TRELAWNEY MINING AND EXPLORATION INC 
By May 15, 2012 - Toronto, Ontario - Trelawney Mining and Exploration Inc. (the "Company" or "Trelawney") (TSXV: TRR, Frankfurt: RTW) announces the results from 26 additional holes drilled on the Côté Lake Deposit on the Chester Project located halfway between Timmins and Sudbury in Northern Ontario. The results are from the ongoing infill and expansion drilling on the Côté Lake Deposit. Drilling continues to intersect significant widths of low to moderate grade gold mineralization from the infill drilling at the Côté Lake Deposit.
The Côté Lake Deposit currently hosts an indicated resource of 35 million tonnes averaging 0.82 g/t for contained gold of 0.93 million ounces and an inferred resource of 204 million tonnes averaging 0.91 g/t for 5.94 million ounces of contained gold. A cut-off grade of 0.3 g/t Au was used for the estimate as reported in Trelawney's press release dated February 24, 2012. To date, mineralization of the Côté Lake Deposit has been intersected over a strike-length of 1,200 metres and remains open in several directions along strike and at depth. The Côté Lake Deposit consists of low to moderate grade gold +/- copper mineralization which is associated with brecciated intermediate to felsic, and locally mafic intrusive rocks. The nature of the alteration, style of mineralization and age-dating all indicate the deposit is an Archean porphyry system.
The Company continues to explore its considerable land holdings in the Swayze greenstone belt. The current drill program on the Côté Lake Deposit consists of eleven drill rigs, five focusing on expansion drilling and six drills on infill drilling. An additional drill rig is conducting regional exploration and condemnation drilling.
Greg Gibson, Trelawney's President and CEO commented, "We are very pleased that the ongoing infill drilling continues to confirm the significant widths and grades of mineralization similar to our original wider-spaced drilling."
Côté Lake Deposit Drilling Results
Section | Hole | From (m) | To (m) | Length (m) | Gold (g/t) uncut | Au cut Grade cut to 25g/t* | Gold (oz/t) uncut | Comments |
94+50E | E11-149 | 108.00 | 133.00 | 25.00 | 1.25 | 0.04 | infill | |
162.00 | 172.00 | 10.00 | 0.92 | 0.03 | ||||
182.00 | 195.00 | 13.00 | 0.87 | 0.03 | ||||
205.00 | 219.00 | 14.00 | 0.53 | 0.02 | ||||
240.00 | 242.00 | 2.00 | 1.80 | 0.05 | ||||
255.00 | 256.00 | 1.00 | 11.88 | 0.35 | ||||
351.00 | 355.00 | 4.00 | 0.98 | 0.03 | ||||
94+50E | E11-150 | 16.00 | 54.00 | 38.00 | 0.83 | 0.02 | infill | |
135.00 | 137.00 | 2.00 | 4.83 | 0.14 | ||||
170.00 | 171.00 | 1.00 | 6.63 | 0.19 | ||||
94+50E | E11-150 | 186.00 | 203.00 | 17.00 | 0.54 | 0.02 | ||
…(cont) | …(cont) | 246.10 | 249.65 | 3.55 | 1.22 | 0.04 | ||
281.00 | 367.00 | 86.00 | 0.53 | 0.02 | ||||
405.00 | 433.00 | 28.00 | 1.00 | 0.03 | ||||
490.00 | 580.50 | 90.50 | 0.63 | 0.02 | ||||
incl | 528.25 | 569.85 | 41.60 | 0.91 | 0.03 | |||
662.00 | 802.00 | 140.00 | 0.73 | 0.02 | ||||
incl | 687.00 | 749.00 | 62.00 | 1.10 | 0.03 | |||
838.00 | 903.00 | 65.00 | 0.57 | 0.02 | ||||
895.00 | 903.00 | 8.00 | 1.49 | 0.04 | ||||
83+00E | E11-151 | 8.00 | 45.00 | 37.00 | 0.55 | 0.02 | outside resource | |
54.00 | 55.00 | 1.00 | 1.03 | 0.03 | ||||
74.00 | 80.00 | 6.00 | 0.70 | 0.02 | ||||
134.00 | 135.00 | 1.00 | 1.43 | 0.04 | ||||
149.00 | 150.00 | 1.00 | 1.02 | 0.03 | ||||
188.00 | 196.00 | 8.00 | 0.71 | 0.02 | ||||
89+00E | E11-152 | 57.00 | 58.00 | 1.00 | 1.29 | 0.04 | abandoned at 96m | |
88.00 | 96.00 | 8.00 | 0.76 | 0.02 | ||||
94+00E | E11-153 | 8.00 | 50.00 | 42.00 | 0.70 | 0.02 | outside resource | |
77.00 | 78.00 | 1.00 | 4.17 | 0.12 | ||||
126.00 | 127.00 | 1.00 | 1.14 | 0.03 | ||||
135.00 | 136.00 | 1.00 | 1.18 | 0.03 | ||||
278.00 | 279.00 | 1.00 | 1.73 | 0.05 | ||||
331.00 | 332.00 | 1.00 | 6.08 | 0.18 | ||||
382.00 | 383.00 | 1.00 | 47.25 | 25.00 | 1.38 | |||
486.00 | 487.00 | 1.00 | 1.81 | 0.05 | ||||
512.00 | 513.00 | 1.00 | 2.15 | 0.06 | ||||
547.00 | 548.00 | 1.00 | 1.01 | 0.03 | ||||
89+00 | E11-154 | 75.00 | 76.00 | 1.00 | 17.98 | 0.52 | outside resource | |
113.00 | 131.00 | 18.00 | 0.49 | 0.01 | ||||
137.00 | 141.00 | 4.00 | 1.19 | 0.03 | ||||
170.00 | 176.00 | 6.00 | 1.37 | 0.04 | ||||
187.00 | 190.00 | 3.00 | 0.93 | 0.03 | ||||
205.00 | 210.00 | 5.00 | 1.21 | 0.04 | ||||
88+50E | E11-155 | 60.00 | 66.00 | 6.00 | 0.79 | 0.02 | infill | |
86.00 | 87.00 | 1.00 | 111.41 | 25.00 | 3.25 | |||
87.00 | 90.00 | 3.00 | 0.62 | 0.02 | ||||
100.00 | 122.00 | 22.00 | 0.42 | 0.01 | ||||
190.00 | 317.00 | 127.00 | 0.51 | 0.01 | ||||
89+00 | E11-156 | 9.00 | 15.00 | 6.00 | 2.10 | 0.06 | outside resource | |
25.00 | 27.00 | 2.00 | 0.88 | 0.03 | ||||
38.00 | 46.00 | 8.00 | 0.72 | 0.02 | ||||
96.00 | 98.00 | 2.00 | 3.22 | 0.09 | ||||
105.00 | 125.00 | 20.00 | 0.57 | 0.02 | ||||
348.00 | 349.00 | 1.00 | 1.81 | 0.05 | ||||
94+50E | E11-157 | 28.00 | 64.00 | 36.00 | 0.31 | 0.01 | infill incl 48m of diabase | |
112.00 | 740.01 | 628.01 | 0.61 | 0.61 | 0.02 | |||
incl | 156.00 | 516.00 | 360.00 | 0.84 | 0.84 | 0.02 | ||
and incl | 156.00 | 311.00 | 155.00 | 1.31 | 1.30 | 0.04 | ||
incl | 587.00 | 635.00 | 48.00 | diabase | ||||
incl | 646.00 | 740.00 | 94.00 | 0.47 | 0.01 | |||
94+50E | E11-158 | 139.00 | 785.00 | 646.00 | 0.61 | 0.02 | infill | |
incl | 612.00 | 735.00 | 123.00 | 1.18 | 0.03 | |||
90+00E | E11-159 | 173.00 | 210.00 | 37.00 | 0.47 | 0.01 | outside resource | |
251.00 | 252.00 | 1.00 | 1.86 | 0.05 | ||||
266.00 | 267.00 | 1.00 | 1.45 | 0.04 | ||||
343.00 | 344.00 | 1.00 | 1.11 | 0.03 | ||||
395.00 | 396.00 | 1.00 | 1.16 | 0.03 | ||||
420.00 | 421.00 | 1.00 | 1.50 | 0.04 | ||||
427.00 | 428.00 | 1.00 | 1.43 | 0.04 | ||||
94+50E | E11-160 | 240.10 | 949.00 | 708.90 | 0.54 | 0.02 | infill | |
incl | 300.00 | 430.00 | 130.00 | 0.65 | 0.02 | |||
incl | 641.00 | 699.00 | 58.00 | 0.95 | 0.03 | |||
925.00 | 949.00 | 24.00 | 0.47 | 0.01 | ||||
95+00E | E11-161 | 103.00 | 104.00 | 1.00 | 1.97 | 0.06 | partial infill | |
155.32 | 178.00 | 22.68 | 0.52 | 0.02 | ||||
229.00 | 247.00 | 18.00 | 0.34 | 0.01 | ||||
453.00 | 619.00 | 166.00 | 0.76 | 0.02 | ||||
incl | 453.00 | 484.00 | 31.00 | 1.21 | 0.04 | |||
95+00E | E11-161, incl | 550.00 | 619.00 | 69.00 | 0.91 | 0.03 | ||
…(cont) | …(cont) | 658.00 | 659.00 | 1.00 | 16.86 | 0.49 | ||
680.00 | 685.00 | 5.00 | 2.87 | 0.08 | ||||
90+00E | E11-162 | 12.00 | 56.00 | 44.00 | 1.02 | 0.03 | outside resource | |
78.00 | 131.00 | 53.00 | 0.94 | 0.03 | ||||
309.00 | 310.10 | 1.10 | 5.03 | 0.15 | ||||
313.00 | 314.00 | 1.00 | 2.76 | 0.08 | ||||
88+50E | E11-163 | 20.00 | 303.00 | 283.00 | 0.93 | 0.91 | 0.03 | infill |
incl | 42.00 | 43.30 | 1.30 | 27.66 | 25.00 | 0.81 | ||
incl | 51.00 | 52.00 | 1.00 | 22.36 | 0.65 | |||
incl | 168.00 | 225.00 | 57.00 | 1.61 | 0.05 | |||
94+00E | E11-164 | 32.00 | 33.00 | 1.00 | 1.65 | 0.05 | outside resource | |
182.00 | 183.00 | 1.00 | 1.33 | 0.04 | ||||
315.00 | 316.20 | 1.20 | 2.75 | 0.08 | ||||
346.00 | 347.00 | 1.00 | 2.99 | 0.09 | ||||
375.00 | 377.00 | 2.00 | 2.73 | 0.08 | ||||
537.00 | 538.00 | 1.00 | 1.06 | 0.03 | ||||
90+50E | E11-165 | 109.00 | 111.00 | 2.00 | 303.80 | 13.35 | 8.86 | outside resource |
129.00 | 138.00 | 9.00 | 2.40 | 0.07 | ||||
155.00 | 156.00 | 1.00 | 1.02 | 0.03 | ||||
163.00 | 166.00 | 3.00 | 2.64 | 0.08 | ||||
185.00 | 230.00 | 45.00 | 1.07 | 0.03 | ||||
245.00 | 246.00 | 1.00 | 7.70 | 0.22 | ||||
261.00 | 262.00 | 1.00 | 2.45 | 0.07 | ||||
0.00 | ||||||||
95+50E | E11-166 | 4.10 | 10.00 | 5.90 | 0.77 | 0.02 | infill | |
121.00 | 334.00 | 213.00 | 0.92 | 0.03 | ||||
351.00 | 386.40 | 35.40 | 0.52 | 0.02 | ||||
406.00 | 407.00 | 1.00 | 13.08 | 0.38 | ||||
449.00 | 450.00 | 1.00 | 6.58 | 0.19 | ||||
462.00 | 464.00 | 2.00 | 1.13 | 0.03 | ||||
518.00 | 519.00 | 1.00 | 4.55 | 0.13 | ||||
547.00 | 579.00 | 32.00 | 0.61 | 0.02 | ||||
621.00 | 622.00 | 1.00 | 5.61 | 0.16 | ||||
649.00 | 656.00 | 7.00 | 1.04 | 0.03 | ||||
90+50E | E11-167 | 36.00 | 37.00 | 1.00 | 14.21 | 0.41 | outside resource | |
114.00 | 115.00 | 1.00 | 1.20 | 0.04 | ||||
145.00 | 146.00 | 1.00 | 1.84 | 0.05 | ||||
278.00 | 281.00 | 3.00 | 7.46 | 0.22 | ||||
299.00 | 301.00 | 2.00 | 5.43 | 0.16 | ||||
90+50E | E11-168 | pending | ||||||
88+50E | E11-169 | 131.00 | 144.00 | 13.00 | 1.42 | 0.04 | infill | |
188.58 | 205.00 | 16.42 | 0.65 | 0.02 | ||||
246.00 | 286.00 | 40.00 | 1.14 | 0.03 | ||||
331.00 | 333.00 | 2.00 | 5.423 | 0.16 | ||||
395.00 | 398.00 | 3.00 | 1.35 | 0.04 | ||||
418.00 | 419.00 | 1.00 | 2.225 | 0.06 | ||||
96+50E | E11-170 | No significant values | ||||||
95+50E | E11-171 | 14.85 | 16.00 | 1.15 | 45.99 | 25 | 1.34 | infill |
45.80 | 82.00 | 36.20 | 0.76 | 0.02 | ||||
134.00 | 249.90 | 115.90 | 1.48 | 1.03 | 0.04 | |||
incl | 216.00 | 217.20 | 1.20 | 68.45 | 25 | 2.00 | ||
296.00 | 415.00 | 119.00 | 0.54 | 0.02 | ||||
incl | 397.40 | 399.60 | 2.20 | 1.87 | 0.05 | |||
incl | 410.00 | 415.00 | 5.00 | 3.46 | 0.10 | |||
440.00 | 504.00 | 64.00 | 1.25 | 1.09 | 0.04 | |||
incl | 452.60 | 454.00 | 1.40 | 22.51 | 15.35 | 0.66 | ||
95+50E | E11-172 | 18.00 | 20.00 | 2.00 | 1.89 | 0.06 | infill | |
89.00 | 162.00 | 73.00 | 0.58 | 0.02 | ||||
229.00 | 230.00 | 1.00 | 6.67 | 0.19 | ||||
359.00 | 360.00 | 1.00 | 2.22 | 0.06 | ||||
370.00 | 372.00 | 2.00 | 2.55 | 0.07 | ||||
516.00 | 520.00 | 4.00 | 1.1 | 0.03 | ||||
95+50E | E11-173 | 25.55 | 32.60 | 7.05 | 1.42 | 0.04 | infill | |
81.75 | 127.00 | 45.25 | 1.05 | 0.03 | ||||
211.00 | 222.00 | 11.00 | 0.96 | 0.03 | ||||
261.70 | 262.30 | 0.60 | 23.75 | 0.69 | ||||
373.59 | 375.00 | 1.41 | 14.02 | 0.41 | ||||
382.00 | 383.00 | 1.00 | 14.04 | 0.41 | ||||
95+00E | E11-173 …(cont) | 549.00 | 550.00 | 1.00 | 4.91 | 0.14 | ||
95+00E | E11-174 | 366.00 | 393.00 | 27.00 | 0.87 | 0.03 | outside resource |
Trelawney has implemented a quality-control, quality assurance program to ensure best practice principles are being applied in the sampling and analysis of the drill core. Samples are crushed to -8 mesh then a 1,000 gram subset of each sample is pulverized to 90% passing -150 mesh. Assays have been completed using a standard fire assay with a 30 gram aliquot and an AA finish. For samples that return values of between two to five grams per tonne gold, another pulp is taken and fire assayed with a gravimetric finish. Samples returning values greater than 5 grams per tonne are re-analyzed by pulp metallic analysis, NQ size drill core is saw cut, and half the drill core is sampled in standard intervals. The remaining half of the core is stored in a secure location. The drill core is transported in security-sealed bags to the Accurassay prep lab in Sudbury, Ontario by Trelawney personnel. Accurassay is an ISO/IEC 17025 certified Laboratory by the Standards Council of Canada. In addition to quality assurance controls at the laboratory, blanks and certified standards have been inserted into the sample stream at random intervals.
David Beilhartz, Vice-President, Exploration of Trelawney, a Qualified Person under National Instrument 43-101 ("NI 43-101"), has prepared or supervised the scientific and/or technical information for the property and verified and approved the data disclosed in this press release.
For complete disclosure of the mineral resource estimate discussed in this press release, please refer to the Technical Report on the Côté Lake Resource Update, Chester Property, Ontario, Canada reported in accordance with NI 43-101 requirements, signed by W. Roscoe and B. Cook, Roscoe Postle Associates Inc., effective February 24, 2012. Investors are cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability.
On April 27, 2012, Trelawney announced that they entered into a definitive agreement with IAMGOLD Corporation ("IAMGOLD") pursuant to which IAMGOLD, through a wholly-owned subsidiary, has agreed to acquire all of the issued and outstanding common shares of Trelawney. Under the terms of the Agreement, each Trelawney shareholder will receive $3.30 in cash for each Trelawney share held. The transaction price represents a 36.6% premium based on Trelawney's 20-day volume weighted average price ("VWAP") for the period ending April 26, 2012. The transaction will be carried out pursuant to a statutory plan of arrangement. Completion of the transaction is subject to customary conditions, including court and shareholder approvals and the receipt of all necessary regulatory approvals. Assuming Trelawney shareholders approve the transaction at the special meeting of shareholders and final court approvals are obtained, the transaction is expected to close by the end of June.
Trelawney is a Canadian junior mining and exploration company with a focus on Archean gold deposits. The Company's current focus is directed towards the continued exploration and development of the Côté Lake Deposit, located in Chester Township, 20 kilometres southwest of Gogama, Ontario.
For further information contact:
Greg Gibson, President and CEO
416-363-8567 or ggibson@trelawneymining.com
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