Trelawney Announces Filing of Preliminary Prospectus

NOT FOR DISSEMINATION IN THE UNITED STATES

Toronto, Ontario – Trelawney Mining and Exploration Inc. (“Trelawney” or the “Company”) (TSXV: TRR, Frankfurt: RTW) announces that it has filed a preliminary short form prospectus in connection with its previously announced bought deal public offering of common shares.  The Company has entered into an underwriting agreement with a syndicate of underwriters led by RBC Capital Markets and including Jennings Capital Inc., BMO Capital Markets and Stifel Nicolaus Canada Inc. (the “Underwriters”), pursuant to which the Underwriters agreed to purchase an aggregate of 12,500,000 common shares (the “Common Shares”) of the Company at a price of CDN$4.00 per Common Share (the “Offering Price”) for aggregate gross proceeds of CDN$50.0 million (the “Offering”).

Trelawney has granted the Underwriters an option (the “Over-Allotment Option”) to purchase up to an additional 15% of the Offering at the Offering Price, exercisable in whole or in part, at any time prior to the 30th day following the closing of the Offering.

Net proceeds of the Offering will be used for:

– drilling, stripping/mapping, compilation work, resource expansion and definition, assaying and other related costs at the Côté Lake Deposit (approximately $11,375,000 during 2011);
– drilling, stripping/mapping, compilation work, assaying and other related costs on the other areas of the Chester Property (approximately $2,965,000 during 2011);
– drilling, metallurgical studies and pre-feasibility studies at the Côté Lake Deposit (approximately $30,660,000 within the following two year period); and
– general working capital purposes (approximately $2,500,000).

The Offering is scheduled to close on or about May 31, 2011 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registrations requirements of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, sale or solicitation would be unlawful.

Copies of the preliminary prospectus may be obtained from RBC Capital Markets, Attention: Distribution Centre, 277 Front St. W., 5th Floor, Toronto, Ontario M5H 2X4 (tel: 416-842-5349).

For further information contact:

Greg Gibson, President and CEO
416-363-8567 or ggibson@trelawneymining.com

– or-

Andres Tinajero, CFO
416-363-8567 or atinajero@trelawneymining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results may differ materially from those currently anticipated in such statements.

6.1G/T GOLD OVER 6.7M (0.18oz/ton gold over 22.0 ft) ON EAST-WEST PROPERTY

Val-d’Or, Quebec, April 28, 2011 – Knick Exploration Inc. (TSX-V: KNX) (“Knick Exploration” or “the Company”) is pleased to announce that drill hole EW-11-30 on the Raven Gold Zone returned 6.1g/t gold over 6.7m (0.18oz/ton gold over 22.0 ft), down hole intercept from 73.60 to 80.30m. The 6.1g/t over 6.7m intercept represents an intersection of quartz veining and altered host rock. Sections within this intercept as well as other assays will be posted on the web site. http://www.knick.ca/projects/eastwest/ The 6.1g/t over 6.7m intersection is part of a gold shoot on the western wing of the Raven Gold Zone.

 Preliminary assay results in conjunction with Knicks previous work suggests gold enrichment as sub-vertical shoots within the Raven Gold Zone. The western wings shoot includes 8.5g/t at surface, 4.98g/t over 2.25m at 17m vertical in hole EW-11-05 and 6.1g/t over 6.7m at 55m vertical in hole EW-11-30. Intercepts are down hole widths.

 Metallic sieve and fire assays are pending.

 At present data is being processed in anticipation of the Phase II drill program.
 Samples are being sent to Expert Laboratory in Rouyn-Noranda, Quebec for analysis. Fire assay and metallic sieve methods are being implemented for analysis as deemed warranted.

Gordon N. Henriksen, P.Geo., Vice President of Knick Exploration, is the Company’s qualified person as defined by National Instrument 43-101. He has reviewed and approved the contents of this press release.

 Forward-Looking statement
Neither TSX Venture Exchage nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
 This Press Release includes forward-looking statements that are subject to risks and uncertainties.  All statements within, other than statements of historical fact, are to be considered forward looking.  There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties.

Jacques Brunelle
President & CEO
Knick Exploration
(819) 856-1387
 
Gordon N. Henriksen
Vice President
Knick Exploration
(819) 874-5252