Treasury Metals Inc.

Treasury Metals Inc.

August 26, 2011 12:07 ET

CORRECTION: Treasury Metals Reports High-Grade Results at Depth in the Eastern Zone and in the Developing Western Target at the Goliath Gold Project

TORONTO, ONTARIO--(Marketwire - Aug. 26, 2011) - This document corrects and replaces the press release that was sent on August 26, 2011 at 12:07 PM ET. For Drill Hole TL11-199, the incl row was omitted in the original version. The complete and corrected releases follows.

Treasury Metals Inc. ("Treasury Metals" or the "Company") (TSX:TML) is pleased to announce additional drill results from the Goliath Gold Project. Treasury Metals is currently drilling two zones located one kilometre along strike from each other. The Eastern high-grade Zone has been the focus of the current drilling campaign but results from the Western Zone are increasingly promising and will become a significant focus in future. Cumulative drilling in the current campaign is approaching 50,000 metres – up from an initially announced 20,000 metres and all of these results along with data from a previous program completed in late 2010 will be incorporated into a revised resource calculation expected to be released to the market in Q4/2011.

Results are reported in the table below from both zones with the best result in the Eastern Zone being 6.4 m @ 8.1 g/t (including 4.4 m @ 11.6 g/t) in hole TL11-199. The latest results are located near the eastern boundary of the resource and also represent some of the deepest drilling to date at the Goliath Gold Project. Drilling continues with two rigs and a significant backlog of assays remain to be processed and released ahead of the aforementioned resource update. Results are pending for the next 25 drill holes, including a number of additional holes in the developing Western Zone.

In addition, encouraging drilling results are reported from the Western Zone at the Goliath Gold Project, located one kilometre along strike from the eastern high-grade zone with the best result being 13.4 m @ 3.1 g/t (including 3.7 m @ 6.2 g/t) in hole TL11-200. The Western Target is an area that has had far less drilling compared with the Main Zone. The Western Zone has the potential to add additional ounces to the overall resource. Both the Eastern and Western zones remain open to depth.

Drill Hole From (m) To (m) *Interval (m) Au (g/t) Comments
TL11-186A 411.4 421.7 10.3 1.2 Main Zone
incl 415.4 419.1 3.7 2.2
TL11-189 242.9 244.9 2.0 2.3 West Zone
TL11-191 348.5 351.8 3.3 2.4 Main Zone
TL11-192 330.3 331.3 1.0 3.6 West Zone
TL11-193 282.1 292.6 10.5 2.9 Main Zone
incl 286.1 288.7 2.6 8.2
TL11-194A 549.6 563.1 13.5 2.3 Main Zone
incl 549.6 553.2 3.6 4.4
TL11-196 349.7 355.5 5.8 2.0 West Zone
TL11-198 464.4 467.6 3.2 2.3 Main Zone
TL11-199** 528.0 534.4 6.4 8.1 Main Zone
incl 528.0 532.4 4.4 11.6
TL11-200 279.7 293.1 13.4 3.1 West Zone
incl 279.7 284.4 3.7 6.2
*Intervals do not necessarily indicate true widths. Holes drilled at approx. 320°Az and dip of -60°. All depths and assays rounded to one decimal place.
**The composite sample result is calculated using pulp-metallic assays for the high grade samples identified from the original fire assays.

Martin Walter, President and CEO, commented, "These higher grade results, from some of the deepest holes drilled to date, continue to demonstrate the significance and tenor of the East Zone high-grade shoot that Treasury Metals has been defining this year. I have also been encouraged by the continuing presence of visible gold recorded from within this zone which now shows very persistent vertical continuity to a depth of 500 metres – an elevation where many of the mines in northwestern Ontario just begin to demonstrate high-grade characteristics."

Technical information in this press release has been reviewed and approved by Andrew Cheatle, P. Geo., Vice President of Exploration at Treasury Metals, who is a qualified person under the definitions established by National Instrument 43-101.

The Company has implemented a quality assurance and quality 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 sample shipped to Accurassay Laboratories in Thunder Bay, Ontario. The other half of the core is retained for future assay verification, and/or metallurgical testing. Other QA/QC procedures include the insertion of blind blanks and standards for every tenth sample in the sample stream. Selected quarter core duplicates were assayed for 5% of the samples. The laboratory re-assays 10% of all samples (pulps and rejects) and additional checks are routinely run on anomalous values including gravimetric analysis and pulp metallics. Gold analysis is conducted by lead collection, fire assay with atomic absorption and / or gravimetric finish on a 30 gram sample. Check assays by a secondary lab are completed as necessary.

To learn more about Treasury Metals and a complete map of drill holes, 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.

Contact Information