Talon Metals Reports Second Quarter 2012 Results

August 14, 2012

Road Town, Tortola, British Virgin Islands (August 14, 2012) - Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) reports a net loss for the three month period ended June 30, 2012 of $2,717,326 or $0.03 per share (basic and diluted). Net loss for the six month period was $4,255,588 or $0.05 per share (basic and diluted). This compares to a net loss of $6,514,126 or $0.07 per share (basic and diluted) for the three months ended June 30, 2011 and a net loss of $9,843,660 or $0.11 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, 2012 amounts to $767,346 and $1,961,020, respectively. This relates mainly to work done on the Trairão Iron Project. This compares to $6,628,725 and $9,284,898 for the three and six month periods respectively of last year and primarily related to work done on the Trairão Iron Project and the Rio Verde projects.

Consolidated Interim Financial Statements for the three and six months ended June 30, 2012, along with Management's Discussion and Analysis, have been filed on SEDAR and are available at www.sedar.com.

About Talon

Talon is a TSX-listed company focused on the exploration and development of its portfolio of iron projects in 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$17 million and has 92.0 million common shares outstanding and 111.3 million shares on a fully diluted basis.

Erica Belling
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

www.talonmetals.com