Queensland Minerals Enters Into Non-Binding LOI with Dundee Precious Metals Inc. To Acquire a Molybdenum Project in Serbia and Plans to Complete a $10 Million Private Placement

ENPNewswire-24 February 2010-QUEENSLAND MINERALS ENTERS INTO NON-BINDING LOI WITH DUNDEE PRECIOUS METALS INC. TO ACQUIRE A MOLYBDENUM PROJECT IN SERBIA AND PLANS TO COMPLETE A $10 MILLION PRIVATE PLACEMENT(C)2010 ENPublishing - http://www.enpublishing.co.uk Release date- 23022010 - Queensland Minerals Ltd. (TSXV: QML) (the 'Company' or 'Queensland'), is pleased to report that the Company has entered into a non-binding letter of intent (the 'LOI') with Dundee Precious Metals Inc. ('DPM'), a Toronto Stock Exchange listed company (TSX: DPM), to acquire DPM's right, title and interest in mineral licenses related to the Surdulica molybdenum project, the Tulare copper and gold project and the Karmanica gold project located in Serbia (hereinafter referred to as the 'Serbian Assets') and all other associated assets and liabilities. The transaction contemplated 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.