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  • Treasury Metals Says Board Re-Elected At Annual General Meeting 0 comments
    Jun 8, 2012 10:05 AM

    Treasury Metals (TSE:TML) announced Thursday the re-election of the company's board of directors on May 30, 2012, at its annual and special meeting of shareholders.

    Shareholders approved a board of six directors, the re-appointment of Collins Barrow LLP as auditors and the renewal of the amended and restated stock option plan.

    The gold exploration and development company's meeting results will be made available at sedar.com.
    Shareholders re-appointed include chairman Marc Henderson, the company's president and CEO Martin Walter, as well as Douglas Bache, Harry Burgess, William Fisher and Blaise Yerly as directors of the company.

    Peter Walker retired from the board of directors and therefore did not stand for re-election at the meeting, the company said.

    Walker was formerly chairman, president and CEO of Corona Gold Corp, the previous operator of the Goliath gold project. He has been involved with Treasury Metals since February 2008 as a director.

    In addition to the re-election of the board, Treasury Metals announced that as of June 2, 2012, the company's December 2010 warrants have expired. As a result , the company now has no outstanding warrants.

    The proceeds received from these warrant exercises, since the March 31, 2012 interim financial statements were reported, totalled $386,063.

    In addition to these funds, the company received payment totalling $237,917 for the three-month period ending March 31, 2012 in royalty income from the Cerro Colorado gold mine located in Mexico.

    Treasury Metals will receive similar payments paid on a monthly basis for the life of the mine. The Cerro Colorado gold mine is operated by GoldGroup Mining, and has been in operation for around eight years.

    Treasury's focus is its wholly owned Goliath gold project, located just a few kilometres from the town of Dryden, Ontario, which sits on an NI 43-101 compliant resource of 1.63 million ounces of gold (1.7 million ounces of gold-equivalent) in the inferred and indicated categories combined, at an average grade of 2.0 grams per tonne (g/t).

    The project offers a significant resource and a low-risk profile to gold producers and investors.

    The company recently hosted several analyst and investor tours of Goliath. Proactive Investors was among the participants of one of the recent tours of the property, and noticed first hand a plethora of development in the area served by power lines, gas supply, and water supply.

    Under a qualified management team and technical staff, the company completed 50,000-metres of infill and expansion drilling, and results reported throughout 2011 exceeded the miner's expectations.

    The company says that high-grade mineralization was reported since the drilling program started in late 2010, with the best results being 16.60 metres of 32.73 g/t gold (Au) in hole TL11-135 and 5.11 metres of 23.22 g/t Au in hole TL11-132.

    With very little overburden and an ore body that extends to surface, the project's targets include annual gold production of approximately 100,000 ounces or more of gold per year and a daily mill rate of 2,700 tonnes.

    Looking ahead, Treasury Metals says that a major focus in 2012 will be additional exploration on the 49 km2 piece of land that encompasses the Goliath gold deposit and shows potential to yield gold mineralization - this includes about six kilometres of prospective east to west strike along trend from the deposit.

    The company's properties also consist of the Lara polymetallic project in the southern region of Vancouver Island, and the Goldcliff project.

    A copy of the corporate presentation made at the shareholders meeting dated June 2012 is available on the company's website.

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