Treasury Metals Inc.
TSX : TML

Treasury Metals Inc.

November 09, 2010 10:30 ET

Treasury Metals Commissions Environmental Baseline Study on Goliath Gold Project

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2010) - Treasury Metals Inc. ("Treasury" or the "Company")(TSX:TML) is pleased to announce that it has retained Klohn Crippen Berger ("KCB") to produce comprehensive documentation of the existing environmental conditions at the Company's 100% owned Goliath Gold Project through an Environmental Baseline Study ("EBS"). The Goliath Gold Project is located approximately 20 kilometres east of the City of Dryden in northwestern Ontario, the heart of the Kenora Gold District. The Company commissioned this study following the recommendations in an independently produced Preliminary Economic Assessment published in July 2010. The baseline study is an important step in moving the Goliath Gold Project through pre-feasibility, feasibility and ultimately into production.

"We are commencing this study to move the Goliath Gold Project into the development stage, with the goal of building a gold mine," commented Scott Jobin-Bevans, President and CEO of Treasury Metals. "At the same time, we believe that the Goliath Gold Project has the geological potential to become a multi-million ounce property. It covers a large area and hosts several prospective targets both along strike of the resource and elsewhere on the Property that have yet to be explored." He continued, "We see the Kenora Gold District as an area of opportunity and we are evaluating other opportunities both there and in the Americas as we work towards our objective of becoming a mid-tier gold producer."

The first component of the EBS covers the period from Fall 2010 to Fall 2011 and will examine the health of the ecosystem by studying ground and surface water quality, sediment quality, fisheries, terrestrial resources and soil quality. Completion of these studies and the development of the environmental baseline, along with ongoing community consultation and socio-economic studies, are key requirements for future government permitting of the Property leading to advanced exploration status with the Ontario Ministry of Northern Development and Mines.

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 and CEO, who is a qualified person under the definitions established by National Instrument 43-101.

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. The drill core is sawn in half with one half of the core samples shipped to Accurassay Laboratories in Thunder Bay, Ontario. The other half of the core is retained for future assay verification. Other QA/QC procedures include the insertion of blind blanks and standards for every tenth sample in the sample stream. Blind quarter core duplicates were assayed for 5% of the samples. The laboratory re-assays at least 10% of all samples (pulps and rejects) and additional checks may be run on anomalous values. Gold analysis is conducted by lead collection, fire assay with atomic absorption or gravimetric finish on a 30 gram sample. Check assays by a secondary lab will be completed in the future.

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 closing date of the private placement, the anticipated net proceeds from the private placement and the expected use of such proceeds, our future financial condition, results of operations and business. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance 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 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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