March 30, 2012
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.
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:
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243