ROAD TOWN, Tortola, British Virgin Islands, June 14, 2011 /CNW/ -- TSX:TLO
ROAD TOWN, Tortola, British Virgin Islands, June 14, 2011 /CNW/ - Talon Metals Corp., ('Talon' or the 'Company') (TSX: TLO) reported a net loss for the three month period ended March 31, 2011 of $3,158,972 or $0.04 per share (basic and diluted). This was primarily the result of administration and stock based payment expenses, reduced by an unrealized gain on investments. The first quarter of 2011 was the Talon's first reporting period under International Financial Reporting Standards ('IFRS').
This compares to net loss of $265,013 or $0.01 per basic share (basic and diluted) for the three months ended March 31, 2010, which was largely the result of operating expenses, partially offset by a gain on the sale of Talon's holding of shares in Beadell Resources Limited.
Capitalized exploration on mineral properties for the first quarter of 2011 amounted to $2,656,173 and was mainly related to work done on the Trairão Iron Ore Project, as well as on Rio Verde's projects. The total capitalized exploration on mineral properties to March 31, 2011 was $13,603,012 and primarily reflected work performed on the Trairão Iron Ore Project, as well as on Rio Verde's projects.
Consolidated Interim Financial Statements for the three months ended March 31, 2011, along with Management's Discussion and Analysis, have been filed on SEDAR and are available at www.sedar.com.
About Talon
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.
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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 Email: ebelling@taucapital.com
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