Treasury Metals Provides Operational Update for its Goliath Gold Project

TSX: TML

TORONTO, May 14, 2013 /CNW/ - Treasury Metals Inc. is pleased to provide a summary of key operational activities on its flagship Goliath Gold Project located in northwestern Ontario.

Treasury Metals submitted its Project Description (PD) to the Canadian Environmental Assessment Agency (CEAA) in late 2012. CEAA subsequently issued its Environmental Impact Statement (EIS) Guidelines to the company in February of this year. Treasury Metals continues to work towards submitting the Goliath Project EIS to CEAA in the fourth quarter of 2013, a major milestone in the mine permitting process.

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

Highlights of recent developments include:

• Nordmin Engineering of Thunder Bay completed a gap analysis of the Company's environmental baseline data collection programs on the Goliath Gold Project. This Gap analysis is vital as it highlights any additional data that may be needed for the 2013 field season and EIS submission.
  
  
• AMEC Environmental and TBT Engineering of Thunder Bay completed Phase One of the Project's Hydrogeology study that outlines natural water courses and surrounding ground water levels.
  
  
• Phase Two of the Company's Hydrogeology program is currently under way and consists of the drilling of various water wells for detailed monitoring of ground water.  This data is required in support of the EIS.
  
  
• Geochemical testing with EcoMetrix Inc. of Mississauga of various rock types from the project area is ongoing. The study to examine among other things, the Acid Generating characteristics is nearing completion.
  
  
• The Company continues to advance the Geotechnical Studies towards Mine Feasibility Level. MDEng of Kingston completed more than 1000 metres of orientated core drilling that will be used to support Geotechnical studies needed for open pit wall and underground stope design work.
  
  
• Nordmin Engineering has been engaged to assist with the optimization of site layout for the Project's infrastructure including the location of the Tailings Storage Facility.
  
  
• The Company has initiated the process with the Ontario Ministry of Northern Development and Mines to bring to Mine Lease any Exploration Claims critical to the Project's development.
  
  
• Treasury Metals has received proposals from 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.

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]