Talon Metals Reports First Quarter 2010 Results
May 12, 2010
Road Town, Tortola, British Virgin Islands (May 12, 2010) - Talon Metals Corp., (“Talon” or the “Company”) (TSX: TLO) reported a net loss for the three month period ended March 31, 2010 of $265,013 or $0.01 per share (basic and diluted). This was primarily the result of operating expenses, partially offset by a gain on the sale of Talon's holding of shares in Beadell Resources Limited.
This compares to net earnings of $579,704 or $0.02 per basic share (basic and diluted) for the three months ended March 31, 2009, which was largely the result of the Company selling the remaining shares of its investment in Brazauro Resources Corporation.
As previously announced, the merger between Talon and Saber Energy Corp. was completed in the first quarter of 2010.
Capitalized exploration on mineral properties for the first quarter of 2010 amounted to $301,901 and was mainly related to work done on Talon's Sergipe Potash Project. The total capitalized exploration on mineral properties to March 31, 2010 was $9,719,821, and primarily reflected work performed on the São Jorge Gold Project. The total capitalized exploration on oil and gas properties to March 31, 2010 was $16,329,533, due to the Saber Gas Project.
Consolidated Interim Financial Statements for the three months ended March 31, 2010, 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 development of the Trairão Iron Project in ParÁ State, Brazil. 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 Company's website at www.talonmetals.com or contact: