Talon Metals Reports Results for the Year Ended December 31, 2008
Mar 31, 2009
Road Town, Tortola, British Virgin Islands (Mar 31, 2009) - Talon Metals Corp., (“Talon” or the “Company”) (TSX: TLO) reported a net loss for the year ended December 31, 2008 of $6,833,161 or $0.25 per share - basic and diluted (2007: net earnings of $6,753,593 or $0.25 per share - basic and diluted). In 2008 the net loss was primarily due to operating expenses, including the writedowns on projects and other assets of approximately $3 million, and unrealized loss on investments of approximately $2 million.
For the three month period ended December 31, 2008 Talon reported a net loss of $2,941,957 or $0.11 per share - basic and diluted. (2007: net loss of $1,722,479 or $0.06 per share - basic and diluted).
Capitalized exploration for the year amounted to $1,462,583 (total to date is $8,168,925) and mainly reflects work performed on the Água Branca Gold Project and São Jorge Gold Project in Brazil.
Consolidated Audited Financial Statements for the years ended December 31, 2008 and 2007, together 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 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: