Mr. Greg Gibson reports

TRELAWNEY ANNOUNCES UPDATED RESOURCE OF 5.9 MILLION OUNCES INFERRED AND 0.9 MILLION OUNCES INDICATED FOR THE COTE LAKE DEPOSIT

Trelawney Mining and Exploration Inc. has released results of an updated resource estimate for the Cote Lake deposit on the Chester project located halfway between Timmins and Sudbury in Northern Ontario.

The mineral resource estimate has been audited by Roscoe Postle Associates Inc. and reported in accordance with National Instrument 43-101 requirements. The resource estimate was prepared by Trelawney's consulting geologist, Jamie Lavigne, PGeo, with the assistance of Mohan Srivastava, PGeo, consulting geostatistician with FSS Canada.

The estimate has an indicated resource of 35 million tonnes averaging 0.82 gram per tonne for contained gold of 930,000 ounces and inferred resource of 204 million tonnes averaging 0.91 gram per tonne for 5.94 million ounces of contained gold. A cut-off grade of 0.3 g/t gold was used for the estimate. The new resource estimate represents an overall increase of 63 per cent in the total ounces of gold over the 2011 resource estimate.

The attached table demonstrates the mineral resource at the 0.3-gram-per-tonne-gold-cut-off grade and at several additional cut-off grades for comparison. A preliminary whittle open pit design was prepared for the block model to test the mineral resource criteria of reasonable prospects for economic extraction. Only mineralization falling within the preliminary pit shell has been included in the resource estimate. The effective date of this resource estimate is Feb. 24, 2012, and the cut-off date for assay data is Dec. 16, 2011.

                         MINERAL RESOURCE ESTIMATE                     
                            AS OF FEB. 24, 2012,                             
                          FOR THE COTE LAKE PROJECT         
                                                                            
                    Cut-off grade      Tonnes         Grade     Contained Au
Classification             g/t Au    millions        g/t Au   millions of oz

Indicated                    0.25          37          0.80             0.95
Indicated                     0.3          35          0.82             0.93
Indicated                     0.4          31          0.88             0.89
Indicated                     0.5          26          0.96             0.81
Inferred                     0.25         212          0.88             6.02
Inferred                      0.3         204          0.91             5.94
Inferred                      0.4         181          0.97             5.66
Inferred                      0.5         154          1.06             5.26

Canadian Institute of Mining, Metallurgy and Petroleum definition 
standards were followed for mineral resources. 
Mineral resources are reported at a cut-off grade of 0.3 gram per 
tonne gold. 
Mineral resources are estimated using a gold price of $1,500 (U.S.)
per ounce and process recovery of 95 per cent. 
High assays are capped at 20 grams per tonne gold or 25 g/t Au by 
domain. 
Bulk density ranged from 2.71 tonnes per cubic metre to 2.79 tonnes
per cubic metre depending on rock type. 
Mineral resources are not mineral reserves and do not have demonstrated
economic viability. 
Numbers may not add due to rounding. 

This mineral resource estimate is based on a total of 129 holes for a total of 65,866 metres drilled from December, 2009, to September, 2011. Mineralized wire frames were interpreted and used to constrain grade interpolation by ordinary kriging with validation by inverse distance.

Greg Gibson, Trelawney's president and chief executive officer, commented: "We are extremely pleased with the significant increase in the resource estimate in the Cote Lake deposit. The increase in confidence from the drilling and the upgrading of almost a million ounces into the indicated category is a significant step forward for the project. With our current aggressive diamond drill program, we look forward to upgrading the remaining inferred resource and rapidly advancing the project to the next step."

The expansion and definition drill program on the Cote Lake deposit is continuing with nine drills currently working on expanding and defining the deposit. The focus of the winter drilling has been to complete infill drilling of the 50-metre sections on the wetlands. One drill is focusing on extending the mineralization to the north.

The Trelawney mineral resource estimate for the Cote Lake project has been audited and accepted by Dr. William E. Roscoe, PEng, principal geologist with RPA, an independent qualified person under NI 43-101, who has also reviewed and approved the contents of this release.

David Beilhartz, vice-president, exploration, of Trelawney, a qualified person under NI 43-101, has prepared or supervised the scientific or technical information for the property and verified the data disclosed in this press release.

We seek Safe Harbor.