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 announced
that it would 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 been previously disclosed, it was originally anticipated that the
contemplated transaction would 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"). However,
in light of certain potential issues with the originally proposed structure, the
parties are working together to restructure the Transaction. The Company will
issue an update release once the structure has been finalized.


The Transaction will be subject to governmental approvals and certain other
conditions. The Company's shares have been halted since the Transaction was
initially announced.


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 August 20, 2010. The record date for the
meeting has been set as July 16, 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 a
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 since been on care and maintenance. 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.
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 restructuring, 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 any 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.

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