Conquest Mining Limited (ASX:CQT) Acquires More Than 90% Of North Queensland Metals (ASX:NQM)

Sydney, Oct 18, 2010 AEST (ABN Newswire) - Conquest Mining Limited (ASX:CQT) (PINK:CQMLF) is pleased to announce that, as a result of acceptances it has received in respect of its takeover offer for North Queensland Metals Limited (ASX:NQM), it now has a relevant interest in more than 90% of the NQM shares. As at close of business last Friday, Conquest had a relevant interest in 90.48% of the NQM shares.

Commenting on clearing the 90% hurdle, Conquest Executive Chairman Jake Klein said:

"We look forward to combining the skills and expertise of NQM with Conquest. Our nearterm goals are to improve efficiency at Pajingo and to increase the level of development and exploration expenditure. We see this acquisition as an important step in building a mid-tier gold producer."

In accordance with its stated intentions, Conquest will now proceed to compulsorily acquire all NQM shares which are not acquired under the takeover offer. Attached is a compulsory acquisition notice which has been lodged with the Australian Securities & Investments Commission. Also attached is a copy of an accompanying letter that will be sent to NQM shareholders together with the compulsory acquisition notice.

Conquest's takeover offer will close at 7.00pm (Sydney time) on Friday 22 October 2010. Any NQM shareholders who do not validly accept the takeover offer before it closes will have their shares compulsorily acquired.

Contact

Jake Klein Executive Chairman Conquest Mining Limited Tel: +61-2-8383-2100 Email: admin@chellingtons.com.au http://www.conquestmining.com.au