There are 6 in all, this is an on-going quest that you need all 6 clues to finish.
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While doing the Bounty Hunter guild quest, the girl you save last will give you Treasure Clue #1. This quest must be done before rescuing Scarlet Robe.
Complete the Lost Trader guild quest by helping a trader find his brother at the Abandoned Road. Access the Abandoned Road from Oakvale's beach, not from Twinblade's Camp, as it will be blocked from that end. When finished, the trader will give you the Treasure Clue #2 as a show of thanks.
The Guildmaster tells you that a band of Assassins have their eyes on your head, for killing Twinblade. If you kill five of these Assassins in town encounters, you will receive the clue from the Guildmaster.
You can win the clue at the Archery Competition outside of Knothole Glade. The competition becomes available after defending Knothole Glade from the Bandit Siege. You need to beat the high score (@ 200) to win Treasure Clue #4 as a prize.
From the barn, going towards the Orchard Farms lake, right before you hit the apple trees, there will be a chest on the left.
Inside the chest you will find:
In Windmill Hill go behind windmill on north and there will be chest with clue #6.
Now with all six clues head to Orchard Farm. In front of the barn is a pile of hay, there is enough space to sneak between the hay and the barn, this is where the buried treasure is. The shovel does not automatically appear on the Dpad display, you have to manually select the shovel.
You can dig this treasure before having all six clues, but the item you get will be a worthless version of the real item.