TALON METALS PROVIDES UPDATE ON DISCUSSIONS WITH SABER ENERGY

Road Town, Tortola, British Virgin Islands (March 24, 2009) – Talon Metals Corp., (“Talon” or the “Company”) (TSX: TLO) today announces that it has agreed to a 30 day extension on the maturity date of the $6 million loan Talon has made to Saber Energy Corp. (“Saber”) as part of the binding Heads of Agreement entered into by Saber and Talon on September 25, 2008 (the “Heads of Agreement”). The original maturity date of the loan was March 24, 2009 and the loan will not be repaid on this date. In addition, Talon’s due diligence review of Saber regarding a potential merger of the two companies remains ongoing.

Talon currently expects its discussions with Saber regarding the loan to be concluded in about 30 days, or on or before April 24, 2009. The Company will update shareholders when the discussions are concluded. In the event that the discussions do not result in a further extension to the loan and the interest earned being agreed upon, the loan would become immediately due.

“Talon’s due diligence on Saber is not yet completed and Saber has some important work underway at present, which, if successful, has the potential to increase the value of Saber’s CBM properties in Botswana, and accordingly would bring value to all shareholders,” said Mr. Stuart Comline, President and CEO of Talon.

Talon’s $6 million loan to Saber is secured against Saber’s assets which include its land licenses in Botswana and other assets. Currently Talon’s management and auditors are establishing an appropriate valuation for the loan in light of the fact that Talon will be reporting its audited financial results for 2008 this month.

Interest on the loan is currently payable at a rate of 18% per annum.  Talon will also receive 3 million common share purchase warrants of Saber as part of the Heads of Agreement.

Saber is a private coal bed methane (“CBM”) exploration company focused on developing a CBM and shale gas field in the Karoo Basin in Botswana, Africa. Saber has over 90 drill holes with wells that have been drilled into the coal seams which host the CBM. Preliminary stage dewatering and pumping of gas is in progress and test work on gas flows and other characteristics of the coal and gas are underway. This proposed transaction with Saber was entered in to in order to realize Talon’s goal to participate in a large project of merit, a strategic undertaking that has been underway since mid-2007.

In addition, Talon is continuing to investigate other opportunities and is currently undertaking due diligence reviews on a number of such opportunities that have been identified in the Company’s search for new resource projects.

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$5 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). Talon has 27,054,222 common shares outstanding.

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 statements”.  All statements, other than statements of historical fact, that address activities, events or developments that Talon believes, expects or anticipates will or may occur in the future are forward-looking statements, including, without limitation, statements regarding Talon’s plans and objectives, the $6 million interim loan to Saber and the extension and possible further extension of the maturity date thereof, the potential merger of Talon and Saber (the “Merger”, with the company resulting from such Merger being hereinafter referred to as “MergeCo”) and the potential increase in value of Saber’s CBM properties in Botswana and to Talon’s shareholders.  These forward-looking statements reflect the current expectations or beliefs of Talon based on information currently available to Talon.  Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Talon 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 Talon.  Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure of Talon and Saber (together, the “Companies”) to reach agreement and to execute a pre-Merger agreement; the failure of the Companies to complete the Merger; Saber failing to repay the interim loan from Talon; volatility of and sensitivity to market prices for gas and prices (market or otherwise) for electricity; changes in the anticipated demand for electricity in southern Africa; changes in equity and debt markets; inflation; changes in exchange rates; uncertainties relating to the availability and costs of financing needed to complete exploration activities, demonstrate the feasibility of the gas reserve and to develop Saber’s proposed 1,000 megawatt power plant (the “Power Project”); the ability of Saber and/or MergeCo to conclude power purchase agreements with the intended offtakers of the Power Project; exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the Power Project and the properties Saber has an interest in; inability to commercially exploit the resources of the Power Project or the areas covered by Saber’s prospecting licences, including the production of downstream products such as petrochemicals; inability to secure and produce sufficient water to support gas production; actual gas usage varying from assumptions; inability to, or delays in, procuring the engineering, procurement and construction contract, labour, capital equipment and/or operating parts and supplies required for the Power Project; equipment failure; unexpected geological or hydrological conditions; political risks arising from operating in Africa; imprecision in preliminary resource estimates, including estimates of the life and recovery thereof; success of future exploration and development initiatives; inability to establish the minimum amount and quality of reserves required to support the proposed Power Project; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities, including approval of environmental impact assessment applications; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of Saber and/or MergeCo, respectively; failure to acquire interests in prospecting licences that Saber currently has an interest in; changes in government regulations and policies, including tax and trade laws and policies; risks relating to labour; and other exploration, development and operating risks.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, Talon 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 Talon 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.  Information pertaining to Saber has been furnished by Saber.  Although Talon does not have any knowledge that would indicate that any such information is untrue or incomplete, Talon assumes no responsibility for the accuracy or completeness of such information.