Talon Metals Reports Third Quarter 2008 Results
Nov 11, 2008
Road Town, Tortola, British Virgin Islands (Nov 11, 2008) - Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) reported net loss for the three month period ended September 30, 2008 of $4,185,194 or $0.16 per share (basic and diluted). Net loss for the nine month period was $3,891,204 or $0.14 per share (basic and diluted). This compares to earnings of $8,171 or $0.00 per share (basic and diluted) for the three months ended September 30, 2007 and earnings of $8,476,072 or $0.31 per share (basic and diluted), for the first nine months of last year.
Capitalized exploration for the three and nine month periods ended September 30, 2008, amounted to $343,399 and $1,279,240 respectively. This relates mainly to work done on the Água Branca and São Jorge Projects. This compares to $307,415 and $1,364,137 for the three and nine month periods respectively of last year.
Subsequent to the end of the third quarter of 2008, Talon's loan to Saber Energy Corp. (“Saber”) was increased from $3 million to $6 million. Talon's agreement to loan Saber up to $6 million was announced in the Company's news release of September 25, 2008, along with its plans to negotiate a pre-merger agreement with Saber. The first $3 million tranche of the loan was advanced to Saber during the third quarter of 2008.
Talon's due diligence review of Saber is in progress. Both Talon and Saber continue to pursue plans to negotiate a pre-merger agreement on or before March 24, 2009.
Consolidated Interim Financial Statements for the three and nine months ended September 30, 2008, 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 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 Talon's website at www.talonmetals.com or contact: