Funds Managed by Libra Advisors, LLC Acquire Units of Queensland Minerals
Ltd. for Investment Purposes

TORONTO, Oct. 13 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund, L.P. and Libra Offshore Master Fund, L.P. (the "Funds") acquired 5,000,000 Units of Queensland Minerals Ltd. ("Queensland") at a price of $0.30 per unit.  Each unit is comprised of one common share and one share purchase warrant.  Each warrant entitles the holder to purchase one common share in the capital of Queensland at a price of $0.42 for a period of 24 months from the date of distribution, subject to Queensland's right to accelerate the warrant exercise.

As a result of the acquisition, the Funds now hold 5,000,000 common shares representing approximately 16.2% of the total outstanding common shares of Queensland, and 5,000,000 warrants of Queensland that, if exercised, would result in the Funds' holding approximately 27.9% of the total outstanding common shares of Queensland.

The Funds acquired the common shares and warrants for investment purposes and may, from time to time, acquire additional securities of Queensland or dispose of such securities as they may deem appropriate.

Libra is the investment advisor to Libra Fund, L.P. and Libra Offshore Master Fund, L.P. with principal offices at 909 Third Avenue, 29^th Floor, New York, NY 10022.

For further information:

Mr. Ranjan Tandon, Managing Member, at [phone]