QEE Queenstake Resources Ltd

DENVER, Jan. 20 /PRNewswire-FirstCall/ -- The Board of Directors of Queenstake Resources Ltd. (TSE:QRL)(AMEX:QEE) announced the resignation of Hugh Mogensen from the board, effective January 20, 2006, after 14 years of service as a director of the Company. Mr. Mogensen, an independent investor from British Columbia, is stepping down to have more time to focus on his family and his health. He served most recently on the Compensation Committee of the Queenstake Board of Directors. As a successful business executive and geologist, he has had a long career in petroleum and mining exploration and management. During the past 25 years he served in a variety of roles as a director of more than a dozen companies, and in some cases, as chairman or president and chief executive officer. Speaking on behalf of the Board of Directors, Non-executive Chairman Robert L. Zerga said, "We will miss Hugh's insights and practical knowledge as a long-time natural resource business executive. As part of the Board of Directors, he guided the Company through some defining transactions, including the acquisition of the Jerritt Canyon gold operations in Nevada in 2003, and provided steadfast resolve through past challenging times. On behalf of the board and management, I thank him for his professional commitment and dedication to Queenstake." President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "I appreciate the support, wise counsel and professional guidance Hugh has provided to me over the years. Hugh remains a friend of Queenstake and I will miss his participation at our Board meetings." Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon District in Nevada. Jerritt Canyon has produced over seven million ounces of gold since 1981. Current production at the property is from underground mines. The Jerritt Canyon district comprises over 100 square miles of geologically prospective ground and represents one of the largest contiguous exploration properties in Nevada. For further information call: Wendy Yang 303-297-1557 ext. 105 800-276-6070 Email -- web -- http://www.queenstake.com/ DATASOURCE: Queenstake Resources Ltd. CONTACT: Wendy Yang of Queenstake Resources Ltd., +1-303-297-1557, ext. 105, or +1-800-276-6070, Web site: http://www.queenstake.com/

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