Queensland Minerals Announces Closing of Private Placement for $4 Million

Queensland Minerals Ltd. (TSXV:QML) announced that the company has closed its previously-announced non-brokered private placement.

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”).

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