanding securities of Dundee Moly Company d.o.o., a company incorporated in Serbia (the "Transaction") following a reorganization which will be subject to governmental approvals and certain other conditions.

Steps in respect of the Transaction are proceeding as anticipated.

The Companys shares have been halted since the Transaction was initially announced.


Sponsorship Sponsorship of the Transaction may be required by the TSXV unless an exemption from sponsorship is available.

The Company intends to apply for an exemption from the sponsorship requirement.

There is no assurance that the Company will be able to obtain such an exemption.


Shareholders Meeting The Company has set a record date of March 22, 2010 for a meeting of Queensland shareholders to be held on May 5, 2010 to consider the Transaction (the "Meeting").


About Queensland Minerals Ltd.: The Company is an exploration company with mineral properties in the State of Queensland, Australia.

Since becoming TSXV-listed issuer in March 2007 upon completion of its initial public offering, Queensland has carried out mineral exploration in Queensland, Australia through its two wholly-owned subsidiaries.

In late 2008, the Company halted all field activities as a result of its limited financial resources, and the Companys projects, of which there is currently only one, have been on care and maintenance since.

Subsequently, the Company closed its Australian exploration office and has been engaged in seeking new opportunities and financing for its next phase as a public company.

Additional information about the Company is available on the Companys website (www.queenslandminerals.com) and on SEDAR at www.sedar.ca.


ON BEHALF OF THE BOARD OF DIRECTORS:
James Crombie Chief Executive Officer Telephone: 450-677-3868 Facsimile: 450-677-2601 Email:
This press release contains forward-looking information.

In particular, this press release contains statements concerning the prospective Transaction.

Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct.

Forward-looking information is subject to known and unknown risks and uncertainties, and depends on assumptions and other factors, all of which may cause actual results or events to differ materially from those anticipated in such forward-looking information.

The terms and conditions of the prospective Transaction may change based on the Companys due diligence on the respective companies and properties, the entering into a binding agreement for the Transaction, regulatory and third party comments, consents and approvals and the parties ability to satisfy the conditions of the Transaction in the required timeframes.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and disinterested shareholder approval in respect of the Transaction.

The Transaction cannot close until the required shareholder approval is obtained.

There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Company management information circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.

Trading in the securities of the Company should be considered highly speculative.

The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.



Products & Services | Jobs