Treasury Metals Reports Near Surface Drilling Results

Includes 7.5 metres of 3.82 g/t and 25 metres of 1.42 g/t Gold

TSX: TML

TORONTO, May 22, 2013 /CNW/ - Treasury Metals Inc. (TSX:TML) is pleased to report additional drilling results from the Company's flagship Goliath Gold Project located in Northwestern Ontario. The results comprise holes from the company's ongoing infill program that is focused on converting the C Zone and near surface inferred resources into the indicated category and three additional holes from the recently completed hydrogeological drilling program, (TL13-315^†, TL13-317, and TL13-321) that passed through mineralized zones.

The Main Zone results reported today include:

• near surface intersections of 7.5 metres at 3.82 g/t Au from 36 metres depth in drill hole TL13-332;
• 25 metres at 1.42 g/t Au from 152 metres depth including 6 metres at 4.18 g/t Au in drill hole TL13-317;
• and 21 metres of 0.87 g.t Au from 24 metres to 45 metres which includes 3.0 metres at 3.64 g/t Au in drill hole TL13-331.
  
  

Holes TL13-332 and TL13-331 are significant due to their near surface location within a sparsely drilled area between the eastern and centre pits representing a potential reduction of the overall waste to ore stripping ratios on the Main Zone. TL13-317 is located on the eastern edge of the proposed open pit and outside the current Indicated resource area. TL13-317 also continued into a sparsely drilled area of the C Zone located approximately 30 metres behind the Main mineralized Zone.

The C Zone results reported include intersections of:

• 13.0 metres at 0.94 g/t Au from 70.5 metres in Hole TL13-334;
• 8.5 metres at 1.52 g/t Au from 260 metres depth and 10.0 metres at 1.20 g/t Au from 288 metres in Hole TL13-315^†.
  
  

The C Zone program has focused primarily on defining near surface resources since it commenced in late 2012. A sparsely drilled area has been delineated measuring approximately 1.2 km in strike length. Holes reported today include TL13-315 and TL13-334 that continue to define the second shoot being delineated in the developing C Zone (see release dated January 29, 2013). The C Zone has the potential to represent an increase in the current open pit minable resource and a reduction of the overall waste to ore stripping ratios.

With recent completion of the current drilling program, the company is performing a gap analysis to determine the location of holes required to upgrade all ounces within the current open pit design from inferred to the indicated category including both the Main and C Zones. The scope and size of the Company's final in-fill and expansion drill program will be determined from the gap analysis. The final drilling program combined with the other drilling programs since October 2011 will form a new resource update and will be used to support the full feasibility study. In addition, the company continues to focus on its Environmental Impact Statement scheduled to be completed later this year.

Table of Drill Results:
Drill Hole	From (m)	To (m)	Zone	*Interval (m)	Au (g/t)
TL13-315^†	260.0	268.5	C Zone	8.5	1.52
TL13-315^†	288.0	298.0	C Zone	10.0	1.20
TL 13-317	152.0	177.0	Main Zone	25.0	1.42
Including				6.0	4.18
TL13-317	270.4	276.0	C Zone	5.6	1.40
TL13-321^**	99.0	114.8	Main Zone	15.8	0.30
TL13-330	107.2	109.2	C Zone	2.0	1.68
TL13-330	123.5	128.5	C Zone	5.0	1.84
TL13-331	24.0	45.0	Main Zone	21.0	0.87
Including				3.0	3.64
TL13-331	120.5	126.0	C Zone	5.5	0.59
TL13-332	36.0	43.5	Main Zone	7.5	3.82
TL13-332	131.2	144.0	C Zone	12.8	0.54
TL13-334	70.5	83.5	C Zone	13.0	0.94

^*Intervals do not necessarily indicate true widths. See attached map for drillhole locations. All depths and assays rounded to one decimal place. Typical sample interval approximately 1m; weighted averages use 0.3 g/t Au cut-off except for 'included' higher grade sections.

^†Hole TL13-315 was drilled for Geotechnical purposes at an azimuth of approximately 180°, or opposite to the typical azimuth of exploration holes.

** TL13-321 was drilled as part of the hydrogeological program and was located outside of the proposed open pit approximately 200 metres to the west.

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.

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

An updated C Zone and Main Zone long sections which highlight approximate locations of these holes will be available on the homepage and the attached links:
http://www.treasurymetals.com/mainzone-open-pit-2013.php
http://www.treasurymetals.com/czone-openpit-2013.php

Quality Assurance and Quality Control
The Company has a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. The drill core is sawn in half with one-half of the core sample shipped to Accurassay Laboratories in Thunder Bay, Ontario. The other half of the core is retained for future assay verification, and/or metallurgical testing. Other QA/QC procedures include the insertion of blind blanks and standards for every tenth sample in the sample stream. Selected quarter core duplicates were assayed for 5% of the samples. The laboratory re-assays 10% of all samples (pulps and rejects) and additional checks are routinely run on anomalous values including gravimetric analysis and pulp metallics. Gold analysis is conducted by lead collection, fire assay with atomic absorption and/or gravimetric finish on a 30 gram sample. Check assays by a secondary lab are completed as necessary.

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 and CEO
T: 1.416.214.4654
[email protected]