TALON REPORTS RESULTS FOR THE YEAR ENDED DECEMBER 31, 2010
March 30, 2011
Road Town, Tortola, British Virgin Islands (March 30, 2011) – Talon Metals Corp., (“Talon” or the “Company”) (TSX: TLO) reported a net loss for the year ended December 31, 2010 of $4,323,045 or $0.08 per share - basic and diluted (2009: net loss of $1,841,962 or $0.07 per share – basic and diluted). In 2010, the net loss was primarily due to administration expenses, reduced by the gain on the sale of projects and equipment.
For the three month period ended December 31, 2010, Talon reported net income of $1.4 million or $0.02 per share – basic and diluted. (2009: net loss of $0.5 million or $0.02 per share – basic and diluted). This net income was mainly due to the gain of approximately $2.9 million on the sale of the Botswana CBM Project and associated equipment.
Amounts spent on exploration for the year amounted to $2,805,130 (total capitalized exploration costs are $10,950,914) and related to the Sergipe Potash Project, the Trairão Iron Project and Rio Verde’s phosphate projects. This compares to $1,272,277 in the year ended December 31, 2009, which mainly related to the Sergipe Potash Project.
Consolidated Audited Financial Statements for the years ended December 31, 2010 and 2009, 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 development of iron ore and other mineral 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 Company’s website at www.talonmetals.com or contact:
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243