Talon Metals Reports Second Quarter 2010 Results
Aug 13, 2010
Road Town, Tortola, British Virgin Islands (Aug 13, 2010) - Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) reported a net loss for the three month period ended June 30, 2010 of $5,079,819 or $0.08 per share (basic and diluted). Net loss for the six month period was $5,344,832 or $0.11 per share (basic and diluted). This compares to net loss of $668,968 or $0.03 per share (basic and diluted) for the three months ended June 30, 2009 and net loss of $89,264 or $0.01 per share (basic and diluted), for the first six months of last year.
Capitalized exploration for the three and six month periods ended June 30, 2010, amounted to $697,833 and $999,734 respectively. This relates mainly to work done on the Sergipe Potash Project and work done on Talon's smaller projects, as well as the São Jorge Gold Project. This compares to $507,579 and $632,404 for the three and six month periods respectively of last year.
Subsequent to the end of the second quarter, Talon concluded an agreement regarding the Juruena Gold Project with Lago Dourado Minerals Ltd (“Lago”), a private company. Under the terms of this agreement, Talon sold 100% of its indirect interest in Juruena to Lago. In return, Talon received consideration including a cash payment of approximately $1 million that was received in July 2010. This increased Talon's treasury to approximately $4 million.
This agreement with Lago supersedes the option agreement on Juruena of February 2010 with Gungnir Resources Inc. For more details on this agreement, please see Talon's Consolidated Interim Financial Statements for the three and six months ended June 30, 2010, along with Management's Discussion and Analysis, which 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: