Talon Metals Reports Third Quarter 2007 Results
Nov 13, 2007
Road Town, Tortola, British Virgin Islands (Nov 13, 2007) - Talon Metals Corp., formerly BrazMin Corp., (“Talon” or the “Company”) (TSX: TLO) reported net income for the three month period ended September 30, 2007 of $8,171 or $0.00 per share (basic and diluted). This was primarily the result of gains on investments and mineral properties offsetting operating expenses. Investment gains were mainly related to the sale of approximately 62% of the Company's share position in Brazauro Resources Corporation (“Brazauro”) announced in September 2007.
Earnings for the nine month period were $8,476,072 or $0.31 per share (basic and diluted), largely the result of the sale in the first quarter of the Company's interest in the Tocantinzinho gold project to Brazauro.
This compares to a loss of $214,142 or $0.01 per share (basic and diluted) for the three months ended September 30, 2006 and a loss of $1,182,705 or $0.05 per share (basic and diluted), for the nine month period last year.
Capitalized exploration for the third quarter of 2007 amounted to $307,415 and for the nine month period $1,364,137. The total capitalized exploration to September 30, 2007 was $8,192,015 and mainly reflects work performed on the São Jorge Gold Project in Para State, Brazil.
Consolidated Interim Financial Statements for the three and nine months ended September 30, 2007, along with Management's Discussion and Analysis, have been filed on SEDAR and are available at www.sedar.com.
Talon is a TSX-listed company focused on the acquisition, exploration and advancement of high quality mineral resource projects. The Company has a well-qualified exploration and management team with extensive experience in exploration and project management.
For additional information on Talon please visit the Talon's website at www.talonmetals.com or contact: