Target Area 8 is located four kilometres north of Target Area 2 and represents a north west striking ridge, approximately 2,000 metres long and 650 metres wide, underlain by Banded Iron Formation (“BIF”) which is partially overlain by oxidized supergene, enriched mineralization and surficial deposits. This mineralization assemblage is similar to the mineralization that has been drilled on Target Areas 1, 2 and 3, although on Target Area 8, the BIFs are better exposed at surface on the north west slopes.

The RC drilling program conducted over Target Area 8 comprised 22 holes with a total of 1,193 metres drilled on a 200 metre by 200 metre drill grid. Most of the RC holes were drilled vertically, except three holes which were drilled at – 60 degrees. The shallowest drill hole reached 21 metres while the deepest went to a depth of 102 metres. Drill intersections indicated iron grades ranging from 21.5% Fe up to 43.5% Fe.

The thickness of the supergene mineralized zone is up to some 95 metres. Mapping indicates that the primary BIF dips steeply (70-85 degrees) to northeast and has apparent thickness ranging from approximately 60 to 160 metres.

Drill intersections for all the 22 RC drill holes on Target Area 8 are presented in Table 1 in the Appendix of this news release. Highlights of the mineralized intersections are:

• Hole TRC-364 – 75* metres grading 39.0% Fe, including 49 metres grading 46.0% Fe
• Hole TRC-365 – 71* metres grading 37.3% Fe, including 39 metres grading 46.1% Fe
• Hole TRC-377 – 61* metres grading 33.3% Fe, including 15 metres grading 47.8% Fe
• Hole TRC-361 – 58* metres grading 34.6% Fe, including 13 metres grading 54.5% Fe
• Hole TRC-368 – 60 metres grading 30.4% Fe, including 11 metres grading 38.7% Fe

*Mineralization in hole is open at depth

“We are pleased with the results from Target Area 8,” said Mr. Eddie Scholtz, President and CEO of Talon. “We expect to announce the diamond drilling results on Target Areas 1, 2 and 3 during this quarter, and we anticipate that these latest RC and diamond drill results will increase the overall resource base. Talon is fully funded to complete the planned work on the Trairão Iron Project in 2012, as well as for its other projects.”

Geological and analytical data for Target Area 8 will be forwarded to Coffey Mining Ltd. (“Coffey”) who has been engaged by Talon, as independent technical consultants, to prepare a National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate on this target area.

Drilling Update and Outlook
Currently, Talon is continuing to conduct infill and deeper drilling on Target Areas 1, 2 and 3 with an aim to update the mineral resource estimates on these priority target areas, and to continue to drill and investigate the fresh BIF mineralization where results, to date, are encouraging. A total of 89 diamond drill holes have been completed (12,580 metres). The initial diamond drilling results are expected to be announced this quarter.

The preliminary RC drilling program on Target Areas 1 to 13 was completed in October 2011. Based on the assay results now received for RC drill holes on Target Areas 7 and 9 to 13 the Company believes that the potential for extensive iron mineralization on these target areas is low. As such, the Company’s focus will remain on the priority Target Areas 1, 2 and 3 where the bulk of the mineral resource is developed.

The announcement of initial metallurgical results has been postponed due to delays in receiving test results. This announcement is expected during this quarter. The delay is due to additional time being needed to verify the metallurgical results on the saprock zones and to include results from a larger number of samples of the fresh rock or BIF.

Quality Assurance, Quality Control and Qualified Person
All drilling samples have been prepared and analyzed by SGS-Geosol LaboratÓrios Ltda (“SGS”) which is ISO14001:2004 and ISO 9001:2008 accredited and is independent of Talon. Sample preparation was conducted at SGS Parauapebas preparation facility whereas analyses were performed at the SGS laboratory based in Belo Horizonte, Brazil. The samples were analyzed by fusion with lithium tetraborate-XRF for SiO₂, Al₂O₃, CaO, Fe₂O₃, K₂O, MgO, TiO₂, P, Mn and Cr₂O₃ and retained moisture (LOI) by multi-temperature.

QA/QC procedures include the submission by Talon of systematic duplicates, blanks and standard samples within every sample batch submitted to SGS. In addition, SGS inserts its own standards, blanks and duplicate samples. The results from these control samples indicate acceptable consistency of analysis.

Talon’s exploration programs are being managed by Talon’s Mining Engineer, Mr. Ricardo Álvares de Campos Cordeiro (MAIG) and Talon’s VP Exploration, Mr. Paulo Ilidio de Brito. Mr. Cordeiro is a “qualified person” within the meaning of NI 43-101 and has reviewed, approved and verified the technical information disclosed in this news release (other than the mineral resource estimate disclosed herein) including sampling, analytical and test data underlying the technical information.

The qualified person who prepared the mineral resource estimate mentioned in this news release is Mr. Bernardo Horta de Cerqueira Viana who is a geologist, independent of Talon and an employee of Coffey. Please refer to Talon’s news release of August 4, 2011 entitled “Talon Metals’ Inferred Mineral Resource Estimate Exceeds 1 Billion Tonnes at the Trairão Iron Project, Brazil” for additional information on this mineral resource estimate. Coffey compiled a NI 43-101 compliant technical report on Target Areas 1, 2 and 3 of the Trairão Iron Project entitled “Third Independent Technical Report on Mineral Resources” dated August 12, 2011 (the “Technical Report”), a copy of which is available under Talon’s SEDAR profile at www.sedar.com. Please refer to the Technical Report for further information on the Trairão Iron Project.

About Trairão Iron Project

The Trairão Iron Project is situated within the Serra da Seringa Archean age greenstone belt, within the CarajÁs Mineral Province in Brazil, which also hosts numerous other iron ore deposits. The Trairão Iron Project comprises eight exploration licences and four applications for exploration licences, for a total area of 76,523 hectares (189,092 acres).

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$21 million and has 92.0 million common shares outstanding and 107.7 million shares on a fully diluted basis.

For additional information on Talon please visit the Company’s website at www.talonmetals.com or contact:

Erica Belling
VP Investor Relations
Tau Capital Corp.
Tel: Tel: (416) 361-9636 x 243

Forward-Looking Information

This news release contains certain “forward-looking statements”. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Such forward-looking statements include, among other things, statements relating to the Trairão Iron Project with respect to estimates in respect of mineral resource quantities, mineral resource qualities, the potential for increasing the Company’s mineral resource base, the potential for upgrading the mineral resource estimates for Target Areas 1, 2 and 3, the preparation of a mineral resource estimate on Target Area 8, the potential for extensive iron mineralization on Target Areas 7 and 9 to 13, and targets, goals, objectives and plans (including the Company’s drilling-exploration plans and plans regarding metallurgical testing, conceptual mining and logistical studies). Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, 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, but are not limited to: failure to establish estimated mineral resources, the grade, quality and recovery of mineral resources varying from estimates, 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 drilling and exploration results and other geological data and other factors (including exploration, development and operating risks). Any forward-looking statement 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 any forward-looking statement, whether as a result of buy . Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

The mineral resource figures disclosed in this news release are estimates and no assurances can be given that the indicated levels of iron will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the mineral resource estimates disclosed in this news release are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration.

APPENDIX

Table 1: RC Drilling Intersections for Target Area 8, Trairão Iron Project

The post Talon Metals Announces Drilling Results On Target 8 At The Trairão Iron Project, Brazil appeared first on Talon Metals Corp.

Mr. Van Rooyen has been working with Tau Capital Corp since 2000, and for the past 5 years, has been primarily responsible for its new business evaluation process and the implementation of exploration and development programs for mineral projects in countries across Africa and Latin America, including Brazil. Prior to joining Tau Capital, Mr. Van Rooyen was President & CEO of Groupman, a private company that built the largest silica mine in South Africa, as well as one of South Africa’s largest offshore diamond exploration projects.

“On behalf of the board we would very much like to thank Eddie Scholtz for his contributions to Talon and its iron projects,” said Warren Newfield, Chairman of Talon. “I would also like to welcome Henri Van Rooyen to Talon. Henri has assisted Talon on many occasions in the past as a consultant and he knows the Company well and brings extensive experience in the resource industry which will be of significant benefit to Talon.”

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$21 million and has 92,001,687 common shares outstanding and 107,481,189 shares fully diluted.

For additional information on Talon please visit the Company’s website at www.talonmetals.com or contact:

Erica Belling
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243

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Road Town, Tortola, British Virgin Islands (February 17, 2012) – Talon Metals Corp.(“Talon” or the “Company”) (TSX: TLO) is pleased to announce the results of all the outstanding drill holes for the 2011 drilling campaign at its 100% owned Trairão Iron Project, located in ParÁ State, Brazil. These results include 88 diamond drill holes drilled on Target Areas 1,2 and 3 on the main Trairão ridge, as well as 129 infill Reverse Circulation (“RC”) drill holes on the same areas. In addition, results from the 75 initial prospecting RC drill holes on the lower priority Target Areas 7, 9, 10, 11, 12 and 13 are also reported. The results for the diamond drilling drill holes on Target Areas 1, 2 and 3 are appended to this news release. The results of the RC drill holes may be viewed here.

Highlights of the diamond drilling results for the surficial deposits, saprolite and saprock include:

Highlights of the diamond drilling results for the fresh banded iron formation (“BIF”) intersections include:

(*)Mineralization in hole is open at depth

“These drilling results confirm the potential of the weathered rock on the main Trairão Ridge and we anticipated will add confidence to the mineral resource estimate for Target Areas 1, 2 and 3 on this eighteen kilometre long ridge,” said Mr. Henri Van Rooyen, CEO of Talon. “We are also encouraged by the drill intersections of considerable widths of fresh unweathered BIF in this area.”

The aim of the diamond drilling program, which was undertaken between May 2011 and December 2011, was to provide confirmatory drill core of the weathered mineralization (surficial deposits, saprolite and saprock) previously drilled in the RC holes and to investigate the potential of the fresh rock mineralization in the BIFs at depth. The diamond drilling has increased the drilling density in the mineral resource areas thereby improving the confidence in the mineral resource estimates. In addition, the core from the diamond drill holes has provided material for the metallurgical samples that are currently being processed.

88 diamond drill holes (12,507.65 metres) were drilled at drill spacings varying from 200 metres to 800 metres and the holes were drilled at -60 to -75 degrees and some vertically, to depths of between 49.40 metres and 391.85 metres. 38 holes were drilled on Target Area 1, 25 holes on Target Area 2 and 25 holes were drilled on Target Area 3.

The diamond drilling successfully provided confirmatory drill core of the weathered rock mineralization (saprolite and saprock), which extends from surface to depths varying between 53.88 metres and 199.45 metres and the core samples have reported grades comparable to the samples of the earlier RC drilling, thereby confirming the results of the RC drilling. The diamond drill holes also intersected broad zones of iron mineralization in the underlying fresh rock BIFs with most grades ranging between approximately 20% Fe and 33% Fe. Underlying Target Areas 1 and 2, the unweathered BIF unit is apparently folded and duplicated, whereas on Target Area 3 there are two parallel BIF units underlying the weathered mineralized rocks.

An additional 129 RC holes have been drilled as step out and infill holes on Target Areas 1, 2 and 3 and these drill holes intersected similar rock types, iron grades and widths in the weathered rock mineralization, as reported in the earlier RC drilling results for these areas. The recent infill RC drilling reduced the drill spacing to 200 metres on these grids and the holes were drilled to depths of between 10 metres and 118 metres. In the central parts of both Target Areas 1 and 2 (cumulative strike length of 5,000 metres) the recently drilled RC holes were drilled into fresh rock thereby extending the depth of RC drilling from the 50 metre depth limit of the original RC drilling to approximately 100 metres depth.

Target Areas 7, 9, 10, 11, 12 and 13
75 prospecting RC holes (3,070 metres) have been drilled on the lower priority Target Areas 7, 9, 10, 11, 12 and 13, to determine the potential on these targets. The results of the drilling confirm the results of earlier mapping and surface sampling work that these target areas are of low potential. Although some mineralized intersections extend to approximately 80 metres, the intersected widths tend to be erratic, and seldom exceed 25 metres over extended strike lengths. Similarly, the iron grades intersected also tend to be erratic and generally are lower than on the Trairão ridge, with most grades in intersections reporting between 15% Fe and 25% Fe. Isolated intersections had grades of up to 40% Fe. Management considers it unlikely that any significant mineral resources would be developed in these target areas and therefore no further work is contemplated on these target areas.

Geological and analytical data for Target Areas 1, 2 and 3, as well as for Target Area 8 (as disclosed in the Company’s news release dated January 12, 2012) have been forwarded to Coffey Mining Ltd. (“Coffey”) who has been engaged by Talon, as independent technical consultants, to prepare an updated National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate on these target areas.

Drilling Update and Outlook
Based on the results of the outstanding drill holes for the 2011 drilling campaign, management anticipates updating the mineral resource estimate for the weathered rock mineralization, and is contemplating an initial estimate of resources in the fresh rock. The initial metallurgical test work is now continuing and the results are expected to be reported by the end of March 2012.

Quality Assurance, Quality Control and Qualified Person
All drilling samples have been prepared and analyzed by SGS-GeosolLaboratÓrios Ltda (“SGS”) which is ISO14001:2004 and ISO 9001:2008 accredited and is independent of Talon. Sample preparation was conducted at SGS Parauapebas preparation facility whereas analyses were performed at the SGS laboratory based in Belo Horizonte, Brazil. The samples were analyzed by fusion with lithium tetraborate-XRF for SiO2, Al₂O₃, CaO, Fe₂O₃, K₂O, MgO, TiO₂, P, Mn and Cr₂O₃ and retained moisture (LOI) by multi-temperature, as well as, FeO analysis.

QA/QC procedures include the submission by Talon of systematic duplicates, blanks and standard samples within every sample batch submitted to SGS. In addition, SGS inserts its own standards, blanks and duplicate samples. The results from these control samples indicate acceptable consistency of analysis.

Talon’s exploration programs are being managed by Talon’s Mining Engineer, Mr. Ricardo Álvares de Campos Cordeiro (MAIG) and Talon’s VP Exploration, Mr. Paulo Ilidio de Brito. Mr. Cordeiro is a “qualified person” within the meaning of NI 43-101 and has reviewed, approved and verified the technical information disclosed in this news release including sampling, analytical and test data underlying the technical information.

Coffey has previously completed a NI 43-101 compliant technical report on Target Areas 1, 2 and 3 of the Trairão Iron Project entitled “Third Independent Technical Report on Mineral Resources” dated effective August 12, 2011 (the “Technical Report”), a copy of which is available under Talon’s SEDAR profile at www.sedar.com.Please refer to the Technical Report for further information on the Trairão Iron Project.

About Trairão Iron Project

The Trairão Iron Project is situated within the Serra da Seringa Archean age greenstone belt, within the CarajÁs Mineral Province in Brazil, which also hosts numerous other iron ore deposits. The Trairão Iron Project comprises eight exploration licences and four applications for exploration licences, for a total area of 76,523 hectares (189,092 acres).

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$21 million and has 92,001,687common shares outstanding and 109,781,189 shares fully diluted.

For additional information on Talon please visit the Company’s website at www.talonmetals.com or contact:

Erica Belling
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243

To view the diamond drill results, please click here

Forward-Looking Information

This news release contains certain “forward-looking statements”. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Such forward-looking statements include, among other things, statements relating to the Trairão Iron Project with respect to the anticipated improvement of confidence of the mineral resource on Target Areas 1, 2 and 3, to the potential for increasing the Company’s mineral resource base, the potential for updating and/or upgrading the mineral resource estimates for Target Areas 1, 2 and 3, the preparation of a mineral resource estimate on Target Area 8, as well as the Company’s targets, goals, objectives and plans (including the Company’s drilling-exploration plans and plans regarding metallurgical testing and the timing thereof). Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, 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, but are not limited to: failure to establish estimated mineral resources, the grade, quality and recovery of mineral resources varying from estimates, 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, 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 drilling and exploration results and other geological data and other factors (including exploration, development and operating risks). Any forward-looking statement 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 any forward-looking statement, whether as a result of buy . Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

The post Talon Metals Reports Outstanding Results From 2011 Drilling Campaign At The Trairão Iron Project, Brazil appeared first on Talon Metals Corp.

Road Town, Tortola, British Virgin Islands (March 2, 2012) – Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) is pleased to announce an updated inferred mineral resource estimate and an initial indicated mineral resource estimate for Target Areas 1 to 6 and 8 at its 100% owned Trairão Iron Project (“Trairão Project”), located in ParÁ State, Brazil, with approximately 1.4 billion tonnes (“Bt”) at an average grade of approximately 34.27% Fe (using a 25% Fe cut-off) in the indicated category and approximately 1.2 Bt at an average grade of approximately 29.48% Fe (using a 25% Fe cut-off) in the inferred category (see Table 1).

Table 1: Updated Mineral Resource Estimates for the Trairão Iron Project

As previously reported in Talon’s news release dated November 24, 2011, the cumulative mineral resource estimate for Target Areas 1 – 6 was 1.2 Bt in the inferred category. This compares to the updated mineral resource estimate of 1.2 Bt in the inferred category and 1.36 Bt in the indicated category for Target Areas 1- 6. The increase in the mineral resource estimate reported here is due to a number of factors, and follows from the latest drilling results (as reported in Talon’s February 17, 2012 news release entitled, “Talon Metals Reports the Outstanding Results from 2011 Drilling Campaign at the Trairão Iron Project, Brazil”), including:

• An increase in the depth of reverse circulation (“RC”) drilling on a 200 metre x 200 metre grid in the central parts of both Target Areas 1 and 2 (cumulative strike length of 5,000 metres) from approximately 50 metres depth to between 100 and 120 metre depth.
  
• The addition of data from 89 diamond drilling holes completed on Target Areas 1, 2 and 3, which were drilled to vertical depths of between 49.4 metres and 391.85 metres, which served to both delineate inferred mineral resources in the fresh rock and also increase the confidence level of the mineral resource estimates in the weathered rock (saprolite and saprock) and elevate certain of these resources to the indicated resource category.
• The inclusion of an inferred mineral resource estimate for Target Area 8.

“This updated resource estimate substantially increases the mineral resource tonnage at the Trairão Project,” said Henri Van Rooyen, CEO of Talon. “The initial inferred resource estimate on the fresh rock, which is open at depth, of almost 600 million tonnes, as well as the relatively large proportion saprock within the indicated resources category of 975 million tonnes, highlight the importance of both types of deposits in developing the Trairão Project.”

The indicated and inferred mineral resource estimates are also reported and classified by deposit type, as shown in Table 2 below.

Table 2: Mineral Resource Estimates by Deposit Type

The effective date of the updated mineral resource estimates for Target Areas 1 to 6 and 8 inclusive is March 2, 2012.

The surficial deposits (2-10 metres thick), the saprolite unit (30-40 metre thick) and the saprock unit (30 -100 metres thick) consist of oxidized mineralization distributed in horizontally disposed units that overlie the fresh rock. The fresh rock units, which extend to depths beyond current drilling, consist of banded iron formations (“BIFs”) and quartz chlorite magnetite rock. The BIFs comprise interlayered quartz and magnetite which have a grade of approximately 30% Fe and are enclosed within a wide zone of the quartz chlorite magnetite rock, which has been included within the fresh rock inferred resource and has grades of approximately 27% Fe. In Target Area 3, two parallel BIF units have been mapped and drilled, whereas in Target Areas 1 and 2 the BIFs are duplicated by folding and extend to drilled depths of at least 391.85 metres, with the mineralization being open at depth. As many of the diamond drill holes have ended within the fresh rock mineralized zones, the widths of the individual mineralized units have not yet been determined accurately.

The updated mineral resource estimates in the inferred and indicated categories for Target Areas 1 to 6 were prepared by Talon’s independent technical consultants, Coffey Consultoria e ServiÇos Ltda., a branch of Coffey International in Brazil (“Coffey”), based on the results of 324 RC drill holes (19,185 metres) and 89 diamond drill holes (12,581 metres), drilled between November 2010 and December 2011. The RC holes were drilled to depths of between 10 metres and 134 metres mostly on a 200 x 200 metre spaced grid and the diamond holes were drilled at drill spacings varying from 200 metres to 800 metres at -60 to vertically, with depths of between 49.40 metres and 391.85 metres.

The mineral resource estimates in the inferred and indicated categories for Target Area 8 were prepared by Coffey based on the results of 22 RC drill holes (1,193 metres) on a 200 x 200 metre spaced grid. As reported in Talon’s news release of January 12, 2012, most of these RC holes were drilled vertically, except three holes which were drilled at – 60 degrees. The shallowest drill hole reached 21 metres while the deepest went to a depth of 102 metres.

Talon plans to file a fourth National Instrument 43-101 (“NI 43-101) compliant technical report on the results of the Trairão Project within 45 days.

Preliminary Metallurgical Studies
Talon also announces today its preliminary metallurgical results at the Trairão Project, which has been undertaken in the fresh rock, saprock, saprolite and surficial material. The mineralogical and metallurgical test work has been conducted at a number of laboratories, including PCM, FundaÇão Gorceix, Universidade de São Paulo and Universidade Federal de Minas Gerais. These Brazilian located laboratories are all independent of Talon and service the iron ore industry in Brazil. The aim of the preliminary metallurgical test work has been to establish processes that could be applied to the production of a high grade iron concentrate amenable for the pellet feed market.

The initial metallurgical test work reported here is predominantly based on both low and high intensity magnetic separation processes, in which various grinding procedures were applied over a range of particle sizes. Samples of the various rock types were submitted for metallurgical testing and this initial report includes the results of the preliminary test work on certain of the samples that has been completed.

The initial results of the preliminary metallurgical test work are as follows:

Fresh Rock: Quartz – magnetite BIF

Low intensity magnetic separation (800Gauss) of an approximately 3kg sample of particle sizes less than 38µm was performed on quartz-magnetite BIF material, grading 30% Fe in situ. Results indicate a Fe grade of 70%, with a calculated metallurgical recovery of approximately 71%. Petrographic analysis demonstrated that the feed consisted of approximately 39% magnetite measured by area. The aluminum content of the concentrate was reduced to 0.24% while phosphorus content was 0.01%.

The preliminary results of the test work has indicated an encouraging concentrate grade, although optimization studies will be required to improve the recovery rate and further work will be required to map and accurately define the distribution of this rock unit.

Fresh Rock: Magnetite-rich chlorite schist

Low intensity magnetic separation (800Gauss – 1300Gauss) of approximately 25kg-44kg samples of particle sizes less than 45µm was performed on the magnetite-rich chlorite schist material, grading 25%-30% Fe in situ. Results produced a 63% Fe to 67% Fe concentrate. While recovery of Fe from the magnetite component of the rock is at approximately 71%, total metallurgical recovery of Fe is in the 32%-46% range. Contained magnetite calculated by weight varies between 28% and 35% of total rock tested in the various samples. Aluminum is in the 0.39% to 1.21% range, while phosphorus is in the 0% to 0.01% range. The laboratory test results show that between 30% and 80% of the total magnetite mass in the various samples has been extracted.

Further mineralogical test work needs to be conducted to design and implement metallurgical test procedures that will optimize the separation of the magnetite from the host rock with the objective of improving recovery rates.

Saprock and Saprolite

Both low and high intensity magnetic separation (800Gauss – 16,130Gauss) on particle sizes less than 45µm was performed on mineralization that consists of blended samples, including both saprolite and saprock. While magnetic separation, applying 800 Gauss – 3,200 Gauss produced a pre-concentrate grade of approximately 64% Fe with a metallurgical recovery of approximately 47%, magnetic separation applying 800 Gauss to 16,130 Gauss produced a pre-concentrate grade of 60% Fe and a metallurgical recovery of approximately 79%. In the case of a 47% metallurgical recovery, aluminum was reduced to 1.68% and in the case of a 79% metallurgical recovery, aluminum was reduced to 3.22%.

Further optimization test work is required, particularly on discrete saprock samples in order to produce representative results for this rock type.

Saprolite

Based on a mineralogical laboratory test, saprolite consists of approximately 11% iron oxides (hematite/magnetite) and 77% goethite (iron oxy-hydroxides).
While the recovery of Fe from the iron oxides is 80%, producing a Fe concentrate of 60%, recovery from the iron oxi-hydroxides, being hematite/magnetite/goethite, showed 58% recovery of the contained Fe.

While some success with magnetic separation has been achieved, to date, a marketable product has not been produced from saprolite at reasonable recovery rates. Further mineralogical testing and process investigation is required, however, due to the saprolite being a small portion of the overall resource and geological potential, it is not currently a priority for the Company.

Surficial Deposits

The surficial deposit includes unconsolidated iron rich eluvial material as well as a ferruginous duricrust or “hard cap” of which the latter is composed of primarily hematite and goethite with a thickness varying up to 13 metres. A low intensity magnetic separation (800 Gauss – 1,300 Gauss) on a 30.2 kg sample with a size fraction ground to less than 150µm produced a Fe concentrate of 66% and a metallurgical recovery of 35% and low silica, alumina and phosphorus content. Further test work is required to improve the recovery levels.

These results are encouraging and therefore the extent and resource potential of these surficial deposits is under investigation.

Summary of metallurgical test results

The fresh rock, consisting of 599 Mt of inferred mineral resources and the saprock consisting of 975 Mt of indicated mineral resources and 352 Mt of inferred mineral resources, requires further mineralogical and metallurgical testing. Given the variations in the preliminary metallurgical results from the various rock types, these rock types will be mapped in more detail in preparation for further metallurgical test work to optimize the results received to date.

The results from the metallurgical testing of the fresh rock samples indicate that the quartz magnetite BIF material is the most encouraging concentrate grade and further test work is required to confirm these results and improve the recovery level on a wider suite of samples. Additional test work is also planned on the magnetite-rich chlorite schist. In addition, further geological mapping is required to define the distribution of the two different iron-rich fresh rock types(quartz magnetite BIFs and the magnetite-rich chlorite schist). It is therefore not yet possible to link the metallurgical test results to a specific tonnage of fresh rock. Further work needs to be completed to perform proper domaining of the fresh rock before any conclusions can be reached.

Within the oxidized and weathered iron mineralization, the test work on the dominant saprock material indicates to have higher recovery levels and concentrate grades than those indicated for the saprolite. Further samples of discreet saprock material need to be selected and test work on these samples need to be undertaken.

Although the saprolite deposit shows low metallurgical recoveries, it only represents the near surface upper 30m-40m of the approximately 400m high Trairão ridge, which, even if the saprolite were to be stockpiled for future processing, would still present a mining operation with a low strip ratio.

The encouraging concentrate grade indicated by test work on the duricrust samples from the near surface surficial deposits requires that the test work be continued with the aim of improving the recovery grades of this rock type.

The extent and size of the duricrust within the surficial deposit needs to be further investigated, followed by additional metallurgical testing to confirm the initial results.

“The expanded resource estimate, and specifically the addition of a fresh rock resource that is open at depth, is a big step forward for the Trairão Project,” said Henri Van Rooyen, CEO of Talon. “We are in the preliminary stages of metallurgical testing and our current results, as well as further metallurgical testing, will enable us to refine and remap the geological units for the purpose of designing a conceptual mine plan.”

Outlook and Drilling Update
The initial RC and diamond drilling programs have now been completed. Given the significant potential size of the project and the requirement for domaining according to predefined zones, Talon has decided to focus on further mineralogical and metallurgical test work as well as progressing infrastructure trade off studies, which will ultimately form the basis for potentially commissioning a preliminary economic assessment. Consequently, Talon’s previously disclosed plans to complete a preliminary economic assessment and prefeasibility study in the second and fourth quarters of this year respectively have been revised.

Quality Assurance, Quality Control and Qualified Person
Talon’s exploration programs are being managed by Talon’s Mining Engineer, Mr. Ricardo Álvares de Campos Cordeiro (MAIG) and Talon’s VP Exploration, Mr. Paulo Ilidio de Brito. Mr. Cordeiro is qualified person within the meaning of NI 43-101and he has reviewed, approved and verified the technical information disclosed in this news release (other than the mineral resource estimate) including sampling, analytical and test data underlying the technical information.

The “Qualified Person” who prepared the mineral resource estimate presented in this news release is Mr. PorfÍrio Cabaleiro Rodriguez, who is a mining engineer, independent of Talon and an employee of Coffey. Mr. Rodriguez is a member of the Australian Institute of Geoscientists (“AIG”). Mr. Rodriguez is responsible for the mineral resource estimate in this news release and has reviewed, approved and verified the data disclosed in this news release relating to the mineral resource estimate (including sampling, analytical and test data underlying the mineral resource estimate). In Coffey’s opinion, the mineral resource estimates disclosed herein are compliant with NI 43-101.

Coffey compiled a NI 43-101 compliant technical report on Target Areas 1, 2 and 3 of the Trairão Project entitled “Third Independent Technical Report on Mineral Resources” dated August 12, 2011, a copy of which is available under Talon’s SEDAR profile at www.sedar.com. Please refer to this technical report for further information on the Trairão Project.

All drilling samples have been prepared and analyzed by SGS-Geosol LaboratÓrios Ltda (“SGS”) which is ISO14001:2004 and ISO 9001:2008 accredited and is independent of Talon. Sample preparation was conducted at SGS Parauapebas preparation facility whereas analyses were performed at the SGS laboratory based in Belo Horizonte, Brazil. The samples were analyzed by fusion with lithium tetraborate-XRF for SiO₂, Al₂O₃, CaO, Fe₂O₃, K₂O, MgO, TiO₂, P, Mn and Cr₂O₃ and retained moisture (LOI) by multi-temperature.

QA/QC procedures include the submission by Talon of systematic duplicates, blanks and standard samples within every sample batch submitted to SGS. In addition, SGS inserts its own standards, blanks and duplicate samples. The results from these control samples indicate acceptable consistency of analysis.

About the Trairão Project

The Trairão Project is situated within the Serra da Seringa Archean age greenstone belt, within the CarajÁs Mineral Province in Brazil, which also hosts numerous other iron ore deposits. The Trairão Project comprises eight exploration licences and four applications for exploration licences for a total area of 76,523 hectares (189,092 acres).

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$21 million and has 92.0 million common shares outstanding and 109.8 million shares on a fully diluted basis.

For additional information on Talon please visit the Company’s website at www.talonmetals.com or contact:

Erica Belling
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243

www.talonmetals.com

Forward-Looking Statements

This news release contains certain “forward-looking statements”. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Such forward-looking statements include, among other things, statements relating to the Trairao Project with respect to estimates of mineral resource quantities, mineral resource qualities, the potential scope of the mineralized area and its characterization, the preparation of a further updated technical report for the Trairao Project and the timing associated therewith, the metallurgical test work, including recovery rates, the potential for further metallurgical and mineralogical results on the basis of further testing, including undertaking optimization studies to improve recovery rates, mapping, the timing and completion of a preliminary economic assessment, prefeasibility study and infrastructure trade off studies, the Company’s expectations with respect to its financial resources, and targets, goals, objectives and plans and the timing associated therewith. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, 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, but are not limited to: failure to establish estimated mineral resources, the grade, quality and recovery of mineral resources varying from estimates, risks related to the exploration stage of the Company’s properties, the possibility that future exploration results and metallurgical testing will not be consistent with the Company’s expectations (including identifying additional mineralization and/or recovery), 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 drilling and exploration results and other geological data and other factors (including exploration, development and operating risks). Any forward-looking statement 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 any forward-looking statement, whether as a result of buy . Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

The mineral resource figures disclosed in this news release are estimates and no assurances can be given that the indicated levels of iron will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the mineral resource estimates disclosed in this news release are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration.

The post Talon Metals Announces Substantial Increase To Mineral Resources At The Trairão Iron Project, Brazil appeared first on Talon Metals Corp.

Mr. Werger was previously General Counsel and Managing Director of Mergers & Acquisitions at Tau Capital Corp. and in this role has been closely involved in many of Talon’s M&A transactions, including the acquisition of the Trairão Iron Ore Project.

“On behalf of the board I am pleased to announce today that Sean Werger will be formally joining Talon’s senior management team,” said Warren Newfield, Chairman of Talon. “Sean brings extensive experience in the mining industry, and has played an integral role in all major transactions executed by Talon over the last five years.”

Prior to joining Tau Capital, Mr. Werger was a lawyer with Lax O’Sullivan Scott LLP. Mr. Werger obtained his LL.B and MBA degrees from Osgoode Hall Law School and Schulich School of Business, respectively.

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$20 million and has 92,001,687 common shares outstanding and 107,481,189 shares fully diluted.

For additional information on Talon please visit the Company’s website at www.talonmetals.com or contact:

Erica Belling
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243

The post Talon Metals Announces Appointment Of President appeared first on Talon Metals Corp.

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
www.talonmetals.com

The post Talon Metals Reports Second Quarter 2012 Results appeared first on Talon Metals Corp.

Road Town, Tortola, British Virgin Islands (September 27, 2012) – Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) is pleased to provide an operational update in respect of its 100% owned Trairão Iron Project (“Trairão Project”), located in ParÁ State, Brazil. As previously reported in its press release dated March 2, 2012, the Trairão Project hosts an indicated resource of approximately 1.4 billion tonnes at an average grade of 34.27% Fe (using a 25% Fe cut-off), and an inferred resource of an additional 1.2 billion tonnes at an average grade of 29.48% Fe (using a 25% Fe cut-off).

Update on the Trairão Project

Since March 2012, Talon has been working on numerous initiatives to advance the Trairão Project, including, refining its geological model, conducting further mineralogical and metallurgical test work and completing a logistics study to identify various port options for purposes of exporting pellet feed and/or pellets from the Trairão Project. In addition, the Company has undertaken a drilling program on its surficial deposit to assess the potential of delineating a high grade, near surface resource that may be amenable to producing direct shipping ore (“DSO”), in an effort to generate near-term cash flow for the Company.

The refining of the geological model has involved additional detailed surface mapping, as well as more comprehensive lithological and chemical re-logging of the diamond core and RC drill samples, in an effort to better define the characteristics and distribution of the iron mineralization.

Three mineralized lateritic profiles have been identified: surficial, saprolite and saprock, which overly the mineralized fresh rock. There are two types of fresh rock, quartz-magnetite banded iron formation (“BIF”) and magnetite-rich mineralization (previously referred to as magnetite-rich chlorite schist).

Based on the refined geological model, the Company selected representative samples of the different rock types and conducted test procedures on such samples. These test procedures, including a summary of the results, are described below.

1. 1. Results from QEMSCAN and Additional Metallurgical Testing

Quantitative Evaluation of Minerals by Scanning (“QEMSCAN”) was performed by SGS in Lakefield, Ontario on two BIF samples, 30 magnetite-rich mineralization samples and two saprock samples. QEMSCAN was used to understand the mineralogy of the different rock types as a precursor for conducting Davis Tube metallurgical testing.

1. a. FRESH ROCK

Talon has focused the majority of its recent mineralogical and metallurgical efforts on the fresh rock, where the potential for resource expansion at the Trairão Project lies.

1. i. BIF

In respect of the BIF, QEMSCAN samples were selected for the first round of Davis Tube testing at a grind P100 of 45µm, using low magnetic intensity separation of 800 Gauss to produce a Fe concentrate. Both the concentrate and tailings were submitted for XRF analysis.

Two samples of BIF were submitted for Davis Tube testing, which produced concentrate grades of 68.1% and 71.3% Fe at a mass yield of 35.4% and 33.3%, and calculated metallurgical recoveries of 69.9% and 67.1%. These results are consistent with the results previously reported by the Company in its press release of March 2, 2012. Aluminum and phosphorous continued to be low, at 0% and 0.3% for aluminum and 0% and 0.01% for phosphorous. Silica was at 1.5% and 4.3%.

1. ii. Magnetite-Rich Mineralization

Thirty samples of magnetite-rich mineralization were submitted for Davis Tube testing. As with the BIF, QEMSCAN samples were selected for the first round of Davis Tube testing at a grind P100 of 45µm, using low magnetic intensity separation of 800 Gauss to produce a Fe concentrate.

Of the 30 samples, seven produced good concentrate grades of between 66.4% and 69.8% Fe at mass yields of 19.4% to 27.9%, and calculated metallurgical recoveries of between 49.7% and 66.6% (as compared to 32% to 46% previously reported by the Company on March 2, 2012). These results represent a substantial improvement over the results previously reported by the Company on March 2, 2012. Aluminum ranged from 0.2% to 0.8%, while phosphorous was 0% to 0.03%. Silica varied between 2.5% and 5.4%.

The results from the remaining 23 samples produced a range of concentrate grades and mass yield percentages, with concentrate grades ranging between 40.7% and 68.4% Fe, at mass yields of 10.3% to 28.6%, and calculated metallurgical recoveries of between 16.2% and 57.5%. Aluminum ranged from 0.3% to 5.1%, while phosphorous was between 0% and 0.05%. Silica varied between 3.9% and 31.1%. Notwithstanding these variations, based on an analysis of the QEMSCAN results, management believes that the concentrate grades and the mass yield percentages (and therefore the metallurgical recoveries) should increase with grinding finer than 45µm. On this basis, the Company has commissioned Davis Tube testing on lower size fractions.

“We are pleased with the results from the initial Davis Tube metallurgical tests conducted on the fresh rock”, said Henri van Rooyen, CEO of Talon. “The results confirm good metallurgical recoveries from the BIF, and suggest that with finer grinding, we will be able to continue to improve the metallurgical recoveries from the magnetite-rich mineralization, although seven samples have already provided good metallurgical recoveries. Going forward, the Company has commissioned further Davis Tube testing on lower size fractions in an effort to maximize liberation and concentrate grades in respect of the magnetite-rich mineralization. In addition, all mineralogical and metallurgical test results received will be used by the Company’s process engineering consultants to help formulate a process engineering strategy.”

1. b. LATERITE PROFILE LITHOLOGIES
2. i. Saprock

Previously, low and high intensity magnetic separation (800 Gauss – 16,130 Gauss) on particle sizes less than 45µm was performed on a blended saprolite and saprock sample, which produced 64% Fe with a metallurgical recovery of 47% (applying 800 Gauss to 3,200 Gauss) and 60% Fe with a metallurgical recovery of 79% (applying 800 Gauss to 16,130 Gauss) (see the Company’s press release dated March 2, 2012).

In order for the Company’s process engineering consultants (see section below entitled “Next Steps”) to formulate an optimal processing strategy, the Company has continued its work on saprock by commissioning mineralogical testing, which was performed using QEMSCAN analyses on two discrete saprock samples. These test results indicate total Fe oxide grades of 93% in the case of both samples, with a cumulative elemental Fe oxide mass of 51% and 47% at a fraction of equal or above 80µm. Further work is being conducted to determine a predicted Fe grade and recovery curve.

1. ii. Saprolite

As saprolite likely constitutes only a very small portion of the total resource at the Trairão Project, no further work has been conducted on the saprolite, and no further work is currently planned.

1. iii. Surficial

Drilling and sampling is currently underway on the surficial deposit in order to assess the near surface high grade areas that may represent a resource, which could be amenable to producing DSO. This work is being performed in accordance with the terms of a Letter of Intent, which is further described below under the section entitled “Update on Trairão DSO: Letter of Intent Signed for the Sale of Lump”.

1. 2. Completion of Logistics Study

The Company has completed a logistics study under which a number of different port options have been considered for purposes of exporting pellet feed and/or pellets at a production rate of 30 million tonnes per annum (“mtpa”) from the Trairão Project. The Company commissioned Southmark Logistics S.A. in respect of this study. Southmark is independent of Talon.

The logistics study identified a number of planned port expansions throughout Brazil, including certain ports located outside of Parã State, which may provide the Company with a number of export options from the Trairão Project.

In addition to these planned port expansions, Brazil’s President, Mrs. Dilma Rouseff, recently announced a US$45-billion (R$91-billion) infrastructure expansion plan, which includes the completion of the Norte-Sul railway line from AÇailÂndia to the Vila do Conde port (near BelÉm), as well as to the planned Espadarte port (a new port currently in the planning stage). The completion of this railway line could materially impact the Trairão Project in a positive way, as it would situate the project only 300km from a railway that connects to a port, which could be used for export of pellet feed and/or pellets from the Trairão Project.

Going forward, the Company plans to utilize the data from its logistics study to further evaluate infrastructure options from the Trairão Project to the various ports.

1. 3. Next Steps

In addition to the various initiatives described above, the Company has appointed Ausenco (a global, diversified engineering, project management and mining services company), who is independent of Talon, to evaluate all mineralogical and metallurgical test results received from the Trairão Project, which will be used to devise a process engineering strategy for the Company. Thereafter, it is expected that Ausenco will assist the Company with the creation of optimal flow sheets and a mine design, with a view to preparing for the commissioning of a Preliminary Economic Assessment at the appropriate time.

Update on Trairão DSO: Letter of Intent Signed for Sale of Lump

The Company is pleased to report that it has signed a Letter of Intent with a potential off-taker for lump material from the surficial deposit at the Trairão Project. This agreement is part of the Company’s ongoing strategy to progress the Trairão Project’s surficial deposit into a near-term production operation, which could generate cash flow for the Company.

Drilling of the surficial deposit at the Trairão Project is underway, and it is intended that samples from the drilling program will be provided to the potential off-taker in accordance with the Letter of Intent for review and analysis.

Based on an analysis of the initial crush and screen tests, management believes it may be possible for the surficial deposit at the Trairão Project to achieve a lump material fraction size with a mass yield in excess of 50% at an average grade of approximately 60% Fe.

It is envisaged that the Letter of Intent will be formalized into a more fulsome definitive agreement if the lump material meets the off-taker’s specifications.

Corporate Strategy Update

Following the changes to the Company’s management team announced between February, 2012 and April, 2012, Talon has reviewed the Company’s business strategy, with the primary goal of optimizing the use of its existing cash resources to maximize shareholder value. To this end, the Company has taken into consideration a number of factors, including: (1) the consensus view that iron ore prices will remain at approximately US$80-$90 FOB Brazil, which could create economic challenges for large-scale projects requiring substantial development costs, such as the Trairão Project; (2) uncertain conditions in the capital markets, and in particular, the junior exploration sector; and (3) the overall declining macroeconomic picture, particularly for resources.

Based on these factors, the Company has decided to modify and broaden its existing business strategy of advancing its iron projects in Brazil to also actively looking for opportunities that could generate cash flow for the Company in the near-term. Given Talon’s understanding of the Brazilian iron ore industry, this has included the search for smaller high grade deposits within Brazil that are amenable to producing high grade DSO and are located close to existing steel industry infrastructure. The Company is also actively reviewing a number of projects in respect of different commodities, both in Brazil and elsewhere.

“Despite better metallurgical results being achieved at the Trairão Project, and the recent announcement that both port and rail infrastructure may be built, which could allow for the export of large volumes of pellet feed material from the Trairão Project, we believe it is prudent for a junior exploration company with an early-stage magnetite deposit with large capital requirements, such as Talon, to carefully manage its rate of investment to ensure its shareholders will ultimately benefit from advanced infrastructure and higher iron ore prices in the long-term”, said Sean Werger, President of Talon. “To this end, we have already taken steps to substantially reduce the Company’s overhead expenses, while broadening our corporate strategy to include pursuing opportunities that can generate cash flow for the Company in the near-term, including the potential sale of lump material from the Trairão Project.”

Qualified Persons

Talon’s exploration programs are being managed by Mr. Mauricio Prado (MAIG), Vice President, Resource Modeling of Talon. Mr. Prado is a Qualified Person within the meaning of National Instrument 43-101 (“NI 43-101”). Mr. Prado is satisfied that the processes used by SGS are standard industry operating procedures and methodologies, and he has reviewed, approved and verified the technical information disclosed in this news release (other than the mineral resource estimates) including sampling, analytical and test data underlying the technical information.

The Qualified Person who prepared the mineral resource estimates presented in this news release is Mr. PorfÍrio Cabaleiro Rodriguez (MAIG), who is a mining engineer, independent of Talon and an employee of Coffey Consultoria e ServiÇos Ltda., a branch of Coffey International in Brazil (“Coffey”). Mr. Rodriguez is responsible for the mineral resource estimates in this news release and has reviewed, approved and verified the data disclosed in this news release relating to the mineral resource estimates (including sampling, analytical and test data underlying the mineral resource estimate).

Please refer to Talon’s news release dated March 2, 2012 entitled “Talon Metals Announces Substantial Increase to Mineral Resources at the Trairão Iron Project, Brazil” for additional information on the mineral resource estimates. Coffey compiled a NI 43-101 compliant technical report on the Trairão Project entitled “Fourth Independent Technical Report on Mineral Resources” dated March 30, 2012, a copy of which is available under Talon’s SEDAR profile at www.sedar.com. Please refer to this technical report for further information on the Trairão Project.

The mineralogical and metallurgical test work discussed in this news release was conducted by SGS in Lakefield, Ontario. SGS is independent of Talon.

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 mine management team with extensive experience in project management.

Talon has a treasury of approximately CDN$17 million and has 92 million common shares outstanding and 111 million shares on a fully diluted basis.

For additional information on Talon please visit the Company’s website at www.talonmetals.com or contact:

Sean Werger
President
Talon Metals Corp.
Tel: (416) 361-9636 x247
Email: werger@talonmetals.com

Forward-Looking Statements

This news release contains certain “forward-looking statements”. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Such forward-looking statements include, among other things, statements relating to the Trairão Project with respect to estimates of mineral resource quantities, mineral resource qualities, the metallurgical test work, the potential for resource expansion, concentrate grades and metallurgical recovery rates and further improvement in metallurgical recoveries, estimated production rates, the potential for infrastructure expansions and the anticipated impact on the Company, the further drilling to provide samples to the potential off-taker and the timing and completion of a more fulsome definitive agreement in that respect, the development of a process engineering strategy and commissioning of a preliminary economic assessment, iron ore prices, the Company’s expectations with respect to its financial resources, and targets, goals, objectives and plans and the timing associated therewith, including actively looking for opportunities that could generate additional cash flow for the Company in the near-term. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, 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, but are not limited to: failure to establish estimated mineral resources, the grade, quality and recovery of mineral resources varying from estimates, risks related to the exploration stage of the Company’s properties, the possibility that future exploration results and metallurgical testing will not be consistent with the Company’s expectations (including identifying additional mineralization and/or recovery), failure to enter into a definitive off-take agreement on terms and conditions acceptable to the Company or at all, the anticipated lump material mass yield and iron ore grade for the surficial deposit not being achieved, changes in the price of iron ore, changes in equity markets, political developments in Brazil, the inability of the Company to generate cash flow in the near-term, 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 drilling and exploration results and other geological data and other factors (including exploration, development and operating risks). Any forward-looking statement 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 any forward-looking statement, whether as a result of buy . Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

The mineral resource figures disclosed in this news release are estimates and no assurances can be given that the indicated levels of iron will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the mineral resource estimates disclosed in this news release are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration.

The post Talon Metals Provides Operational Update On Its Trairão Iron Project appeared first on Talon Metals Corp.

Prior to his position at Tau Capital, Mr. Conte was a Senior Manager with Deloitte & Touche LLP (“Deloitte”) in Toronto, practicing in the Financial Advisory Group. In this role, Mr. Conte advised numerous mining companies and investors in the areas of valuations, mergers & acquisitions, and financial due diligence in connection with mining projects at all stages of development and located throughout North America, South America, Australia and Africa. In addition, while at Deloitte, Mr. Conte provided audit, accounting, internal control and consulting services.

Mr. Conte obtained his Bachelor of Mathematics and Masters of Accounting degrees from the University of Waterloo. He is a member of the Institute of Chartered Accountants of Ontario, the Chartered Financial Analyst Institute and the Canadian Institute of Chartered Business Valuators.

“With a multi-functional financial skill set, Vince Conte is an excellent addition to Talon’s senior management and it is my pleasure to welcome him to the team,” said Henri van Rooyen, CEO of Talon.

Talon wishes to thank Mr. Manoel Carlos Cerqueira, the outgoing CFO, for his service to the company and wishes him well in all his future endeavours.

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$18 million and has 92.0 million common shares outstanding and 110.9 million shares on a fully diluted basis.

Erica Belling
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243
Email: ebelling@taucapital.com
www.talonmetals.com

The post Talon Metals Appoints New Chief Financial Officer appeared first on Talon Metals Corp.

This compares to a net loss of $3,329,526 or $0.04 per basic share (basic and diluted) for the three months ended March 31, 2011, which was largely the result of administration and share based payment expenses, reduced by an unrealized gain on investments.

Capitalized exploration on mineral properties for the first quarter of 2012 amounted to $1,193,674 and was mainly related to work done on the Trairão Iron Project. The total capitalized exploration on mineral properties to March 31, 2012 was $16,760,994 and primarily reflected work performed on the Trairão Iron Project.

Condensed Consolidated Interim Financial Statements for the three months ended March 31, 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.

For additional information on Talon please visit the Company’s website at www.talonmetals.com or contact:

Erica Belling, CFA, P.Eng.
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243
Email: ebelling@taucapital.com
www.talonmetals.com

The post Talon Metals Reports First Quarter 2012 Results appeared first on Talon Metals Corp.

Talon files Fourth NI 43-101 Technical Report on SEDAR for the Trairão Iron Project

Road Town, Tortola, British Virgin Islands (March 30, 2012) – Talon Metals Corp., (“Talon” or the “Company”) (TSX: TLO) reported a net loss from continuing operations for the year ended December 31, 2011 of $13.3 million or $0.15 per share – basic and diluted (2010: net loss of $4.3 million or $0.08 per share – basic and diluted). In 2011, the net loss was primarily due to administration expense, share of loss in associate and stock based payments, reduced primarily by the gain on the sale of the Água Branca Gold Project.

For the three month period ended December 31, 2011 Talon reported a net loss from continuing operations of $2 million or $0.02 per share – basic and diluted. (2010: net income of $1.4 million or $0.02 per share – basic and diluted). In the fourth quarter of 2011, the net loss was mainly due to administration expenses.

Capitalized exploration for the year amounted to $14.5 million (total to date is $15.5 million) and relates mainly to the Trairão Iron Project in 2011 and 2010, and to Rio Verde’s phosphate projects in 2010. This compares to $2.7 million in the year ended December 31, 2010.

Consolidated Audited Financial Statements for the years ended December 31, 2011 and 2010, together with Management’s Discussion and Analysis and the Company’s Annual Information Form, have been filed on SEDAR and are available at www.sedar.com.

Fourth NI 43-101 Technical Report on Trairão Iron Project
Talon also announces that a National Instrument 43-101 compliant technical report has been filed on SEDAR for the Company’s 100% owned Trairão Iron Project in ParÁ State, Brazil. This is further to Talon’s news release of March 2, 2012.

The independent technical report is entitled “Fourth Independent Technical Report on Mineral Resources” and is dated March 30, 2012.

This technical report includes the new mineral resource estimate for Target Area 8, and an updated mineral resource estimate for Target Areas 1-6.

About Talon

Talon is a TSX-listed company focused on the exploration and development of its portfolio of iron ore projects in 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:

Erica Belling
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243
Email: ebelling@taucapital.com
www.talonmetals.com

The post Talon Metals Reports Results For The Year Ended December 31, 2011 appeared first on Talon Metals Corp.