Treasury Metals Provides Operational Update and Announces New Management Position

TSX: TML

TORONTO, Oct. 23, 2013 /CNW/ - Treasury Metals Inc. is pleased to provide a summary of operational activities on its flagship Goliath Gold Project located in northwestern Ontario and the appointment of Mr. Murray Ferguson as Director of Community Development.

Mr. Ferguson joins Treasury Metals as a former Manager for Weyerhaeuser and Domtar and the Ontario member of Weyerhaeuser's Canadian Aboriginal Affairs Team.  Murray brings extensive experience and relationships with First Nations in Northwestern Ontario from his work within the Dryden area.  Murray will continue to engage with surrounding communities and oversee the consultation aspects going forward throughout the permitting process.

Treasury Metals continues to work towards submitting the Goliath Gold Project EIS to the Canadian Environmental Assessment Agency (CEAA) in early 2014, a major milestone in the mine permitting process. CEAA subsequently issued its Environmental Impact Statement (EIS) Guidelines to the company in February of this year.

Treasury Metals also continues to advance technical engineering and environmental programs to support a Goliath Gold Project Mine Feasibility Study.

Highlights of recent developments include:

• Completed Hydrogeology Baseline Sampling program that outlines natural water courses and surrounding ground water levels, including 11 additional boreholes and sampling throughout the year.
  
  
• Completed ARD Baseline program with EcoMetrix. Results have shown easily mitigatable geochemical characteristics with final waste rock volumes to be confirmed by further infill drilling.
  
  
• Detailed studies for Geotechnical Mine Design overseen by MDEng of Kingston Ontario are on-going including oriented core drilling. The program will be completed with the upcoming infill drilling campaign.
  
  
• Continued Progress on EIS by internal environmental staff towards submitting the Goliath Project EIS to CEAA in early 2014.
  
  
• Completed a number of environmental and baseline studies that were identified in the Nordmin Environmental Gap Analysis as mentioned in the May 14^th operational update.
  
  
• Completed significant portion of infill drilling campaign.  Approximately 10,000 metres were drilled for the infill campaign to further define indicated resources.
  
  
• Treasury Metals has continued work to define scope, schedule and pricing with several mining and environmental consulting firms for both the preparation of the Environmental Impact Statement and a mine Feasibility Study.
  
  
• Treasury Metals continues to engage with surrounding communities and Aboriginal groups through consultation and information meetings.

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

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.

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]

Norm Bush
Vice President Goliath Project
T: 1.807.938.6961
[email protected]