|April 12, 2011|
Treasury Metals Intersects 16.60 m of 32.73 g/t Au and Continues to Define High-Grade Gold Zone at the Goliath Project
|TORONTO, ONTARIO--(April 12, 2011) - Treasury Metals Inc. ("Treasury Metals" or the "Company") (TSX:TML) is very pleased to announce additional drill results from its current 20,000 metre diamond drilling campaign to upgrade mineral resources at the Goliath Gold Project. The company reports high-grade intersections (in table), with the best results being 16.60 m of 32.73 g/t Au in hole TL11-135 including 5.25 m of 78.86 g/t Au. Over 20 counts of visible gold were observed over the full interval. These drill holes are located near the eastern boundary of the existing resource and continue to define a high-grade zone at the Goliath Gold Project.|
Significant gold intersections include:
**Cut value (using a top-cut of 50 g/t) TL11-135: 7.53 g/t over 16.60 m including 12.45 g/t over 5.25 m. High-grade samples have been determined by pulp metallic assay.
Currently there are two drill rigs operating on the project as the Company completes a program of more than 20,000 metres of drilling designed to increase and upgrade the current resource estimate from largely inferred to the measured and indicated categories. This program is due to finish in the second quarter of this year, with an updated resource calculation planned for third quarter of 2011. The new resource estimate will be used to form the basis of a more complete mine feasibility study that is scheduled for completion by the end of 2011.
Martin Walter, CEO of Treasury Metals commented, "The result of drill hole TL11-135 is very exciting, especially given the amount of visible gold observed by our team in Dryden. We have not seen that in past drill core from this project. These results, coupled with the results recently reported to date from the eastern area, are indicative of a high-grade gold zone. We have yet to close off this gold zone, suggesting there is still ample potential to build ounces up-plunge and at depth in this area."
Technical information in this press release has been reviewed and approved by Andrew Cheatle, P. Geo., Vice President, Exploration of 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 samples 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.
For additional information on Treasury Metals and a complete map of drill holes, please visit the Company's website at www.treasurymetals.com.
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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