Queensland Minerals Announces Transaction Update

Queensland Minerals Ltd. (TSX VENTURE:QML) provided 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 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 and all other associated assets and liabilities.

The press release is quoted as saying:

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. Steps in respect of the Transaction are proceeding as anticipated. The Company’s shares have been halted since the Transaction was initially announced.

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