Treasury begins Drill Program
TORONTO, Canada – February 16, 2010 – Treasury Metals Inc. (“Treasury” or the “Company”) is pleased to announce the start of a minimum 5,000 metre diamond drilling program on its Goliath Gold Project, located about 20 kilometres east of Dryden, Ontario, off of the Trans-Canada Highway. Two drill rigs have been mobilized and results from this program, the beginning of a much larger planned program, are expected to be announced starting in mid-March. This 3rd phase of drilling will target deeper mineralization (400-600 m depths), following up on historical drilling from the 1990’s that reported a number of broad high-grade intercepts at depths greater than 425 metres, including 22.0 metres of 10.0 g/t Au and 12.0 metres of more than 14.0 g/t Au.
Scott Jobin-Bevans, Treasury’s President and CEO said, “The Goliath Gold Project is the result of combining land held by Teck Resources-Corona Gold and Laramide Resources, as well additional land that we staked or acquired, giving us access to explore the original Thunder Lake Gold deposit at depth and along strike. We acquired the Property on the basis of historic drilling which clearly illustrated the attractiveness of the deposit at depth.” He continued, “The vast majority of our one million ounce gold resource is above the 400 level so we plan on moving more aggressively toward testing the deeper regions, where a deep discovery could significantly impact our resource and the economics of this Project. Going deep is in line with our understanding of Archean greenstone belts in Ontario where numerous world-class producing and past-producing gold mines have had significant discoveries at depths in excess of 1,000 metres.”
The Thunder Lake Gold Deposit contains more than 1.0 million estimated ounces of gold, consisting of 130,000 indicated ounces (820,000 tonnes at 4.8 g/t Au; Main Zone) and 920,000 inferred ounces (7,000,000 tonnes at 4.1 g/t Au; All Zones), using a cut-off grade of 2.0 g/t Au (see NI 43-101 report – “Report on the Goliath Project, Kenora Mining Division, Northwestern Ontario, Canada” dated December 19, 2008 – filed on SEDAR). Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. Drilling of the Thunder Lake Gold Deposit to date has intersected the Main Zone over a strike length of about 1,700 metres, with thicknesses of 0.5 to 30 metres (average width of 7.6 metres at 0.5 g/t Au cut-off) and a high-grade core with an average width of 1.9 metres (3.0 g/t Au cut-off).
About Treasury Metals
Treasury Metals Inc. is a mineral exploration and development company with a growth-orientated strategy to acquire and develop quality gold assets in the Americas. Treasury Metals’ management team is committed to increasing shareholder value through aggressive exploration and development of its 100% owned flagship property, the Goliath Gold Project, and by pursuing strategic opportunities, including potential acquisitions that meet the Company’s corporate goals of expansion and growth toward becoming a future mid-tier gold producer.
Treasury Metals also has royalty revenue from Sierra Minerals’ Cerro Colorado Mine in Mexico and other monetizable assets. Treasury Metals has a strong shareholder base and its management team and board are seasoned mining industry veterans with proven track records. Technical information in this press release has been reviewed and approved by Scott Jobin-Bevans, Treasury Metals’ President and CEO, who is a qualified person under the definitions established by National Instrument 43-101. For additional information on Treasury Metals and its projects, please visit the Company’s website at www.treasurymetals.com.
Last 10 trades today
Time X Price Chg Vol Buyer Seller Markers
12:40:50 T 0.70 0.08 342 89 Raymond James 22 Fidelity E
12:40:50 T 0.70 0.08 157 89 Raymond James 2 RBC E
12:40:50 T 0.70 0.08 157 89 Raymond James 2 RBC E
12:40:50 T 0.70 0.08 2,500 33 Canaccord 1 Anonymous K
12:31:04 T 0.69 0.08 78 89 Raymond James 7 TD Sec E
12:28:11 T 0.70 0.08 3,000 2 RBC 1 Anonymous K
12:20:20 T 0.70 0.08 1,000 2 RBC 1 Anonymous K
12:20:20 T 0.70 0.08 500 2 RBC 89 Raymond James K
12:18:27 T 0.70 0.08 10,000 33 Canaccord 1 Anonymous K
12:08:51 T 0.69 0.08 263 89 Raymond James 79 CIBC E….**D I hate saying I told you so?By Chet we will be looking down upon you from the high?Not saying to buy or sell Treasury Metals now?We are in a hold position..Even though we sold more Oromin to buy TML?One of the best moves we have done?There is no market according to their PR guy?DSH
According to the latest INK Research report dated Feb 27, 2010 Institutions and insiders hold over 11 Million shares of TML. Total shares of TML outstanding is only 31.9 M. Insiders have continued to purchase throughout the last month – a good sign that more good news is about to be released. I wonder what they already know about the next set of drill results? The share price continues to hold up nicely even on down days. This leads me to believe that few want to sell their stock in anticipation of much higher prices for TML in the weeks ahead….**This is taken from TML Stock House site**..Not our words..We own shares of TML..sold off OLE earlier…We have not sold any TML and still think there is more room to grow..But do your own home work..These are always gambles.We are not saying to buy or sell.dsh