Talon Metals Confirms Effective Date For The Distribution Of Rio Verde Shares

Road Town, Tortola, British Virgin Islands (Jul 21, 2011) – Talon Metals Corp., (“Talon” or the “Company”) (TSX: TLO) is pleased to confirm that the “effective date” of the distribution of Rio Verde Minerals Development Corporation (“Rio Verde”) shares to Talon shareholders (the “RV Distribution”) will be July 28, 2011.

At market open on Monday July 25, 2011, the common shares of Talon will commence trading on an “ex” distribution basis. Only Talon shareholders of record at the close of business on Wednesday July 27, 2011 will receive shares in Rio Verde on the basis of one ordinary share of Rio Verde for every four common shares of Talon.

The RV Distribution shares will be subject to a six month hold period (ending before market open on January 30, 2012) as required by the syndicate of brokers for Rio Verde’s recently completed equity financing.

The RV Distribution Shares will be distributed to Talon’s shareholders by Talon’s transfer agent, Computershare Investor Services Inc. on or about July 28, 2011.

About Talon

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 approximately 91.7 million common shares outstanding and approximately 107.6 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
Email: ebelling@taucapital.com

Forward-Looking Statements

This news release contains certain “forward-looking information”. All information, other than information pertaining to historical fact, which addresses activities, events or developments that Talon believes, expects or anticipates will or may occur in the future constitutes forward-looking information. Forward-looking information reflects the current expectations or beliefs of Talon based on information currently available to Talon. Such forward-looking information includes, without limitation, the completion and proposed terms of the RV Distribution and timing related thereto and the anticipated effect of the RV Distribution on shareholder value.