Trelawney Mining and Exploration Inc.
TSX VENTURE : TRR

Trelawney Mining and Exploration Inc.

November 26, 2008 14:15 ET

Trelawney Terminates Earn-In Agreement for Mexico Property

TORONTO, ONTARIO--(Marketwire - Nov. 26, 2008) - Trelawney Resources Inc. (TSX VENTURE:TRR) announces that it has terminated its earn-in agreement with West Timmins Mining Inc. ("WTM") regarding the La Bufa copper-gold-silver project located in Chihuahua, Mexico (see press release dated November 26, 2007). Under the terms of the termination agreement, Trelawney will issue 1,000,000 common shares to WTM in satisfaction of all cash payment obligations and exploration commitments under the original earn-in agreement. Trelawney will not retain any interest in the La Bufa project. The decision to terminate the earn-in option is part of the Company's overall strategy to conserve working capital.

The share issuance to WTM is subject to regulatory approval. The shares issued to WTM will be subject to any required hold periods under applicable securities laws.

Trelawney will continue to focus its efforts on the Dorset gold property located northwest of Wawa, Ontario where diamond drilling will resume in early December. Encouraging assay results from the recent drilling program announced on November 12, 2008 include 4.01 g/t gold over a core length of 7.2 metres including 7.52 g/t gold over 2.5 metres.

On the Dorset property, Trelawney has earned a 50% interest in the project, and a joint venture has now been formed with MetalCORP Limited. Trelawney is the manager of the Joint Venture and has presented an exploration program for 2008/2009 with an estimated budget of approximately $476,000. MetalCORP has decided not to participate in this phase of the program, and their interest in the project will be diluted below 50% pursuant to the standard dilution clauses contained within the agreement.

Trelawney recently commissioned a National Instrument 43-101 compliant resource estimate on the Dorset Zone and the results were reported in a press release dated October 31, 2007. The initial estimate (using a 0.50 g Au/t cut off) consists of an Indicated Resource of 40,000 ounces of gold (780,000 tonnes grading 1.42 g/t Au) and an Inferred Resource of 180,000 ounces of gold (4,760,000 tonnes grading 1.19 g/t Au). The complete report can be accessed on www.sedar.com.

Trelawney also owns a 100% interest in the 13,000 acre Mishi property which is contiguous to Wesdome's producing Eagle River Gold Mine, the Dorset property and the Mishibishu Lake property. The area is traversed by an all weather road and power line.

Robert Duess, P. Geo. is a "Qualified Person" as defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.

Shares Issued: 88,752,688

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 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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