Conquest Mining Limited (ASX:CQT) Maiden Ore Reserves For Silver Hill Deposit

Perth, Dec 7, 2009 AEST (ABN Newswire) - Conquest Mining Limited (ASX:CQT)(PINK:CQMLF) is pleased to announce the first Reserves estimate for the Silver Hill Deposit at its Mt Carlton project in northern Queensland.

Managing Director John Terpu said the Reserves, of which 60% are in the higher confidence Proved category, include 740,000 ounces of gold (739,000 ounces in the main V2 area) and 15.9 million ounces of silver.

"The Reserves estimate is part of a Definitive Feasibility Study on the production of high grade concentrate at Silver Hill. This is being followed by an Enhancement Study expected for release in late December when we will consider the project's overall value." Mr Terpu said.

Ore Reserves

The December 2009 Silver Hill gold-silver-copper Project Ore Reserves Statement was prepared for Conquest Mining Limited by Australian Mine Design and Development Pty Ltd (AMDAD). It deals with the gold-silver-copper ore resources for the Area 39 and V2 zones at Mt Carlton in North Queensland. All of the reserves are for extraction by open pit mining.

This Reserves Statement has been prepared in accordance with the guidelines of the 2004 Australasian Code for the Reporting of Resources and Reserves (the JORC Code).

The tonnes and grades are stated to a certain number of significant digits reflecting the confidence of the estimate. Since each number and total is rounded individually, the columns and rows in Table 1 (see bottom of release) may not show exact sums or weighted averages of the reported tonnes and grades.

The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Ore Reserves. These Reserves are based on and included in the Measured plus Indicated categories in a previously announced Resource estimate on 22 October 2009 of 24 million tonnes at 1.65 g/t gold, 45 g/t silver, and 0.28% copper above a metal value cut-off of A$20/tonne.

(ASX Announcemenet, 22 October 2009; http://www.conquestmining.com.au/pdf/499_.pdf)

Definitive Feasibility Study - High Grade Concentrate

Conquest has received a study based on producing high grade concentrates only. That study is under peer review. It is anticipated that a further study to consider enhancement of the high grade concentrate option will be completed by late December 2009. As described in the Preliminary Feasibility Study, this option will include treating tailings with a bioleach process to improve overall recoveries.

The bioleach option is subject to a voluntary Environmental Impact Statement should the Company choose to proceed. For that reason, the DFS (unlike the PFS) dealt only with producing high-grade concentrates.

Further announcements on the Silver Hill project will be made following review of that study.

For the complete Conquest Mining ASX Announcement, Tables and Figures - please see the link below:

http://www.abnnewswire.net/media/en/docs/61882-ASX-CQT-473094.pdf

Contact

Sarah Browne Tel: +61-439-8841-395 FD Third Person Paul Downie Tel: +61-414-947-129 FD Third Person