Trelawney Mining and Exploration Inc.
TSX VENTURE : TRR

Trelawney Mining and Exploration Inc.

December 31, 2007 17:59 ET

Trelawney Financing Oversubscribed at $1,374,000

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2007) - Trelawney Resources Inc. (TSX VENTURE:TRR) is pleased to announce the completion of a non-brokered private placement of 13,740,000 flow-through units at $0.10 per unit. The majority of units were sold to MineralFields Group which acquired 8,000,000 units, and individual investors that acquired the balance. Each unit consists of one flow-through common share and one-half common share purchase warrant, each whole warrant exercisable into one common share at $0.20 until December 20, 2008. In connection with the offering, Limited Market Dealer received a finder's fee payable in common shares of the Company equal to 400,000 common shares and 800,000 common share purchase warrants, each warrant entitling LMD to acquire one common share at a price of $0.20 per share until December 20, 2008. Certain other finder's fees were paid up to 10% of the gross proceeds of the private placement. The securities issued are subject to a four month hold period.

The proceeds of the financing will be used for drilling and exploration programs on the Company's Dorset, Mishi, and Mishibishu Lake gold properties 50 kilometres northwest of Wawa, Ontario. Winter drill camps have been assembled and drilling is expected to resume in January.

Trelawney is the largest land holder in the entire mining camp with approximately 21, 000 acres now under its control. The Company's neighbour, gold producing Wesdome Gold Mines Ltd. which holds approximately 16,000 acres. Trelawney has assembled the largest land package in this area since the Hemlo staking rush in the 1980s. The consolidated property contains over 48 known gold occurrences attesting to the potential of the Mishibishu greenstone belt.

Shares Issued: 88,170,188

Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

This press release contains forward looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "anticipates", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward looking statements is subject to a number of risks, including those described in the Company's annual information form as filed with the Canadian securities regulators which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward looking statements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

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