Treasury Metals Achieves Permitting Milestone with Filing of the Project Description for Goliath Gold Project, Ontario

TSX:TML

TORONTO, Dec. 3, 2012 /CNW/ - Treasury Metals Inc. is pleased to announce that a Project Description (PD) for the Goliath Gold Project has been submitted to and subsequently accepted by the Canadian Environmental Assessment Agency (CEAA). The Company's PD initiates the official permitting and approvals process for mine development. The document is available online on the CEAA website, and is open for public comment at http://www.ceaa-acee.gc.ca/050/details-eng.cfm?evaluation=80019, or on the company's website: www.treasurymetals.com. This milestone marks a significant advancement in the development of Treasury's Goliath Gold Project and officially begins the legislated period for the completion of the Environmental Assessment (EA) by CEAA, which includes 45 days to determine whether an EA is required, and a period of 365 days to complete the EA. CEAA will use the PD to develop Guidelines that Treasury Metals will follow to create an Environmental Impact Statement (EIS), which is required under the government's permitting process.

Pursuant to the Canadian Environmental Assessment Act, 2012, the PD outlines the proposed Project development plan and will provide the appropriate agencies and authorities a greater understanding of the project. The scope of the Project includes initially an open pit followed by a combination of both open pit and underground mining methods over 10 - 12 years of mine life. Processing will be done using a 2,500 tonne/day C.I.L. plant. Any associated infrastructure needed to successfully develop and operate the project is described within the document. The PD also outlines the results of more than two years of Treasury Metals environmental baseline studies, anticipated socioeconomic and environmental impacts, as well as consultations and communications to date with local, provincial and federal government agencies, First Nations, the Métis Nation of Ontario and the general public.

Treasury's President and Chief Executive Officer Martin Walter commented: "I'm pleased that the Company has now submitted this milestone document. This represents an important stage as we continue to move the Project ahead.  The in-house technical team has been hard at work to complete the document and has already started to compile our extensive ongoing environmental baseline for inclusion into the EIS."

Several members of the Company's management team completed the PD including Norm Bush, Vice President of Goliath, Mackenzie Potter, Environmental Technician and Senior Mining Engineer, Mark Wheeler.  Further, technical information in this press release has been reviewed and approved by Mark Wheeler, P. Eng., Senior Mining Engineer, who is a Qualified Person for the Goliath Gold Project under the definitions established by National Instrument 43-101.

The Company is continuing its ongoing exploration program at the Company's flagship Goliath Gold Project which is designed to increase the resource size and upgrade inferred resources into the indicated category for the completion of a Feasibility Study in 2013.

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.

SOURCE: Treasury Metals Inc.

To view further details about the Goliath Gold Project, please visit the Company's website at www.treasurymetals.com.

Greg Ferron
Vice President, Corporate Development
T: 1.416.214.4654
[email protected]

Martin Walter
President & CEO
T: 1.416.214.4654
[email protected]