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
Talon also announces that today the Company’s shareholders approved the proposed distribution of Rio Verde Minerals Corp. (“Rio Verde”) shares to Talon shareholders (the “RV Distribution”) at its annual and special shareholder meeting (the “Meeting”) held in Nassau, Bahamas.
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:
VP Investor Relations
Tau Capital Corp.
Tel: Tel: (416) 361-9636 x 243