Talon Receives Shareholder Approval On Rio Verde Distribution
ROAD TOWN, Tortola, British Virgin Islands, June 6, 2011 /CNW/ - Talon
Metals Corp., ("Talon" or the "Company") (TSX: TLO) announces that Mr.
Eddie Scholtz has been appointed as President and CEO of Talon
effective June 7, 2011. This announcement completes a transition
process that has been underway for several months. Mr. Comline will
continue as a technical consultant continuing his involvement in
Talon's iron ore exploration programs. Mr. Comline will also continue
to serve as a member of Talon's board of directors. It is anticipated
that Mr. Scholtz will be appointed to the board at a future date.
Mr. Scholtz has 40 years of experience in the mining industry, primarily
in South America and Africa. During his career he spent 37 years with
BHP Billiton where he held a variety of positions including Managing
Director of Ingwe Collieries, BHP Billiton's wholly-owned South African
coal business, now known as BHP Billiton Energy Coal South Africa. In
this role Mr. Scholtz oversaw one of the largest coal businesses in the
world. More recently Mr. Scholtz was also Managing Director for BHP
Billiton's bauxite and alumina operations in Suriname in South America
and is COO Mining for TSX listed CIC Energy Corp., a coal exploration
company with a world scale deposit in Botswana, Africa.
"Eddie's extensive mining expertise, solid business experience and
strong leadership will enhance Talon's senior management team as the
Company rapidly advances its flagship Trairão Iron Project in Brazil,"
said Warren Newfield, Chairman of Talon. "I'd like to take this
opportunity to welcome Eddie to Talon. I'd also like to thank Stuart
Comline for all of his assistance since November 2007, when he was
appointed as Interim President and CEO. The Company appreciates Mr.
Comline's ongoing commitment and continued involvement with the Company
as a director and technical consultant."
Voting Results from Annual and Special Meeting of Shareholders
Talon also announces that today the Company's shareholders approved the
proposed distribution of Rio Verde Minerals Corp. ("Rio Verde") shares
to Talon shareholders (the "RV Distribution") at its annual and special
shareholder meeting (the "Meeting") held in Nassau, Bahamas.
The Meeting was called for several purposes including for the
shareholders to consider and vote on the proposed RV Distribution, as
previously announced in the Company's news releases of April 5, 2011
and May 16, 2011. The anticipated completion of the RV Distribution,
subject to the receipt of all necessary approvals, is scheduled for no
later than July 31, 2011. The number of Rio Verde shares to be
distributed per outstanding Talon share will be announced prior to the
date of distribution. Talon owns approximately 25.6 million shares in
The RV Distribution will be facilitated through a plan of arrangement
involving Talon, Rio Verde, EM Resources Inc. (a reporting issuer in
Ontario) and a subsidiary of EM Resources Inc. As a result of the
completion of the arrangement, Rio Verde will become a reporting
In addition, Talon shareholders voted to approve the shareholder rights
protection plan, announced in the Company's news release of January 17,
The Company's report of voting results will be filed on SEDAR at www.sedar.com today.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in the United States.
The securities described in this news release have not been and will
not be registered under the United States Securities Act of 1933, as
amended, or the securities laws of any state and may not be offered,
sold or delivered in the United States absent registration or an
applicable exemption from registration.
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 has 91,686,687
common shares outstanding and 107,631,189 shares fully diluted.
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, without
limitation, the completion and proposed terms of RV Distribution and
timing related thereto; and the anticipated effect of the RV
Distribution on shareholder value.
Forward-looking information is 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
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, among other things, risks related to the
exploration stage of the Company's properties, the possibility that
future exploration results will not be consistent with the Company's
expectations (including identifying additional and/or deeper
mineralization), changes in the price of iron ore, changes in equity
markets, political developments in Brazil, uncertainties relating to
the availability and costs of financing needed in the future, changes
to regulations affecting the Company's activities, delays in obtaining
or failures to obtain required regulatory approvals, the uncertainties
involved in interpreting exploration results and other geological data
and the other risks involved in the mineral exploration business.
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 new information, future events or
results or otherwise. 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.
Image with caption: "Eddie G. Scholtz, President and CEO of Talon Metals Corp. (CNW Group/Talon Metals Corp.)". Image available at: http://photos.newswire.ca/images/download/20110606_C3107_PHOTO_EN_01.jpg
SOURCE Talon Metals Corp.
For further 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