TORONTO, Sept. 5, 2012 /CNW/ - Treasury Metals Inc. ("Treasury Metals" or the "Company") has filed on SEDAR a National Instrument 43-101 Preliminary Economic Assessment ("PEA" or the "Study") on its 100% owned Goliath Gold Project ("Goliath Gold" or the "Project") situated near the community of Wabigoon and 20 kilometres east of the City of Dryden, Ontario. The PEA, originally announced July 19, 2012, was carried out by the Company's engineering team and by independent consultant A.C.A. Howe International Limited ("A.C.A. Howe"). The PEA is an update to the July 2010 PEA and it incorporates the most recent resource report.
The results demonstrate low initial capital requirements with underground ("UG") development expenditures being funded by cash flow from open pit operations during the initial three years. The PEA is based on the gold resources outlined in the NI 43-101 Mineral Resource Estimate released on November 9th, 2011.
Cautionary statement required by NI 43-101
According to the cautionary statement required by NI 43-101, it should be noted that this assessment is preliminary in nature as it includes mineral resources that cannot be categorized as reserves at this time and as such there is no certainty that the preliminary assessment and economics will be realized.
Technical information related to the PEA contained in this news release has been reviewed and approved by Doug Roy, M.A.Sc., P.Eng., an Associate Mining Engineer with A.C.A Howe, who is an independent Qualified Person as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of this data. Technical information in the press release has also been reviewed and approved by John J. Chulick, a consulting geologist registered in the State of California, and Mark Wheeler, P. Eng., Senior Mining Engineer, who are both Qualified Persons for the Goliath Gold Project under the definitions established by National Instrument 43-101.
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.
SOURCE: Treasury Metals Inc.
For further information:
To learn more about Treasury Metals, please visit the Company's website at www.treasurymetals.com.
Vice President, Corporate Development
President and CEO