6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month       April  2003

QUEENSTAKE RESOURCES LTD.

712C 12^th Street, New Westminster, B.C. V3M 4J6

(Address of principal executive office)

(indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40 F.

Form 20-F     Form 40 F  

(indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  

Yes       No  

(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

82-565  (20-F Registration Commission File Number: 0-24096)

DOCUMENTS FILED:      Press release NR2003-7

DESCRIPTION:                  Queenstake Resources Ltd. terminates Jerritt Canyon Acquisition

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

                      QUEENSTAKE RESOURCES LTD.

                                        (Registrant)

Date  April 8, 2003

By        “Doris Meyer”

             (Signature)

                                 Doris Meyer, Corporate Secretary, CFO

       Queenstake Resources Ltd.

EX-1

News Release 2003-07

April 8, 2003

TSX – QRL – Queenstake Resources Ltd.  

SEC file number 0-24096

JERRITT CANYON ACQUISITION TERMINATED

Queenstake Resources Ltd. has terminated the Asset Purchase and Sale Agreement with AngloGold (Jerritt Canyon) Corp. and Meridian Jerritt Canyon Corp. to acquire the Jerritt Canyon Mine. (QRL News Release 2003-4).

Closing on the previously agreed terms proved not to be possible and as the parties have been unable to mutually agree to acceptable re-negotiated terms, Queenstake has provided notice to the Sellers to terminate the agreement.

Operations at the Magistral gold mine in Sinaloa Mexico are well on track to profitable production.  The Company's 50% interest in this mine underpins the fundamental value of Queenstake. The Company will continue with its plan to build a mid-tier gold producing mining company and grow itself from this base.

Queenstake President Chris Davie said: "Current uncertainties in geopolitical events and their effect on both equity and gold markets have made this a very difficult time at which to close a transaction of this nature. Jerritt Canyon would, under the right circumstances, have elevated the Company to mid tier status and provided it with ownership of a fully integrated operation comprising substantial production with tremendous exploration and resource development potential.  We shall continue to seek quality acquisitions in this field.”

For further information call:

Chris Davie, President and Chief Executive Officer – 303-297-1557

Doris Meyer, Vice President Finance and Chief Financial Officer – 604-516-0566

email – info@queenstake.com    web – www.queenstake.com

The TSX has neither reviewed nor accepts responsibility for the adequacy or accuracy of this release.

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