Talon Metals Announces Mineral Resource Estimate For Target Areas 4, 5 & 6 At The Trairão Iron Project, Brazil

Road Town, Tortola, British Virgin Islands (Nov 24, 2011) – Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) is pleased to announce an inferred mineral resource estimate for Target Areas 4, 5 and 6 at its 100% owned Trairão Iron Project (“Trairão Project”), located in Pará State, Brazil.

The National Instrument 43-101 (“NI 43-101”) compliant inferred mineral resource estimate (“Resource”) for Target Areas 4, 5 and 6 is estimated at approximately 103 million tonnes at an average grade of approximately 29% Fe (25% Fe cut-off). The addition of the Resource for Target Areas 4, 5 and 6 represents an increase of approximately 9% on the previously reported cumulative inferred mineral resource estimate of approximately 1,102 million tonnes for Target Areas 1, 2 and 3 (see Table 1). The effective date of the Resource for Target Areas 4, 5 and 6 is November 24, 2011.

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

% Fe*
Target Areas 1, 2 and 3 18,000 1,102 36
Target Areas 4, 5 and 6 2,800 103 29
*25% Fe cut-off

The mineralization on Target Areas 4, 5 and 6 is hosted in relatively limited developments of saprock and lesser saprolite, which overlies the three parallel banded iron formation units (“BIFs”), which are the peripheral eastern extensions of the BIFs on Target Area 3.

“This resource estimate is in line with our expectations as Target Areas 4, 5 and 6 are peripheral extensions to the main resource on Target Areas 1, 2 and 3, and on which there is not extensive development of oxidized saprock and saprolite in this area,” said Eddie Scholtz, President and CEO of Talon. “At the Trairão Project our main focus is the metallurgy, beneficiation and infrastructure studies. We are fully funded to complete the planned work on this project, as well as our other projects through 2012.”

The NI 43-101 compliant inferred mineral resource estimate for Target Areas 4, 5 and 6 was 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 42 reverse circulation (“RC”) drill holes (1,850 metres), drilled between June and July 2011. As reported in Talon’s news release of September 20, 2011, these RC holes were drilled to depths down to 75 metres on a 200 x 200 metre spaced grid over these target areas.

Update and Outlook
Currently, Talon has two diamond drill rigs on the Trairão Project. The diamond drill rigs are conducting 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 drill and investigate the fresh BIF mineralization. To date, a total of 82 diamond drill holes have been completed (11,200 metres).

The preliminary RC drilling program on Target Areas 1 to 13 was completed in October 2011. The samples of the outstanding RC drill holes for Target Areas 7 to 13 are currently being assayed and processed. It is anticipated that some of these target areas will provide additional iron resources for the project, although the Company’s focus will remain on the priority Target Areas 1, 2 and 3, where the bulk of the mineral resource is developed.

Metallurgical testwork is continuing in a number of independent laboratories in order to identify the most appropriate process to beneficiate the four mineralization types at the Trairão Project. Initial metallurgical results are expected to be announced in December 2011, and the completion of this phase of the testwork is expected in mid 2012.

At the Inaja South Iron Project, RC drilling continues to intersect the BIF mineralization on the nine kilometre long target. To date, 22 RC drill holes (1,294 metres) have been completed as part of a 28 hole (1,900 metre) program. Drilling is expected to be completed in December 2011. Assaying of the drill samples has commenced and results are expected to be announced during the first quarter of 2012.

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 43-101.

The “Qualified Person” who prepared the mineral resource estimates and other technical information presented in this news release is Mr. Bernardo Horta de Cerqueira Viana, who is a geologist, independent of Talon and an employee of Coffey. Mr. Viana is a member of the Australian Institute of Geoscientists (“AIG”). Mr. Viana is responsible for the technical information in this news release and has reviewed, approved and verified the data disclosed in this news release (including sampling, analytical and test data underlying the technical information, and the mineral resource estimates disclosed herein). 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 Iron 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.

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 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. At the Trairão Iron Project, drilling for mineral resources, as well as metallurgical studies and various mining, environmental and logistics studies are ongoing. 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$25 million and has 91.8 million common shares outstanding and 107.9 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

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, the Company’s drilling and exploration plans, including the exploration programs and the results therefrom at the Trairão Iron Project and the Inajá South Iron Project, estimates in respect of mineral resource quantities, mineral resource qualities, the potential for updating the mineral resource for Target Areas 1, 2 and 3, 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 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.