Operations

Goliath Gold Project - Dryden, Ontario, Canada
Treasury Metals is currently focusing on the exploration and development of its 100% owned Goliath Gold Project, located near Dryden Ontario, Canada. The Goliath Gold Project combines the Thunder Lake Property, acquired from Corona Gold Corporation and Teck Cominco Limited in 2007, with the historic Laramide Property, allowing for exploration of the strike and down-dip potential of the Thunder Lake Gold deposit. In 2008, Treasury Metals completed a 13,000 metre drill program to confirm and augment the historical inferred mineral resources. Treasury Metals engaged A.C.A. Howe International to complete the first NI 43-101 Mineral Resource estimate on the Thunder Lake Gold deposit and this was filed in December 2008.

From October to December 2009, Treasury Metals completed a 5,000 metre drill program that confirmed the gold mineralized alteration system and structures for more than 650 metres west of the current resource. The Company announced the start of a third phase of drilling in February 2010, consisting of a minimum 5,000 metres of drilling and aimed at testing deeper (+400 metres) gold targets within the current mineral resource.

In January 2010, Treasury Metals engaged A.C.A. Howe International to complete a preliminary Economic Assessment on the Thunder Lake Gold deposit. This scoping study will review the economic potential of the resources, looking at various mining and cost scenarios including pit optimization, geological modelling, an updated mineral resource estimate and recommendations for future exploration and development.

• Non-diluted NI 43-101 mineral resources-Thunder Lake Deposit, part of Goliath: Indicated (Main Zone): 560,000 tonnes (>3.0 g/t Au cut-off) grading 5.9 g/t Au (110,000 oz Au).
• Non-diluted NI 43-101 mineral resources-Thunder Lake Deposit, part of Goliath: Inferred (all zones): 3,300,000 tonnes (>3.0 g/t Au cut-off) grading 5.9 g/t Au (625,000 oz Au).
• High-grade gold deposit with substantial silver credits not yet incorporated in the resource, large land package near Trans Canada Highway, rail line and power.
• Average true width of Main Zone mineralized envelope is 7.6 metres (0.5 g/t Au cut-off) with a higher grade core (3.0 g/t Au cut-off) averaging 1.9 metres in width.
• Historic Teck/Corona diamond drilling confirmed anomalous gold mineralization, alteration and structure extends northeast of the gold deposit for at least 3,000 metres and west of the deposit for over 650 metres.
• Independent NI 43-101 mineral resource estimate by A.C.A. Howe International Limited suggests that there is “… potential to increase this resource, both by expanding the known resources and by drill testing other target areas including the under-explored regions northeast and west of the Thunder Lake Deposit”.

Lara Polymetallic Project - British Columbia, Canada
Treasury Metals’ Lara Project is located in the Victoria Mining Division on Vancouver Island and was previously 100% owned by Laramide. Current plans are to conduct an environmental baseline study in addition to further surface exploration and diamond drilling on the existing indicated and inferred resources.

• Advanced stage, high-grade zinc with substantial gold and silver credits.
• NI 43-101 mineral resource.
• On Vancouver Island, near infrastructure (rail line, highway, ports).
• About 200 km from Myra Falls processing facility.
• Excellent potential for adding tonnage within current resource and on >86 km2 property.