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May 4, 2006 Stock Pick: Queenstake Resources Ltd. (QEE)

Stock Price: $0.41

Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. The company's main holding is its wholly owned Jerritt Canyon District in Nevada.

QEE expects to produce between 200,000 and 220,000 ounces of gold for the full year 2005. Gold is currently priced above $650 per ounce. The company expects to reduce its cash operating costs per ounce by $15 - $20 an ounce.

QEE is not profitable, but the company is generating major revenue in the gold mining space trading at a market cap of $225.5 million. Queenstake is backed by Newmont Canada Limited, a subsidiary of Newmont Mining Corporation (NEM.) Newmont owns 4.9% of Queenstake's outstanding shares. We believe this relationship with NEM, a $25.35 billion company will be greatly beneficial to QEE in the long-term.

Gold only continues to go up in price. Gold mining stocks are a lock in the long run.

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