Treasury Metals Inc.
TSX : TML

Treasury Metals Inc.

January 06, 2011 08:27 ET

Treasury Metals Appoints Vice President Exploration and Continues to Advance Goliath Gold Project

TORONTO, ONTARIO--(Marketwire - Jan. 6, 2011) - Treasury Metals Inc. ("Treasury" or the "Company") (TSX:TML) is pleased to announce that Andrew Cheatle (B.Sc. (Hons), P.Geo.) has joined the Company as Vice President Exploration. Mr. Cheatle's primary focus will be on furthering the exploration and development program for the Goliath Gold Project located approximately 20 kilometres east of the City of Dryden, Ontario. In addition, the Company is pleased to announce that it has completed 6 drill holes totalling 1,816 metres of its 20,000 metre diamond drilling program initiated in December 2010 at the Goliath Gold Project (see News Release dated 08/12/2010). Drill core sampled to date has been sent to the lab and assay results are pending. Drilling is expected to resume by mid January.

Mr. Cheatle is an experienced mining professional with more than 25 years of operational, mine development and exploration experience in Canada and internationally. He has held numerous senior management positions with both junior exploration and senior mining companies including Goldcorp Inc./Placer Dome Inc. where he was Chief Geologist at the Musselwhite Mine for eight years. While working at Musselwhite, he led a team that significantly expanded the mineral reserves and resources while developing the mine's long-term strategic business plan. Throughout his career he has also spearheaded other growth orientated projects and been actively involved in the integration of junior mining companies and exploration projects by senior mining companies. Mr. Cheatle holds an MBA from Capella University and a B.Sc. (Hons) in Geology from the Royal School of Mines, University of London. Mr. Cheatle is a Councillor and member of the Association of Professional Geologist of Ontario and a Fellow of the Geological Society of London.

"We are pleased to have attracted someone of Mr. Cheatle's calibre to our exploration team," commented Martin Walter, CEO of Treasury Metals. "He will be working closely with Scott Jobin-Bevans on the exploration program at Goliath Gold as we move that project towards pre-feasibility. In addition to his mining and exploration experience, Mr. Cheatle also has extensive experience developing positive working relationships with First Nations Communities of Northwestern Ontario. We are confident he will be instrumental in our on-going discussions with important stakeholder groups as we move our project towards development." He continued, "On the drilling front, we continue to make rapid progress under Scott's leadership and we should begin to see results soon and through the first quarter of 2011."

About Treasury Metals

Treasury Metals Inc. is a Canadian mining company that is focussed 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 also receives revenue from a Net Smelter Royalty they hold 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, Treasury's President, 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 ww.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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