TREASURY METALS REPORTS NEAR SURFACE DRILLING RESULTS

May 22, 2013

Treasury Metals Inc. has released additional drilling results from the company’s flagship Goliath gold project located in Northwestern Ontario. The results comprise holes from the company’s continuing 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 (TL13-315A , 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 grams per tonne (g/t) gold (Au) from 36 metres of depth in drill hole TL13-332;
25 metres at 1.42 g/t Au from 152 metres depth including six metres at 4.18 g/t Au in drill hole TL13-317;
21 metres of 0.87 g.t Au from 24 metres to 45 metres which includes three 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 TL13-315A .

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 kilometres 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 Jan. 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 infill 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.

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