ROAD TOWN, Tortola, British Virgin Islands, May 15, 2012 /CNW/ - Talon Metals Corp., ("Talon" or the "Company") (TSX: TLO) reported a net loss for the three month period ended March 31, 2012 of $1,538,262 or $0.02 per share (basic and diluted). This was primarily the result of administration expenses, somewhat offset by investment income.
This compares to a net loss of $3,329,526 or $0.04 per basic share (basic and diluted) for the three months ended March 31, 2011, which was largely the result of administration and share based payment expenses, reduced by an unrealized gain on investments.
Capitalized exploration on mineral properties for the first quarter of 2012 amounted to $1,193,674 and was mainly related to work done on the Trairão Iron Project. The total capitalized exploration on mineral properties to March 31, 2012 was $16,760,994 and primarily reflected work performed on the Trairão Iron Project.
Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2012, 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 exploration and development of its portfolio of iron projects in Brazil. The Company has a well-qualified exploration and management team with extensive experience in exploration and project management.
For further information:
For additional information on Talon please 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