Trelawney Announces $25.0 Million Bought Deal Public Offering of Flow-Through Common Shares

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES


Trelawney Mining and Exploration Inc. ("Trelawney" or the "Company"), (TSX
VENTURE:TRR) is pleased to announce that it has entered into an agreement with a
syndicate of underwriters led by RBC Capital Markets (collectively, the
"Underwriters"), pursuant to which the Underwriters have agreed to purchase, on
a "bought deal" basis, 5,320,000 flow-through common shares ("Flow-Through
Shares") of the Company at a price of $4.70 per Flow-Through Share for gross
proceeds of $25.0 million pursuant to a short form prospectus (the "Offering"). 


Proceeds of the Offering will be used by Trelawney to incur Canadian exploration
expenses (the "Qualifying Expenditures") on its properties located in Northern
Ontario prior to December 31, 2012. The Company will renounce the Qualifying
Expenditures to subscribers of the Flow-Through Shares for the fiscal year ended
December 31, 2011. 


The Offering is scheduled to close on or about November 28, 2011 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.


Under the terms of the agreement, the Company is required to file a preliminary
short-form prospectus and obtain a receipt from the securities regulatory
authorities in all provinces of Canada, except Quebec, by November 21, 2011, or
such later date as may be agreed by the Company and the Underwriters. The
securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or
sold in the United States absent registration or an applicable exemption from
the registrations requirements of the 1933 Act. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy nor shall there
by any sale of 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: [phone]).


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.