Talon Metals Appoints New President And CEO
Jun 6, 2011
Road Town, Tortola, British Virgin Islands (Jun 6, 2011) - Talon Metals Corp., (“Talon” or the “Company”) (TSX: TLO) announces that Mr. Eddie Scholtz has been appointed as President and CEO of Talon effective June 7, 2011. This announcement completes a transition process that has been underway for several months. Mr. Comline will continue as a technical consultant continuing his involvement in Talon's iron ore exploration programs. Mr. Comline will also continue to serve as a member of Talon's board of directors. It is anticipated that Mr. Scholtz will be appointed to the board at a future date.
Mr. Scholtz has 40 years of experience in the mining industry, primarily in South America and Africa. During his career he spent 37 years with BHP Billiton where he held a variety of positions including Managing Director of Ingwe Collieries, BHP Billiton's wholly-owned South African coal business, now known as BHP Billiton Energy Coal South Africa. In this role Mr. Scholtz oversaw one of the largest coal businesses in the world. More recently Mr. Scholtz was also Managing Director for BHP Billiton's bauxite and alumina operations in Suriname in South America and is COO Mining for TSX listed CIC Energy Corp., a coal exploration company with a world scale deposit in Botswana, Africa.
“Eddie's extensive mining expertise, solid business experience and strong leadership will enhance Talon's senior management team as the Company rapidly advances its flagship Trairão Iron Project in Brazil,” said Warren Newfield, Chairman of Talon. “I'd like to take this opportunity to welcome Eddie to Talon. I'd also like to thank Stuart Comline for all of his assistance since November 2007, when he was appointed as Interim President and CEO. The Company appreciates Mr. Comline's ongoing commitment and continued involvement with the Company as a director and technical consultant.”
Voting Results from Annual and Special Meeting of Shareholders
The Meeting was called for several purposes including for the shareholders to consider and vote on the proposed RV Distribution, as previously announced in the Company's news releases of April 5, 2011 and May 16, 2011. The anticipated completion of the RV Distribution, subject to the receipt of all necessary approvals, is scheduled for no later than July 31, 2011. The number of Rio Verde shares to be distributed per outstanding Talon share will be announced prior to the date of distribution. Talon owns approximately 25.6 million shares in Rio Verde.
The RV Distribution will be facilitated through a plan of arrangement involving Talon, Rio Verde, EM Resources Inc. (a reporting issuer in Ontario) and a subsidiary of EM Resources Inc. As a result of the completion of the arrangement, Rio Verde will become a reporting issuer.
In addition, Talon shareholders voted to approve the shareholder rights protection plan, announced in the Company's news release of January 17, 2011.
The Company's report of voting results will be filed on SEDAR at www.sedar.com today.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered, sold or delivered in the United States absent registration or an applicable exemption from registration.
Talon is a TSX-listed company focused on the exploration and development of its 100% owned 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.
Talon has a treasury of approximately CDN$33 million and has 91,686,687 common shares outstanding and 107,631,189 shares fully diluted.
For additional information on Talon please visit the Company's website at www.talonmetals.com or contact:
This press release contains certain “forward-looking information”. All information, other than information pertaining to historical fact, which addresses activities, events or developments that Talon believes, expects or anticipates will or may occur in the future constitutes forward-looking information. Forward-looking information reflects the current expectations or beliefs of Talon based on information currently available to Talon. Such forward-looking information includes, without limitation, the completion and proposed terms of RV Distribution and timing related thereto; and the anticipated effect of the RV Distribution on shareholder value.
Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks related to the exploration stage of the Company's properties, the possibility that future exploration results will not be consistent with the Company's expectations (including identifying additional and/or deeper mineralization), changes in the price of iron ore, changes in equity markets, political developments in Brazil, uncertainties relating to the availability and costs of financing needed in the future, changes to regulations affecting the Company's activities, delays in obtaining or failures to obtain required regulatory approvals, the uncertainties involved in interpreting exploration results and other geological data and the other risks involved in the mineral exploration business.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update forward-looking information, whether as a result of buy . Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.