DPM Dundee Precious Metals Inc

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA 

Queensland Minerals Ltd. (TSX VENTURE: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 DPM's 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. The Company's shares have been halted
since the Transaction was initially announced.


Private Placement of Subscription Receipts

The Company is proceeding with the previously announced private placement of
subscription receipts ("Subscription Receipts") for minimum gross proceeds of
$10 million (the "Financing"). As previously announced, the Subscription
Receipts will be offered at a price of $0.30 each and will be exchangeable for
one Queensland common share and one half of one Queensland common share purchase
warrant. The offering will be made on a best efforts basis by Dundee Securities
Corporation and Paradigm Capital Inc., acting as co-lead agents, and Mirabaud
Securities LLP, GMP Securities L.P. and Cormark Securities Inc. as agents. The
Financing is expected to close on or about June 9, 2010.


Amended Letter of Intent

The previously announced letter of intent ("LOI") between the Company and DPM
has been amended to extend the deadline for entering into a definitive agreement
in respect of the Transaction to June 30, 2010. 


Shareholders Meeting

The Company also announces its decision to cancel the previously announced
meeting of shareholders and has set new record and meeting dates. The Company
will hold its annual and special meeting of shareholders called to consider,
among other things, the Transaction on July 13, 2010. The record date for the
meeting has been set as June 11, 2010. Shareholders of record at the close of
business on the record date will be entitled to vote at 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 Company's
remaining project, has 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 Company's website
(www.queenslandminerals.com) and on SEDAR at www.sedar.ca.


This press release contains forward-looking information. In particular, this
press release contains statements concerning the prospective Transaction and the
debt settlement. 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 Company's 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 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

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