TORONTO, ONTARIO--(Marketwire - Feb. 23, 2011) - Treasury Metals Inc. ("Treasury Metals" or the "Company") (News - Market indicator) is pleased to announce the results of the first six drill holes (2,036 metres) from its current 20,000 metre diamond drilling campaign at the Goliath Gold Project. The company intersected multiple high-grade intersections (in table), with the best results being 11.43 g/t Au over 6.0 metres and 9.85 g/t Au over 5.0 metres. These initial six drill holes are located on the eastern boundary of the existing resource and shows that the high-grade mineralization continues to be open towards the east.

The Company has two drill rigs operating at its Goliath Gold Project in Ontario and the drilling program is now under the direction of its new Vice President of Exploration, Mr. Andrew Cheatle. "To intersect such high-grade mineralisation over these widths in our first six holes of in-fill drilling is exceeding our expectations and is encouraging," Mr. Cheatle said. "These drill holes demonstrate that the deposit is open and trending in an eastward direction, an area where, to date, there has been little to no drilling. A step out drilling program will now focus within this area in an effort to further define the deposit to the eastern extent."

Treasury Metals will be exhibiting in booth number 2150 at the Investor Exchange of the PDAC 2011 Mining Conference located in the South Building of the Metro Toronto Convention Centre from March 6 to 9, 2011. Management will be available at the booth throughout the conference to provide more details on the current drill program and to provide a general update on the company.

Technical information in this press release has been reviewed and approved by Andrew Cheatle, P.Geo, Vice President, Exploration of Treasury Metals, 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, 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.

For additional information on Treasury Metals and its projects, please visit the Company's website at www.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.