Shareholders of Vault Minerals Approve Amalgamation with Queenston Mining;
Shares to be Halted

KIRKLAND LAKE, ON, April 19 /CNW/ - VAULT MINERALS INC. (TSX-V: VMI) ("Vault" or the "Company") is pleased to announce that at Vault's special meeting of shareholders held today, the Company's shareholders overwhelmingly approved the proposed amalgamation of Vault with 2236019 Ontario Inc., a wholly-owned subsidiary of Queenston Mining Inc. ("Queenston"), pursuant to a three-cornered amalgamation (the "Amalgamation"), all as previously described in the Company's news release of March 5, 2010 and its management information circular dated March 22, 2010 previously filed on At the special meeting, the disinterested shareholders of Vault also approved certain amendments to Vault's stock option plan.

Pursuant to the Amalgamation, which is anticipated to become effective on Tuesday, April 20, 2010, each common share of Vault will be exchanged for one-tenth (1/10th) of a Queenston common share. Based on approximately 41.1 million common shares of Vault issued and outstanding, Queenston will issue approximately 4.1 million Queenston common shares pursuant to the Amalgamation. Furthermore, on closing and assuming no exercise of any existing convertible securities of Queenston or Vault, Queenston will have approximately 68 million common shares outstanding, of which approximately 6% will be held by former shareholders of Vault.

It is currently anticipated that during the week of April 26, 2010, share certificates in Queenston will be issued to the former shareholders of Vault by Computershare Trust Company of Canada, the transfer agent of Queenston, at which time former Vault shareholders will be able to trade their new Queenston shares on the Toronto Stock Exchange.

The TSX Venture Exchange will formally halt trading in Vault shares effective immediately, pending completion of the transaction. In due course, following completion of the Amalgamation transaction, (i) the Company's shares will be delisted from the TSX-V and (ii) the Company will file an application with various provincial securities regulatory authorities seeking an order that the Company no longer be deemed a "reporting issuer" in the Provinces of Ontario, British Columbia and Alberta.

About Vault

Vault Minerals Inc. is a Canadian junior gold exploration company active in the world-renowned Kirkland Lake gold camp of northern Ontario. The Company's capital currently consists of 41,089,543 issued and outstanding common shares.

    On behalf of the Board of

    signed: "Joseph D. Horne"
    Joseph D. Horne, President & CEO

This Press Release may contain forward-looking statements that involve inherent risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations, and the Company disclaims any obligation to update these forward-looking statements.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."


For further information: For further information: Joe Horne, President at (902) 402-8266 or visit

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