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 www.sedar.com.
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
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.
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
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
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
The company’s properties also consist of the Lara polymetallic
project in the southern region of Vancouver Island, and the Goldcliff
A copy of the corporate presentation made at the shareholders meeting dated June 2012 is available on the company's website.