Road Town, Tortola, British Virgin Islands (Aug 13, 2007) – Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) reported a loss for the three month period ended June 30, 2007 of $978,845 or $0.04 per share (basic and diluted) primarily due to a $657,500 unrealized loss on investment in shares of Brazauro Resources Corporation (“Brazauro”). Earnings for the six month period were $8,467,901or $0.31 per share (basic and diluted) mainly the result of the sale in the first quarter of the Company’s interest in the Tocantinzinho gold project to Brazauro. This compares to a loss of $858,970 or $0.03 per share (basic and diluted) for the three months ended June 30, 2006 and a loss of $968,563 or $0.04 per share (basic and diluted), for the six month period last year.
Capitalized exploration for the second quarter of 2007 amounted to $601,661 and for the six month period $1,107,029. The total capitalized exploration to June 30, 2007 was $8,533,707 and mainly reflects work performed on the São Jorge Gold Project in Para State, Brazil.
Consolidated Interim Financial Statements for the three and six months ended June 30, 2007, along with Management’s Discussion and Analysis, have been filed on SEDAR and are available at www.sedar.com.
Talon is a TSX-listed company focused on the acquisition, exploration and advancement of high quality mineral resource projects. 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