UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month
March 2005
Commission File Number
0-24096
QUEENSTAKE RESOURCES LTD.
999 18th Street, Suite 2940, Denver, CO 80202
(Address of principal executive office)
(indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40 F.
Form 20-F [X] Form 40 F [ ]
Indicate by check mark whether by furnishing the information contained in this Form the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
DOCUMENTS FILED:
Press Release NR2005-12 March 23, 2005
DESCRIPTION:
Queenstake Reports on Mine Development Activities and Selected Near-Mine Exploration Results at Jerritt Canyon
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
QUEENSTAKE RESOURCES LTD.
(Registrant)
Date March 23, 2005
By
“John F. (Jack) Engele” (signed)
(Signature)
John F. (Jack) Engele, Vice President Finance
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News Release 2005-12
March 23, 2005
TSX – QRL; AMEX – QEE – Queenstake Resources Ltd.
SEC file number 0-24096
Queenstake Reports on Mine Development Activities and Selected Near-Mine Exploration Results at Jerritt Canyon
Denver, Colorado – March 23, 2005 –Queenstake Resources Ltd.(TSX:QRL, AMEX:QEE) (the “Company”) reports that it has restarted development at the Steer Mine and entered into a contract to complete the installation of a combined ventilation and escape raise at its Mahala Deposit. These developments will allow Steer and Mahala to go into commercial production in the third quarter of 2005.
At the Mahala deposit, which is accessed through the Smith Mine portal, site preparation and steel fabrication for the raise are currently underway, with drilling expected to start in late April. The raise will be 1,050 feet in length and nine feet in diameter. The escape hoist and exhaust fan that will be used are from the MCE mine, which is now entering planned closure. Completion of the raise scheduled for late in the second quarter of 2005 will allow commencement of commercial production from the Mahala orebody. Mahala’s reserve at the end of December 2004 was estimated at 217,300 tons at a grade of 0.371 ounces of gold per ton (opt) (80,700 contained ounces) within an indicated resource of 485,500 tons at a grade of 0.305 opt. There is an additional 280,900 tons of inferred mineral resource estimated at Mahala at a grade of 0.244 opt. The Company’s press release dated February 7, 2005 contains details on the December 2004 reserves and resources. The orebody is open to the east and west along strike and also along the northeast-trending Coulee fault. The Mahala ore is metallurgically friendly, with low fuel value (i.e., it does not cause the roaster to overheat). Reserve definition and exploration drilling is ongoing with an underground reverse circulation drill. Thirty-two holes totaling 9,295 feet were drilled from February 1 through March 18, 2005. The table below lists intercepts with an average grade greater than 0.250 opt over 10 or more feet a nd that are outside the measured and indicated resource envelope. These intercepts therefore represent incremental additions to mineralization.
Mahala | |||||||||
Hole # | Az (degrees) | Dip (degrees) | TD (feet) | From (feet) | To (feet) | Length (feet) | Grade (opt) | Area | Drill Type |
C40020 | 092 | -02 | 300 | 190 | 205 | 15 | 0.270 | Zone 4 | UG-RC |
and | 230 | 260 | 30 | 0.352 | Zone 4 | UG-RC | |||
C40021 | 099 | 00 | 300 | 100 | 115 | 15 | 0.258 | Zone 4 | UG-RC |
C40029 | 115 | 00 | 300 | 115 | 165 | 50 | 0.340 | Zone 4 | UG-RC |
C40031 | 115 | -14 | 300 | 270 | 300 | 30 | 0.386 | Zone 4 | UG-RC |
C40054 | 124 | 00 | 300 | 105 | 115 | 10 | 0.252 | Zone 4 | UG-RC |
C40055 | 124 | -07 | 300 | 115 | 170 | 55 | 0.292 | Zone 4 | UG-RC |
C40057 | 133 | +20 | 200 | 85 | 95 | 10 | 0.260 | Zone 4 | UG-RC |
C40058 | 133 | +10 | 250 | 95 | 130 | 35 | 0.323 | Zone 4 | UG-RC |
C40062 | 145 | +10 | 250 | 105 | 130 | 25 | 0.355 | Zone 4 | UG-RC |
C40065 | 157 | +05 | 300 | 115 | 175 | 60 | 0.309 | Zone 4 | UG-RC |
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At the Steer Mine, the connection between the mine and the SSX Mine is being advanced from both SSX and Steer. The 1,800 foot production drift connecting the two mines will provide a secondary escapeway and ventilation, and is expected to be completed late in the second quarter of 2005. The connection will allow full-scale commercial production from Steer to commence. Development of the Steer orebody is continuing simultaneously with delineation and exploration drilling from underground. The reserve at the end of December 2004 was estimated at 342,100 tons at a grade of 0.279 opt (95,300 contained ounces of gold); Steer’s indicated and measured resource (including the reserve) at the end of 2004 was estimated at 522,700 tons at 0.282 opt. The additional inferred resource is 379,000 tons at 0.262 opt. The company’s press release dated February 7, 2005 contains details on the Decem ber 2004 reserves and resources. Fifty-seven drill holes totaling 11,585 feet were drilled from February 1 through March 18, 2005. The table below lists intercepts with an average grade greater than 0.250 opt over 10 or more feet and that are outside the measured and indicated resource envelope. These intercepts therefore represent incremental additions to mineralization.
Steer | |||||||||
Hole # | Az (degrees) | Dip (degrees) | TD (feet) | From (feet) | To (feet) | Length (feet) | Grade (opt) | Area | Drill Type |
S10241 | 194 | -33 | 185 | 0 | 120 | 120 | 0.312 | Block 1 | UG-RC |
S10242 | 194 | -22 | 225 | 95 | 145 | 50 | 0.333 | Block 1 | UG-RC |
S10243 | 194 | -15 | 230 | 110 | 200 | 90 | 0.530 | Block 1 | UG-RC |
S10249 | 199 | -02 | 175 | 0 | 20 | 20 | 0.303 | Block 1 | UG-RC |
S10253 | 204 | -17 | 180 | 135 | 160 | 25 | 0.539 | Block 1 | UG-RC |
S10254 | 204 | -10 | 175 | 105 | 130 | 25 | 0.702 | Block 1 | UG-RC |
S10259 | 219 | -15 | 150 | 70 | 140 | 70 | 0.263 | Block 1 | UG-RC |
S10265 | 225 | -11 | 125 | 60 | 120 | 60 | 0.274 | Block 1 | UG-RC |
S30012 | 95 | -07 | 290 | 180 | 200 | 20 | 0.312 | Block 3 | UG-RC |
S30022 | 114 | -20 | 265 | 220 | 265 | 45 | 0.297 | Block 3 | UG-RC |
S30023 | 114 | -14 | 265 | 80 | 180 | 100 | 0.259 | Block 3 | UG-RC |
S30024 | 114 | -02 | 245 | 65 | 105 | 40 | 0.270 | Block 3 | UG-RC |
and | 120 | 130 | 10 | 0.271 | Block 3 | UG-RC | |||
S30025 | 114 | +05 | 245 | 65 | 85 | 20 | 0.513 | Block 3 | UG-RC |
S30026 | 114 | +12 | 250 | 175 | 185 | 10 | 0.280 | Block 3 | UG-RC |
and | 200 | 215 | 15 | 0.420 | Block 3 | UG-RC | |||
S30028 | 115 | -02 | 250 | 170 | 180 | 10 | 0.680 | Block 3 | UG-RC |
and | 225 | 250 | 25 | 0.386 | Block 3 | UG-RC | |||
S30029 | 115 | +04 | 150 | 70 | 90 | 20 | 0.445 | Block 3 | UG-RC |
and | 110 | 130 | 20 | 0.259 | Block 3 | UG-RC | |||
S30033 | 115 | +31 | 150 | 85 | 110 | 25 | 0.451 | Block 3 | UG-RC |
S10281 | 130 | -09 | 225 | 60 | 80 | 20 | 0.302 | Block 1 | UG-RC |
S10282 | 130 | -02 | 230 | 45 | 160 | 115 | 0.293 | Block 1 | UG-RC |
S10283 | 130 | +04 | 225 | 45 | 100 | 55 | 0.309 | Block 1 | UG-RC |
S10284 | 130 | -09 | 225 | 5 | 40 | 35 | 0.512 | Block 1 | UG-RC |
S10285 | 130 | -02 | 225 | 55 | 185 | 130 | 0.328 | Block 1 | UG-RC |
S10286 | 130 | +04 | 225 | 80 | 130 | 50 | 0.270 | Block 1 | UG-RC |
S10287 | 130 | -10 | 200 | 0 | 50 | 50 | 0.384 | Block 1 | UG-RC |
S10288 | 130 | -03 | 200 | 0 | 30 | 30 | 0.470 | Block 1 | UG-RC |
S10289 | 130 | +03 | 200 | 90 | 115 | 25 | 0.259 | Block 1 | UG-RC |
S10290 | 97 | 00 | 275 | 25 | 35 | 10 | 0.301 | Block 1 | UG-RC |
S10291 | 97 | +06 | 300 | 5 | 20 | 15 | 0.358 | Block 1 | UG-RC |
S10292 | 97 | +12 | 300 | 30 | 75 | 45 | 0.257 | Block 1 | UG-RC |
Dorian (Dusty) Nicol, Queenstake’s President and Chief Executive Officer, said, “We continue to obtain high-grade gold mineralization results in our near mine exploration program and are confident that we will continue to add gold ounces to our reserve base. Steer and Mahala ore that will be produced starting in the third quarter should have a positive impact on Jerritt Canyon production.”
Notes:
1.
A complete set of the data from which the highlighted drill results were selected, as well as maps showing mine and prospect locations, are available on the Company’s website,www.queenstake.com.
2.
A description of the geology, sampling procedures, and the Company's laboratory Quality Assurance /Quality Control procedures are as described in the Company's National Instrument 43-101 Technical Report filed on February 23, 2005. This report is available on the Company’s website,www.queenstake.com.
3.
Samples from underground drilling are analyzed at the Jerritt Canyon laboratory. All samples are analyzed using standard fire assay techniques.
4.
The Qualified Person for the release of this exploration information is Mr. Dorian (Dusty) Nicol, Queenstake’s President and Chief Executive Officer, Executive Vice President and Director of Exploration.
5.
Intercepts are reported as drilled; true widths have not yet been calculated.
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.
For further information call:
John Haigh 303-297-1557 ext. 105
800-276-6070
Email –info@queenstake.com web –www.queenstake.com
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.
The Toronto Stock Exchange has neither reviewed nor accepts responsibility
for the adequacy or accuracy of this release.
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