Treasury Metals Inc. ("Treasury" or the "Company") (TSX: TML) today
released its report for the third quarter ending September 30,
2010. The Company is also pleased to provide an update from its
exploration program on the Goliath Gold Project, located
approximately 20 km east of the City of Dryden in northwestern
Ontario.
Goliath Gold Project Update (August to November 2010)
Following a positive National Instrument 43-101 ("NI 43-101")
compliant Preliminary Economic Assessment ("PEA") on the Goliath
Gold Project completed by Independent consultants A.C.A. Howe
International Limited ("Howe"), Treasury Metals initiated the
following work on the Project:
- Planned a 15,000- 20,000 metre drilling program within the current
resource, in consultation with Howe, aimed at upgrading a portion of the
gold ounces from the Inferred category to the Indicated and Measured
categories.
- Trenched a portion of the Main Zone to expose the mineralization at
surface. Two distinct structures were identified: F1 structures which are
characterized by intense folding, an east-west strike and a southwest
plunge; and a second set of structures (F2) that intersect and fold F1
structures. The Company's structural geologist believes the best potential
for highest gold concentrations is at or near F1-F2 intersections and in
areas of increased density of F2 structures. Drilling is planned that will
test this theory which could improve deposit grades.
- Retained the services of Klohn Crippen Berger to begin an Environmental
Baseline Study.
The Company continues to advance the Goliath Gold Project
through expansion of the current resources (Thunder Lake gold
deposit) and property-wide exploration programs planned for the
remainder of 2010. In addition, Treasury continues to actively seek
new acquisition opportunities in the Kenora Gold District that are
accretive to its existing Ontario gold property portfolio.
Operations
Treasury Metals has assembled the Goldcliff Project by
acquiring, through a property option agreement, four unpatented
mining claims (12 units) and through staking, 22 unpatented mining
claims (248 units), totalling 4,160 hectares. The Goldcliff
Project, located about 40 kilometres south-southeast of Dryden,
Ontario, represents a new discovery in the Kenora Gold District and
contains several gold showings. Initial due diligence sampling by
the Company identified visible gold in a grab sample that assayed
106.43 g/t Au. A prospecting program is being planned.
Nine Months Ended September 30, 2010
During the nine-month period ended September 30, 2010 Treasury
invested $1,852,588 on mineral properties as compared to $297,764
during the same period in 2009. The increase is a result of the
Company meeting its flow-through obligations.
For the nine months ended September 30, 2010, Treasury incurred
a net loss of $239,942 compared to a loss of $711,519 for the same
period in 2009, mainly due to a decrease in stock based
compensation charges, and to decreases in professional fees, legal
services, administrative and salary expenses.
For the three month period ending September 30, 2010, the
Company's net NSR revenue was $109,052 as compared with $132,604 in
2009. The decrease is mainly a result of lower production partially
offset by increased gold prices and an increased NSR which rose to
3% from 2.5% in the quarter.
As at September 30, 2010, the Company had a negative working
capital position of $482,451. The Company has marketable investment
in exchange trades companies not included in working capital having
a market value at September 30, 2010 of $1,630,375 as compared to
$1,750,105 at December 31, 2009. The market value of these
investments on November 12, 2010 is $2,260,600.
Outlook 2010
The Company believes that the Goliath Gold Project and Lara
Polymetallic Project each have excellent potential and will
continue to focus on advancing these assets.
The objectives of the Company are to (i) increase and improve
current mineral resources at the Goliath Gold Project and
concurrently investigate the sensitivities to develop these
resources toward feasibility; (ii) enhance its geological knowledge
of the Lara Polymetallic Project and develop targets on the
property for future drilling programs; (iii) aggressively target,
review and, if desirable, acquire and develop advanced gold assets
in northwestern Ontario in order to augment and strengthen its
current mineral property portfolio; and, (iv) target, review and,
if desirable, acquire and develop advanced gold assets in other
geopolitically stable regions of The Americas.
In conducting its search for additional mineral properties, the
Company may consider acquiring properties that it considers
prospective based on criteria such as the exploration history or
location of the properties, or a combination of these and other
factors.
About Treasury Metals
Treasury Metals Inc. is a Canadian mining company that is
focussed on expanding the Company's gold resources and developing
its 100% owned flagship Goliath Gold Project located in the Kenora
Gold District of northwestern Ontario. The NI 43-101 compliant gold
resource contains non-diluted underground Indicated Resources of
490,000 tonnes grading 5.7 g/t Au (90,000 ounces) and Inferred
Resources of 5,200,000 tonnes grading 4.4 g/t Au (740,000 ounces)
and surface Indicated Resources of 2,900,000 tonnes grading 1.9 g/t
Au (180,000 ounces) and Inferred Resources of 5,400,000 tonnes
grading 1.1 g/t Au (190,000 ounces). Treasury also receives revenue
from a Net Smelter Royalty they hold on Goldgroup Mining Inc.'s
Cerro Colorado Mine located in Mexico.
Technical information in this press release has been reviewed
and approved by Scott Jobin-Bevans, Treasury's President and CEO,
who is a qualified person under the definitions established by
National Instrument 43-101.
The Company has implemented a quality assurance and 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 samples shipped to Accurassay Laboratories in Thunder
Bay, Ontario. The other half of the core is retained for future
assay verification. Other QA/QC procedures include the insertion of
blind blanks and standards for every tenth sample in the sample
stream. Blind quarter core duplicates were assayed for 5% of the
samples. The laboratory re-assays at least 10% of all samples
(pulps and rejects) and additional checks may be run on anomalous
values. Gold analysis is conducted by lead collection, fire assay
with atomic absorption or gravimetric finish on a 30 gram sample.
Check assays by a secondary lab will be completed in the
future.
For additional information on Treasury Metals and its projects,
please visit the Company's website at www.treasurymetals.com.
Forward-looking Statements
Securities regulators encourage companies to disclose
forward-looking information to help investors understand a
company's future prospects. This press release contains statements
about our future financial condition, results of operations and
business. These are "forward-looking" because we have used what we
know and expect today to make a statement about the future.
Forward-looking statements usually include words such as may,
expect, anticipate, believe or other similar words. We believe the
expectations reflected in these forward-looking statements are
reasonable. However, actual events and results could be
substantially different because of the risks and uncertainties
associated with our business or events that happen after the date
of this press release. You should not place undue reliance on
forward-looking statements. As a general policy, we do not update
forward-looking statements except as required by securities laws
and regulations.
Contacts: Treasury Metals Inc. Wanda Cutler Corporate
Development Consultant 1.416.303.6460 wandajcutler@gmail.com
Treasury Metals Inc. Scott Jobin-Bevans President & CEO
1.416.214.4654 scott@treasurymetals.com www.treasurymetals.com
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