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 of                                                        June 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 the 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 NR2003-12

DESCRIPTION:                       Queenstake Resources Ltd. closes private placement

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  June 12, 2003                                                                                            By                    "Doris Meyer"               

                                                                                                                                                     (Signature)

                                                                                                                                Doris Meyer, Corporate Secretary, CFO

                                                                                                                                          Queenstake Resources Ltd.

EX-1

News Release 2003-12                                                                                                                                                  June 12, 2003
TSX - QRL - Queenstake Resources Ltd. 
SEC file number 0-24096

FIRST TRANCHE PRIVATE PLACEMENT CLOSED

Queenstake Resources Ltd. (QRL-TSX) has closed a $1,170,000 brokered private placement financing previously announced June 5, 2003 (NR2003-11).

The Company issued 6,500,000 common shares and 6,500,000 common share purchase warrants entitling the holder to purchase one common share at an exercise price of $0.22 at any time until December 11, 2004. The Company paid a cash brokers' fee of $70,200 and issued 390,000 brokers' share purchase warrants entitling the holder to purchase one common share at an exercise price of $0.22 at any time until June 11, 2004. The common shares and any common shares issued pursuant to any Warrant or Finder's Warrants exercises prior to October 11, 2003, will have a hold period expiring on October 11, 2003.

The securities will not be registered under the United States Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States unless registered under the Act and the securities laws of all applicable states of the United States or an exemption from such registration requirements is available.  

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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Suite 2940, 999 Eighteenth Street
Denver, CO 80202 USA
Telephone: (303) 297-1557
Facsimile: (303) 297-1587
www.queenstake.com
                                                                                                    info@queenstake.com