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CQT Takeover Offer for NQM Declared Unconditional

Conquest Mining Limited (CQT) ("Conquest") announces that it has declared its takeover offer ("Offer") for North Queensland Metals Limited (NQM) ("NQM") to be unconditional. The Offer provides both the certainty of a substantial cash return to NQM shareholders as well as the opportunity to participate in the potential future value of the combined company. By accepting the Offer, NQM shareholders will become shareholders in a larger, growth oriented company which offers: A board with an excellent track record of increasing shareholder value. A gold-focused company with exposure to development of the Mt Carlton gold-silvercopper project1. Increased share liquidity and likely better access to capital markets. A strong platform for growth. Asset and risk diversification. Since launching the Offer for NQM Conquest has continued to advance and de-risk its flagship Mt Carlton gold-silver-copper project in north Queensland. This has included successful metallurgical testwork; formal expressions of interest for offtake from two Chinese smelting groups; appointment of Calder Projects Services to undertake the optimisation engineering and costing study; and the purchase of a SAG mill from Hillgrove Resources. To date, Conquest has received Offer acceptances for 21.84% of the NQM shares. Payment of Offer consideration As a result of the Offer being declared unconditional, in accordance with the Offer terms Conquest will provide the Offer consideration (0.5 Conquest shares and $0.15 cash for each NQM share) to accepting NQM shareholders as follows: in respect of those NQM shareholders who have already accepted the Offer or who accept the Offer today, Conquest will provide the Offer consideration by the earlier of 1 month from today and 21 days after the end of the Offer period; and in respect of those NQM shareholders who accept the Offer after today, Conquest will provide the Offer consideration by the earlier of 1 month after the acceptance date and 21 days after the end of the Offer period. The Offer is scheduled to close at 7.00pm (Sydney time) on 3 September 2010 (unless extended further in accordance with the Corporations Act).