Talon Metals Acquires New Gold Project in Brazil



    TSX:TLO

    ROAD TOWN, Tortola, British Virgin Islands, Feb. 21 /CNW/ - Talon Metals
Corp. ("Talon" or the "Company") (TSX: TLO) is pleased to announce that it has
signed a binding Letter of Interest ("LOI") with Sagitario Servicos Minerais
S/C Ltda ("Sagitario") to acquire a 100% interest in the Barra do Franca Gold
Project ("Barra do Franca" or the "Project"), located in Piaui State on the
northeastern region of Brazil. Talon aims to prospect the area to assess the
potential of the known gold mineralisation as a bulk mineable near surface
target.

    
    In terms of the agreement, Talon will pay;

    -  US$15,000 to secure the option on the Project and conduct a due
       diligence review. This initial payment has been made;
    -  US$85,000 on May 11, 2008; and
    -  US$150,000 on February 11, 2009 to acquire a 100% interest in the
       Project.

    In addition;

    -  Sagitario will retain a royalty of 1% net smelter return ("NSR") that
       can be acquired by Talon at any time in the future, through the
       payment of US$500,000;
    -  The project will be managed and operated by Brazmin Ltda which is a
       Brazilian based subsidiary of Talon; and
    -  Talon reserves the right, at its sole discretion, to withdraw from
       this agreement at any time.
    

    About the Barra do Franca Gold Project

    The Barra do Franca Gold Project is located in the southeastern part of
the State of Piaui, only four kilometres southwest of Sao Joao do Piaui nickel
laterite deposit, which is held by Vale (RIO:NYSE) formerly known as CVRD or
Companhia Vale do Rio Doce. The Project is in an area with reasonable
infrastructure and consists of an Exploration License ("EL") of approximately
893 hectares. Subsequent to the LOI Talon has independently applied for and
been granted mineral rights to an additional 7,864 hectares in four
Exploration Licenses that cover the eastern and western strike extensions to
the mineralized zone in the Project, thereby increasing the Project area to
8,757 hectares.
    The Project covers part of the Mesoproterozoic Brejo Seco
volcano-sedimentary sequence that is divided into two main domains. Domain I
is represented by pelitic and chemical metasedimentary rocks and Domain II
comprises basic and acid meta-volcanic rocks. The sequence is intruded by
differentiated mafic-ultramafic intrusives. The Sao do Piaui nickel laterite
deposit occurs on a plateau area on one of these intrusives.
    The gold mineralization in the Project is developed in an intensely
fractured quartzo-felspathic rock, interpreted as an acid volcanic unit,
within Domain II. The mineralization is in wide zones of quartz-carbonate and
potassic felspar veins, in which the gold mineralisation is associated with
pyrite.
    Preliminary exploration has delineated an area, through channel sampling
and rock grab sampling, of anomalous gold grades in which the host rock dips
at 60 degrees to the northeast and strikes northwest over a distance of 1,420
metres. The anomaly is between 80 and 200 metres wide.
    Before signing the LOI, a consulting geologist (on behalf of Talon)
undertook a systematic channel sampling survey of the main mineralized zone,
and returned results of 39 samples, which included the following
intersections:

    
    -  6.59 g/t Au over 10 metres, in YBFC-020
    -  3.21 g/t Au over 10 metres, in YBFC-007
    -  2.04 g/t Au over 11 metres, in YBFC-029
    -  1.25 g/t Au over 5 metres, in YBFC-030
    -  0.96 g/t Au over 10 metres, in YBFC-008
    -  0.90 g/t Au over 10 metres, in YBFC-016
    -  0.81 g/t Au over 10 metres in YBFC-014
    

    In addition to the channel sampling program, 62 grab samples were
randomly collected along the mineralized zone, which returned assay results
which included the following grades; 19.90, 8.88, 3.16, 2.22, 1.77 and 1.19
g/t Au.
    Subsequently Talon has undertaken further exploration to identify the
priority targets in the mineralized zone, which has included detailed mapping
and an extensive channel sampling program. The results of this due diligence
work are expected in March.

    Quality Assurance, Quality Control and Qualified Person

    Assays from channel and grab samples reported in this news release were
analyzed in two separate batches. One batch was analyzed by SGS-Geosol
Laboratorio Ltda's ("SGS") laboratory in Belo Horizonte-Brazil, with gold
being determined by fire assay/atomic absorption with a detection limit of
5ppb Au using 50 gram aliquots. SGS is ISO14001 and ISO 9001:2000 accredited
and is independent of Talon. The second batch was analyzed by ALS Chemex's
laboratory in Vancouver, an ISO 9001:2000 and ISO 17025 accredited laboratory
which is independent of Talon. These samples were analyzed for gold by fire
assay/atomic absorption with a detection limit of 0.001ppb Au and,
additionally for a suite of 35 other elements such as silver, copper, lead,
zinc, etc. by ICP spectrometry/multi-acid digestion.
    Talon's exploration programs are being managed by Talon's VP Exploration,
Mr. Paulo Ilidio de Brito (Member: AusIMM), who is qualified person within the
meaning of National Instrument 43-101. Mr. Ilidio de Brito, who is responsible
for the technical material in this news release, has verified the data
disclosed in this news release.

    About Talon

    Talon is a TSX-listed company focused on the acquisition, exploration and
advancement of high quality 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$14 million and holds 4,935,500
common shares of Brazauro Resources Corporation, (TSX-V:BZO) and 2,450,000
common shares in Beadell Resources Limited (ASX:BDR).

    Forward-Looking Statements

    This press release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or anticipates will
or may occur in the future (including, without limitation, statements
regarding exploration results, potential mineralization and plans) are
forward-looking statements. These forward-looking statements reflect the
current expectations or beliefs of the Company based on information currently
available to the Company. Forward-looking statements are subject to a number
of risks and uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking statements, 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, among other things, changes in
gold prices, changes in equity markets, political developments in Brazil,
changes to regulations affecting the Company's activities, foreign currency
fluctuations, delays in obtaining or failures to obtain required regulatory
approvals, uncertainties relating to the availability and costs of financing
needed in the future, the uncertainties involved in interpreting drilling
results and other ecological data, and the other risks involved in the gold
exploration and development industry. Any forward-looking statement 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 any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.

    %SEDAR: 00008215E




For further information:

For further information: on Talon and its projects visit the Company's
website at www.talonmetals.com or contact: Erica Belling, CFA, P.Eng., VP
Investor Relations, Tau Capital Corp., Tel: (416) 361-9636 x 243, Email:
ebelling@taucapital.com

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Talon Metals Corp.

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