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Treasury Metals mystified by soaring stock prices on TSX; up 33 per cent

From The Canadian Press, October 29, 2009 - 5:33 p.m.

Treasury Metals mystified by soaring stock prices on TSX; up 33 per cent

By The Canadian Press

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TORONTO - Shares of Treasury Metals Inc. (TSX:TML) soared almost 75 per cent Thursday on the Toronto Stock Exchange, but the mineral exploration company was at a loss to explain the sudden jump.

"The company is not aware of any material undisclosed development that would cause today's upward movement in the company's share price," Treasury Metals said in a statement.

Treasury Metals issued the statement after its share price skyrocketed 23.5 cents to 55 cents from 31.5 cents at one point on the Toronto exchange. The price later fell back to 37 cents, still up 5.5 cents or more than 17 per cent on the day.

Treasury Metals recently began a 4,500-metre drill program on its 100 per cent per cent owned Goliath Gold Project, located about 20 kilometres east of Dryden, Ont.

"Assay results are pending and will be released in a timely manner along with appropriate exploration updates," the company said.