Treasury Metals Commences Exploration Program at Goliath Gold Project

TSX:TML

TORONTO, Oct. 29, 2012 /CNW/ - Treasury Metals Inc. has recommenced its 2012 drilling program at its 100% owned Goliath Gold Project, situated near the community of Wabigoon and 20 kilometres east of the City of Dryden, Ontario.

Focus of the 2012 Q4 Exploration Program Includes:

• Primary focus is infill and expansion drilling in the central and western portion of the current resource area, designed to increase the resource size and upgrade Inferred resources into the Indicated category

• The program will also include drilling of a number of prospective targets on a newly acquired property (see press release dated October 18, 2012) that is adjacent to the current deposit. This new property is contiguous to, and located along strike of the eastern end of the mineral resource at Goliath and its recent acquisition provides first-time access for drilling to an additional 1.6 kilometres of potential deposit strike length. In addition, recent drilling results along the eastern end of the resource, where a new mineralized shoot was identified in previous drilling (see press release dated August 22, 2012), is interpreted to project towards the northeast section of this newly acquired property which has the potential to add additional ounces to the overall resource. Further, previous drilling has identified a number of high-grade gold mineralized intersections along its northern boundary.
  
  
• The final component of the program will test a select number of prospective targets along the eastern margin of the current resource area where recent drilling has demonstrated attractive high-grade intercepts in a horizon interpreted to lie in the footwall to the C Zone.

The program has commenced on the central west portion of the resource area. Initial assay results will be released in batches similar to the dissemination of results from the 2011 program.

The Company will resume drilling with the services of Distinctive Drilling Services Inc. Distinctive completed the Company's 50,000 metres of in-fill and expansion drilling in 2011 and 1^st phase of the 2012 exploration program focused outside of the current mineral resource area totaling 16,000 metres.

Treasury has also recently commenced a drilling program at its 100% owned Goldcliff Project, located approximately 40 kilometres south-southeast of the City of Dryden, Northwestern Ontario in the Kenora Mining District (see release dated October 15, 2012). The new exploration program at Goldcliff has been designed to test a number of drill targets.

Technical information in this press release has been reviewed and approved by Mr. John J. Chulick, a consulting geologist registered in the State of California, who is the Qualified Person for the Goliath Gold Project under the definitions established by National Instrument 43-101.

To learn more about Treasury Metals, please visit the Company's website at www.treasurymetals.com.

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.

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

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