Treasury Metals Inc.

Treasury Metals Inc.

June 21, 2010 13:38 ET

Treasury Metals Intersects 10.50 metres of 7.47 g/t Gold and Continues to Define Multiple High-Grade Gold Structures on the Goliath Gold Project

TORONTO, ONTARIO--(Marketwire - June 21, 2010) - Treasury Metals Inc. (TSX:TML) ("Treasury" or the "Company") is pleased to announce further high-grade gold assay results from its recently completed +5,000 metre diamond drilling program targeting and defining high-grade gold structures on its Goliath Gold Project. The 100% owned Goliath Gold Project is located alongside the Trans-Canada Highway about 20 kilometres east of the City of Dryden, Ontario.

These latest results are from drill holes that were designed to further test and delineate two separate, high-grade gold structures located in the east and west regions of the Thunder Lake gold deposit. Drilling on the eastern structure returned multiple intersections of >6.0 g/t Au. Of note is drill hole TL10-98 that intersected 10.50 metres of 7.47 g/t Au, including 1.50 metres of 20.79 g/t Au, confirming the high-grade nature of this deposit. Further drilling is required to delineate these high-grade structures and the areas of lower grade gold between these structures. Previous drilling has confirmed vertical continuity of high-grade gold-bearing structures to depths of more than 800 metres. The Thunder Lake gold deposit is open at depth and along strike to the west and northeast.

Scott Jobin-Bevans, Treasury's President and CEO, said, "There are multiple high-grade gold structures within the Thunder Lake gold deposit and these have yet to be fully defined. In addition, there is good evidence for additional structures within the deposit itself and to the west and northeast of the deposit, outside of the current resource. So we see excellent potential to continue to build ounces both within and outside of the existing mineral resources. In the current round of drilling we focused on defining some of the known high-grade gold structures and on upgrading resources from inferred to indicated; a necessary step in moving the project toward pre-feasibility and ultimately into production. I am pleased to see that we continue to intersect excellent gold grades over potentially economic widths and we look forward to the results of our Preliminary Economic Assessment."

Significant gold intersections include:
Drill Hole From
TL10-96 116.00 118.00 2.00 4.04* Main Zone
high-grade shoot
Including 117.00 118.00 1.00 5.96*
TL10-97 228.00 231.00 3.00 4.59 Main Zone
high-grade shoot
Including 228.00 229.50 1.50 6.11
TL10-98 274.50 285.00 10.50 7.47* Main Zone
high-grade shoot
Including 274.50 276.00 1.50 16.15
Including 279.00 280.50 1.50 20.79
Including 280.50 282.00 1.50 7.86*
TL10-100 300.00 315.00 15.00 5.74* Main Zone
high-grade shoot
Including 310.50 313.50 3.00 23.83*
Including 312.00 313.50 1.50 42.59*
TL10-102 130.00 131.50 1.50 6.55 Hangingwall Zone
TL10-102 352.50 358.50 6.00 3.38 Main Zone
high-grade shoot
Including 354.00 355.50 1.50 7.73
*Averaged from multiple check assays, including pulp metallics; **Intervals do not necessarily indicate true widths

Click here for a map of collar locations and an updated list of the drill hole collars, survey and assay information will be posted to the Company's website.

About Treasury Metals

Treasury Metals Inc. is a mineral exploration company that is actively developing its 100% owned flagship Goliath Gold Project. The Goliath Gold Project encompasses the Thunder Lake gold deposit that as of December, 2008 has 130,000 indicated ounces of gold (820,000 tonnes at 4.8 g/t Au; Main Zone) and 920,000 inferred ounces of gold (7,000,000 tonnes at 4.1 g/t Au; all zones), using a cut-off grade of 2.0 g/t Au (see NI 43-101 report – "Report on the Goliath Project, Kenora Mining Division, Northwestern Ontario, Canada" dated December 19, 2008 – filed on SEDAR). Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. Drilling of the Thunder Lake gold deposit to date has intersected the Main Zone over a strike length of about 1,700 metres, with thicknesses of 0.5 to 30 metres (average width of 7.6 metres at 0.5 g/t Au cut-off) and a high-grade core with an average width of 1.9 metres (3.0 g/t Au cut-off). An updated mineral resource estimate is expected as part of the Preliminary Economic Assessment.

Treasury Metals has royalty revenue from Goldgroup Mining Inc.'s Cerro Colorado Mine in Mexico along with other monetizable assets. Treasury Metals has a strong shareholder base and its management team and board are seasoned mining industry veterans with proven track records.

QA/QC Program

The Company has implemented a quality assurance and control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. Samples are analyzed at Accurassay Laboratories in Thunder Bay, Ontario and check assays are completed by a secondary lab as necessary.

Technical information in this press release has been reviewed and approved by Scott Jobin-Bevans, Treasury Metals' President and CEO, who is a qualified person under the definitions established by National Instrument 43-101.

For additional information on Treasury Metals and its projects, please visit the Company's website at

Forward-looking Statements

Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future financial condition, results of operations and business. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.

Contact Information