Alice Queen Limited provided an update for its exploration activities across all of its projects. The Company has commenced its 2020 exploration programs with drilling underway at both Horn Island, Qld and Yarindury, NSW. Alice Queen's strategy for increasing shareholder value in 2020 is centred around its Horn Island and Northern Molong projects. At Horn Island, St Barbara Limited is continuing to earn into the joint venture (JV) through exploration for large-scale gold mineralisation, while the Company is also managing a parallel process to progress the areas excluded from the JV towards a production decision. Following success by Alkane Resources in the Northern Molong Belt region in 2019, the Company is ramping up exploration activities across its Northern Molong prospects. TORRES STRAIT PROJECTS: HORN ISLAND - ST BARBARA JV (SBM earning up to 70% in defined areas): During the first six months of the earn-in JV with St Barbara, the first two works programs were successfully completed. The soils and rock chip programs were completed in October 2019 and the subsequent ground Dipole Dipole Induced Polarisation (DDIP) Survey was completed prior to Christmas. HORN ISLAND ­ PIT (EXCLUDED FROM SBM JV): Drilling is now underway as part of a targeted PQ diamond core drill program, consisting of 3 holes for 540m to provide a larger sample size from within the existing Mineral Resource to further advance planning for future Mineral Resource drilling, as well as providing sufficient material for bulk ore sorting testwork with Tomra. Given that the gold within the Horn Island Inferred Mineral Resource is predominantly contained within the quartz veins and not contained within the host rock, Tomra ore sorting technologies offer the potential to significantly reduce the mass of material prior to milling by separating the veins from the host rock. If successful, it may significantly reduce both the scale and cost of the processing plant required as well as potential operating cost savings. Half core samples will be assayed in order to provide a greater sample size for future Mineral Resource modelling work. NORTHERN MOLONG PROJECT, NSW: YARINDURY: Diamond drilling at Yarindury Project is nearing completion, with a ninth hole currently being drilled. Yarindury forms part of greater Northern Molong Project area targeting large scale copper gold porphyry systems. Land access negotiations to additional target ares and drilling applications are continuing within the Yarindury license. BODA EAST: Alice Queen is continuing to pursue land access within its Yarindury license area known as Boda East. Boda East is adjacent to the Alkane discovery hole at Boda with the tenement boundary being only ~700 metres away. MENDOORAN SOUTH: On the back of geochemical results from two previously drilled holes at Mendooran South and exploration drilling in bordering norther Yarindury area, further target generation work has been undertaken resulting in two further large scale copper gold porphyry target areas being identified for future exploration. The Company intends to progress these target areas during 2020. MENDOORAN: Significant progress continues to be made in relation to land access within the Goonoo Goonoo State Conservation Area of the Mendooran tenement (EL8469). A Review of Environmental Factors (REF) was completed for the Mendooran project and submitted to the New South Wales, National Parks and Wildlife Service (NPWS) for determination. In late 2019 the NPWS determined the REF positively and access arrangements are progressing.