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Last Update: June 07, 2011 05:38 ET

Queensland Mining Corporation Limited ASX:QMN Upgraded


Queensland Mining Corporation Limited ASX:QMN has been upgraded with a 2012 price target of 30c issued today by Shayne Heffernan.

Two key people have been added to the QMC management team to provide high level strategic advice as the company pursues the development of its Cloncurry copper and gold assets ? in particular the White Range Project.

Announcing the appointment, QMC?s Managing Director, Howard Renshaw, said Mike Anglin and Jon Gilligan would work with him and QMC?s senior management team in assessing and developing the corporate strategy of its projects.

Mr. Mike Anglin, former COO of BHP Billiton?s Base Metals Business Group.

Mike is a qualified mining engineer and has had a long career with BHP Billiton, most recently as COO of its Base Metals Group. Last year Mike served as interim CEO of Silver Standard, a company listed on the TSX and Nasdaq. He brings over 30 years of expertise in the international mining industry.

He has considerable business development experience of project evaluation, M&A and asset sales being involved as a senior member of the acquisition team in relation to the purchase of the Magna copper company and having led on the sale of the Tintaya operation in Peru to Xstrata.

Mike has extensive operational and management experience with BHP Billiton of both single site and multiple operations and has had significant involvement with the development of strategy at both a business and corporate level.

Dr. Jon Gilligan, former VP of Special Projects BHP Billiton.

Dr. Gilligan, a senior geologist, with a PhD in Economic Geology and has 27 years international experience in exploration and mining, 17 of which were with BHP Billiton where he was most recently the Vice President of Special Projects Jon has extensive experience in exploration and resource development, feasibility studies, capital projects and the mining of copper, gold, nickel and uranium and has spent considerable time at the Escondida and Olympic Dam mines.

During his period at Escondida he served as chief geologist, technical services manager and manager of mines operations. At Olympic Dam Jon was deputy project director.

Queensland Mining Corporation Limited (QMC) is an Australia-based company active in the mineral industry. It is principally engaged in the exploration for and evaluation of mineral resources.

The Company?s activities are focused on copper and gold in the Cloncurry Region of Northwest Queensland in Australia. The Company?s business portfolio includes such projects and operations as: White Range Project, Young Australian, Mt Freda, Gilded Rose, Mt Norma, Black Fort and Jessievale, as well as various other copper and gold projects.

As of June 30, 2010, the Company was operational through a number of wholly owned subsidiaries, including: North Queensland Mines Pty Ltd, Mt Norma Mining Company Pty Ltd, Flamingo Copper Mines Pty Ltd, Spinifex Mines Pty Ltd, Soldiers Cap Mining Company Pty Ltd and Cloncurry River Mining Company Pty Ltd, among others.


Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
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