Mr. Greg Ferron reports

TREASURY ANNOUNCES CLOSING OF C$2.8 MILLION BOUGHT DEAL PRIVATE PLACEMENT

Treasury Metals Inc. has closed the previously announced bought deal private placement, led by PI Financial Corp., including Haywood Securities Ltd., and the overallotment option granted to the underwriters was exercised in full.

Pursuant to the offering, the company issued 9,807,800 flow-through units, at a price per flow-through unit of 28.5 cents, for gross proceeds of $2,795,223.

Each flow-through unit comprises one common share of the company issued on a flow-through basis and one-half of one common share purchase warrant issued on a non-flow-through basis. Each whole warrant entitles the holder thereof to acquire one common share of the company at a price of 45 cents for a period of 24 months following the closing of the offering, which, at the discretion of the company, may be subject to acceleration in the event that the closing price of the common shares is 75 cents or more for 20 consecutive trading days, to a date that is 30 days following the date of delivery of the company's notice to exercise its right to accelerate the expiry date through press release. The flow-through shares qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

The gross proceeds from the sale of the flow-through shares will be used for general exploration expenditures on Treasury's properties located in Ontario. The exploration program will finance approximately a 10,000-metre infill and expansion drilling program with the initial 5,000 metres focused on the C zone resource area where several significant gold intersections have been found and the additional 5,000 metres will drill test both downdip and along strike targets identified in the downhole IP survey and recent mine scheduling modelling work (see press release dated Oct. 24, 2019).

The offering remains subject to the final approval of the Toronto Stock Exchange.

About Treasury Metals Inc.

Treasury Metals is a gold-focused exploration and development company with assets in Canada and is listed on the TSX OTC Best Market. Treasury's 100-per-cent-owned Goliath gold project in Northwestern Ontario is slated to become one of Canada's next producing gold mines. With first-rate infrastructure currently in place, Treasury Metals plans on the initial development of an open-pit gold mine to feed approximately a 2,500-tonne-per-day processing plant with subsequent underground operations in the later years of the mine life.

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