Treasury Metals Inc.
TSX : TML

Treasury Metals Inc.

January 31, 2011 12:02 ET

Treasury Metals Adds a Second Drill Rig to Its Goliath Gold Project

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2011) - Treasury Metals Inc. ("Treasury Metals" or the "Company") (TSX:TML) is pleased to announce that it has added an additional drill rig to its Goliath Gold Project as part of its 20,000 metre diamond drilling program initiated in December 2010. The additional drill is to expedite the infill drilling program and to test highly prospective exploration targets on the greater than 45km2 Goliath property. Both drill rigs are positioned within the eastern portion of the Thunder Lake gold deposit. The targeted area is near the historic decline/portal and contains higher grade inferred mineral resources that are being drilled to increase geological confidence and upgrade to Indicated and/or Measured mineral resource categories.

"We are eager to complete the in-fill drilling program in order to move the project along the development path," commented Scott Jobin-Bevans, President of Treasury Metals. "There are numerous targets outside of the current mineral resources and so adding a second drill provides our team of geologists with additional exploration flexibility to test these highly prospective targets while continuing the in-fill program."

About Treasury Metals

Treasury Metals Inc. is a Canadian mining company that is focused on expanding the Company's gold resources and developing its 100% owned flagship Goliath Gold Project located in the Kenora Gold District of Northwestern Ontario. The NI 43-101 compliant gold resource contains non-diluted underground Indicated Resources of 490,000 tonnes grading 5.7 g/t Au (90,000 ounces) and Inferred Resources of 5,200,000 tonnes grading 4.4 g/t Au (740,000 ounces) and surface Indicated Resources of 2,900,000 tonnes grading 1.9 g/t Au (180,000 ounces) and Inferred Resources of 5,400,000 tonnes grading 1.1 g/t Au (190,000 ounces). Treasury Metals also receives revenue from a Net Smelter Royalty it holds on Goldgroup Mining Inc.'s Cerro Colorado Mine located in Mexico.

Technical information in this press release has been reviewed and approved by Scott Jobin-Bevans, President of Treasury Metals, 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 www.treasurymetals.com.

Forward-looking Statements

This press release contains forward-looking statements such as the expected use of the net proceeds from the private placement, our future financial condition, business plans and objectives, results of operations and business. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance or events and involve risks and uncertainties that are difficult to predict and may be beyond Treasury Metals' control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth herein and in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Treasury Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

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