Treasury Metals Inc.

Treasury Metals Inc.

November 07, 2011 09:54 ET

Treasury Metals-Pico Machay Gold Project Update

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2011) - Treasury Metals Inc. (TSX:TML) (the "Company") advises that it will not be completing the previously announced acquisition of the Pico Machay Gold Project in Peru from Pan American Silver Corp. ("Pan American") on the terms previously negotiated. As a result, the Company will not be proceeding with the public offering of common shares announced on August 5, 2011.

At the Company's 100% owned Goliath Gold Project located in Dryden, Ontario, final results from the 2011 drilling campaign were announced on October 26 and a new resource estimate will be released to the market later this week.

To learn more about Treasury Metals and a complete set of the 2011 campaign drill results, please visit the Company's website at

Forward-looking Statements

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in 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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