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TORONTO, ONTARIO--(Marketwire - Jan. 31, 2011) - Treasury Metals Inc. ("Treasury Metals" or the
"Company") (TSX:TML) is pleased to announce that it has added an
additional drill rig to its Goliath Gold Project as part of its
20,000 metre diamond drilling program initiated in December 2010. The
additional drill is to expedite the infill drilling program and to test
highly prospective exploration targets on the greater than 45km2
Goliath property. Both drill rigs are positioned
within the eastern portion of the Thunder Lake gold deposit. The targeted
area is near the historic decline/portal and contains higher grade inferred
mineral resources that are being drilled to increase geological confidence
and upgrade to Indicated and/or Measured mineral resource categories.
"We are eager to complete the in-fill drilling
program in order to move the project along the development path,"
commented Scott Jobin-Bevans, President of Treasury Metals. "There are
numerous targets outside of the current mineral resources and so adding a
second drill provides our team of geologists with additional exploration
flexibility to test these highly prospective targets while continuing the
in-fill program."
About Treasury Metals
Treasury Metals Inc. is a Canadian mining company
that is focused 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 Metals also receives
revenue from a Net Smelter Royalty it holds 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, President of Treasury Metals,
who is a qualified person under the definitions established by National
Instrument 43-101.
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 expected use of the net proceeds from the private
placement, our future financial condition, business plans and objectives,
results of operations and business. Such statements are based on operations,
estimates, forecasts and projections. They are not guarantees of future
performance or events 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
herein and 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.
24hGold
www.24hGold.com
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