The Company continues to explore its considerable land holdings in the Swayze greenstone belt. The current drill program on the Côté Lake Deposit continues with eleven drill rigs, four focusing on expansion drilling and seven 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.”

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. Occasionally holes or partial holes are reported with only the original fire assay. 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, 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 it had 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 will be carried out pursuant to a statutory plan of arrangement (the “Arrangement”). A special meeting of Trelawney shareholders to consider the Arrangement is scheduled to be held on June 15, 2012 at 11:00 a.m. (Toronto time) at the Toronto Board of Trade, 1 First Canadian Place, 3^rd Floor, Toronto, Ontario. Completion of the proposed Arrangement is subject to a number of customary conditions, including approval of the Ontario Superior Court of Justice and the receipt of shareholder approval. Assuming Trelawney shareholders approve the Arrangement at the special meeting of shareholders, final court approvals are obtained and all other conditions to the Arrangement are satisfied or waived, the Arrangement is expected to close by the end of June. Questions with respect to the Arrangement can be directed to the Company’s proxy solicitor, Laurel Hill Advisory Group, toll-free at 1-877-452-7184 or at 416-304-0211 or by email at [email protected].

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.

This news release may contain forward-looking information (referred to herein as “forward-looking statements”). Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “believes” or variations and negative variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on reasonable assumptions that have been made by the Company as at the date of such information and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements including, but not limited to, the completion of the announced transaction involving IAMGOLD Corporation, actual results of current exploration activities, access to capital and future prices of gold and other commodities and those factors discussed in the section entitled “Risk Factors” in the Company’s annual information form for the financial year ended December 31, 2010 as well as those risk factors discussed in the Company’s other continuous disclosure documents filed on and available on SEDAR at www.sedar.com.
Forward-looking statements are based on assumptions management believes to be reasonable including, but not limited to: general business and economic conditions; the supply and demand for, deliveries of, and the level and volatility of prices of gold; the timing of the receipt of regulatory and governmental approvals for the Company’s projects; the availability of financing for the Company’s development of its properties on reasonable terms; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the ability to attract and retain skilled staff; exploration timetables; market competition; the accuracy of the Company’s mineral resource estimate (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which it is based; and such other assumptions and factors as are set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date hereof, or such other date or dates specified in such statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.