Treasury Metals Inc. (“Treasury Metals” or the “Company”) (TSX:TML) has commenced a 20,000 metre core drilling program at its 100% owned Goliath Gold Project, located approximately 20 kilometres east of the City of Dryden, Ontario.

The new exploration program has been designed to test a number of high-priority targets identified on the greater than 49 km2 project outside of the current mineral resource area. Initially, the program will focus on the west end of the property to test a number of geophysical anomalies as well as to test down-dip projections from relatively shallow gold mineralization intercepted during previous drilling campaigns. The program will also drill along strike of the current resource area, to the northeast, where historical drilling by Teck Exploration Ltd. (“Teck”) indicates prospective high-grade gold mineralization. The northeast strike extension of the current resource shows promise for the discovery of multiple new high-grade structures and the potential to add additional ounces to the overall resource. Both of these areas have had little or no drilling by Treasury Metals. The program was designed using historical Teck data and additional geological information interpreted by the Company’s airborne survey completed in July 2011.

Initial assay results should be available in approximately 6-8 weeks and will be released in batches similar to the dissemination of results from the 2011 program. The program’s fully funded 20,000 metres represents the minimum drill program budgeted for 2012 and may be expanded depending on the tenor of results.

The Company is also pleased to announce it has retained the services of Distinctive Drilling Services Inc. (“Distinctive”) for the 2012 exploration program. Distinctive completed the Company’s 50,000 metres of in-fill and expansion drilling at the Goliath Gold Project in 2011.

Technical information in this press release has been reviewed and approved by Mr. John J. Chulick, a consulting geologist registered in the State of California, who is the Qualified Person for the Goliath Gold Project under the definitions established by National Instrument 43-101.

To view further details of the new exploration program, please visit the Company’s website at www.treasurymetals.com.

Greg Ferron Vice President Corporate Development T: 1.416.214.4654 greg@treasurymetals.com

Martin Walter President & CEO T: 1.416.214.4654 martin@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.