Trelawney Announces $50,000,000 Bought Deal Private Placement of Common Shares and Flow-Through Common Shares

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2010) - Trelawney Mining and Exploration Inc. (the "Company") (TSX VENTURE: TRR.V)(FRANKFURT: RTW.F) is pleased to announce that it has entered into a private placement financing agreement, on a bought-deal basis, with a syndicate of underwriters led by RBC Capital Markets and Jennings Capital Inc. to purchase, Common Shares (the "Common Shares") and Flow-Through Common Shares (the "Flow-Through Shares") of the Company for aggregate gross proceeds of $50,000,000 (the "Offering"). The Flow-Through component of the Offering will not exceed $15,000,000.

The net proceeds of the Offering will be used for further exploration and development of the Chester Property and for general working capital purposes. The net proceeds of the Flow-Through Common Shares will be used by the Company to incur Canadian exploration expenses ("Qualifying Expenditures") prior to December 31, 2011. The Company will renounce the Qualifying Expenditures to subscribers of the Flow-Through Shares for the fiscal year ended December 31, 2010.

The offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange. Closing is expected on or about December 7, 2010.

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.

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.