Queensland Minerals Ltd. (TSX VENTURE:QML) ("Queensland" or the "Company") is
pleased to announce that it has closed its previously-announced non-brokered
private placement (see news releases of August 30, 2010 and October 12, 2010)
(the "Financing"). 


The Company has issued 13,333,360 units ("Units") at a price of $0.30 per Unit
for gross proceeds of $4,000,008. Each Unit consists of one common share of
Queensland and one common share purchase warrant ("Warrant"). Each Warrant may
be exercised to acquire one additional common share at a price of $0.42 per
common share for a period of 24 months from the date of distribution, subject to
the Company's right to accelerate the Warrant exercise. The Company will have
the right, commencing 180 days after the closing date of the Financing, to
accelerate the expiry date of the outstanding Warrants if the closing price of
the common shares of the Company on any stock exchange in Canada is higher than
$1.00 for 20 consecutive trading days in which case the Warrants will expire on
the 30th day after the date on which notice of such acceleration is provided by
the Corporation to the holders of Warrants. In connection with securing the
conditional acceptance of the TSX Venture Exchange of the Financing, the Company
has agreed not to exercise its acceleration right in circumstances where the
exercise of the Warrants could cause a holder to then hold in excess of 19.99%
of the issued shares of the Company, other than in circumstances where the
Company obtains shareholder approval to that exercise. Insiders of the Company
purchased an aggregate of 11,269,193 Units under the Financing. No finder's fees
or commissions were paid in connection with the Financing. 


Under applicable Canadian securities laws, all securities issued under the
Financing are subject to a hold period expiring February 13, 2011.


The Company intends to use the proceeds raised from the Financing for general
working capital. Among general corporate purposes, the Company will spend a
portion of the proceeds on the properties in Serbia including mineral licenses
related to the Surdulica molybdenum project, the Tulare copper and gold project
and other early stage projects located in Serbia (the "Serbian Assets"), in
accordance with the option agreement entered into between Dundee Precious Metals
Inc. ("DPM") and Queensland dated October 4, 2010 (see news release of October
12, 2010) (the "DPM Option"). Exercise of the DPM Option is subject to a number
of conditions, including but not limited to all required regulatory and required
shareholder approvals. The Company cannot provide any assurance that the DPM
Option will be successfully exercised.


Additional information about the Company is available through regular filings
and press releases on SEDAR and on the Company's website at
www.queenslandminerals.com.


Forward-Looking Information

This news release contains certain "forward-looking information" under Canadian
securities laws. All statements that address future activities, events or
developments that the Company believes, expects or anticipates will or may occur
are forward-looking information. Forward looking information is based upon
assumptions (including, but not limited to, assumptions about the Serbian
Assets) by management that are subject to known and unknown risks and
uncertainties beyond the Company's control, including risks related to capital
markets and the availability of financing for companies such as the Company.
There can be no assurance that outcomes anticipated in the forward looking
information will occur, and actual results may differ materially for a variety
of reasons. In particular, there can be no assurance that the DPM Option will be
exercised. Accordingly, readers should not place undue reliance on
forward-looking information. The Company undertakes no obligation to update
publicly or otherwise revise any forward-looking information, except as may be
required by law.
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