Talon Starts Drilling On The Trairão Iron Project In Brazil

Road Town, Tortola, British Virgin Islands (Oct 21, 2010) – Talon Metals Corp., (“Talon” or the “Company”) (TSX: TLO) is pleased to announce that it has commenced a preliminary 60 hole, 3,000 metre reverse circulation (“RC”) drill program at its Trairão Iron Project (“Trairão Project”) in ParÁ State, Brazil.

On September 29, 2010, Talon announced that it had acquired a 100% interest in the 72,429 hectare Trairão Project, in which nine target areas had been identified on known banded iron formation (“BIF”) deposits, which have a cumulative strike length of 51 kilometres. The principal targets are the enriched colluvium and saprolite zones at surface.

The preliminary drilling program will focus on grid drilling of the near surface deposits on two of the priority targets identified in earlier exploration and drilling, including Target Area 1, where some 2,000 metres of strike will be drilled and the adjacent Target Area 2, where some 3,000 metres of strike will be drilled in the first phase of drilling.

Talon has completed surface mapping of the areas to be drilled as well as a ground magnetic survey and test auger drilling and rock sampling in the area. This preliminary drilling phase is scheduled to take some four months to complete the drilling and to receive, interpret and report all of the drill results.

The preliminary drilling program aims to investigate the lateral continuity of the iron mineralization associated with a colluvium deposit and underlying supergene enriched saprolite zone that is developed on an extensive plateau area (Figure 1). The program will include the drilling of sixty vertical RC drill holes to depths of between 40 and 60 metres, with an average depth of 50 metres, to test two high priority zones where historical drilling reported significant iron grades. The spacing between the drill holes will range from 200 to 400 metres. Talon will also re-assay the historical diamond drill holes which were drilled by the previous operator, Codelco do Brasil MineraÇão Ltda., in 2009 within Target Areas 1 and 2.

The preliminary RC drilling program will be undertaken by Servitec-Sondagem GeolÓgica, an established Brazilian drilling contractor. It is anticipated that samples will be analysed by SGS-Geosol laboratory, which is ISO14001 and ISO 9001:2000 accredited and is independent of Talon. Selected RC samples will be retained for preliminary metallurgical testwork. In addition, Talon has engaged Coffey Mining Ltd. to undertake a report on the Trairão Project and the drilling program. This report will comply with Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Figure 1: Aerial view of the Trairão Plateau (19 kilometres long)

“The aim of this drilling program is to test some five kilometres of strike, or 10% of the approximately 50 kilometres of the strike of the iron deposits within the licence areas, to determine the characteristics of the deposits and in particular the lateral continuity and iron grades, as well as the extent of the reported enrichment of these near surface deposits,” said Mr. Stuart Comline, President and CEO of Talon. “Depending on the results, we would use the drilling data to contribute towards an estimate of inferred resources in these initial test areas and, if warranted, undertake preliminary metallurgical testwork. If the results prove positive, further drilling will extend to the other similar deposits within the licence areas and we will also drill the underlying BIF deposits.”

About the Trairão Project
The Trairao Project includes 12 exploration licences over approximately 72,429 hectares and in addition applications have been submitted for an additional two properties covering a further 17,869 hectares. All these areas have near surface iron potential. Nine discreet and extensive occurrences of BIF, which are hosted in the Archean age Serra da Seringa greenstone belt, are developed within the licence areas acquired by Talon. The BIFs have a cumulative strike length of 51 kilometres and are covered by iron rich colluvium and epigenetically enriched iron deposits near surface, which collectively extend to depths of between 20 and 61 meters.

About Talon

Talon is a TSX-listed company focused on the acquisition, exploration and development of iron ore and other mineral resource projects. 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$7 million and holds 985,830 common shares in Brazilian Gold Corporation (TSXV:BGC). Talon has 68,559,398 common shares outstanding and 76,729,122 shares on a fully diluted basis taking into account the private placement announced separately today.

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
Email: ebelling@taucapital.com

Forward-Looking Statements

This press 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, among other things, statements relating to: the Company’s drilling program at the Trairão Project, including the timeline and focus for such program; prospective drilling sites; use of the drilling data to estimate inferred resources; and the timing, scope and implementation of follow-up work in respect of the drilling program.

Forward-looking information is 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 information, 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: changes in the price of iron ore; changes in the anticipated demand for iron ore; political developments in Brazil; changes to regulations affecting the Company’s activities, including tax and trade laws and policies; delays in obtaining or failures to obtain required regulatory permits and approvals from government authorities; delays in commencing the Company’s proposed drilling program; equipment failure; unexpected geological or hydrological conditions; the uncertainties involved in interpreting drilling results and other geological data; the possibility that future exploration results will not be consistent with the Company’s expectations; exploration costs varying significantly from estimates; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of Talon; uncertainties relating to the availability and costs of financing needed to complete exploration activities and demonstrate the feasibility of the Company’s projects; the success of future exploration and development initiatives; and other risks involved in the mineral exploration and development industry.

Forward-looking information 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 forward-looking information, whether as a result of buy . Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.