Queenstake Announces Extension of Bridge Loan Facility

Share Name	Share Symbol	Market	Type
Queenstake Resources Ltd	AMEX:QEE	AMEX	Ordinary Share

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Queenstake Resources Ltd

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Queenstake Announces Extension of Bridge Loan Facility

01/05/2007 11:00pm

PR Newswire (US)

Queenstake (AMEX:QEE)
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DENVER, May 1 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd. ("Queenstake") (TSX: QRL; Amex: QEE) announces that Auramet Trading LLC ("Auramet") has agreed to extend the payment date of the secured convertible bridge loan facility of US$8 million from April 30, 2007 to June 29, 2007. On January 15, 2007, the Company closed a secured convertible bridge loan financing facility (the "Facility") of $8 million with Auramet. The Facility has an interest rate of 12.9% per annum and was repayable no later than April 30, 2007 in cash, or at the option of Auramet, part or all of the Facility may be repaid in common shares of Queenstake at a conversion price of US$0.22 per share. Auramet received warrants exercisable to acquire 10 million Queenstake common shares for a term of one year at an exercise price US$0.22 per share. Under the revised terms Queenstake will pay Auramet a fee of US$100,000 and, subject to regulatory approval, has agreed to reprice the 10 million warrants to Cdn$0.18 per share and extend the expiry of the warrants to January 16, 2009. For Queenstake: Wendy Yang 303-297-1557 ext. 105 800-276-6070 Email -- 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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QEE Queenstake Resources Ltd