Talon Metals reports second quarter 2013 results

TSX:TLO

ROAD TOWN, Tortola, British Virgin Islands, Aug. 14, 2013 /CNW/ - Talon Metals Corp., ("Talon" or the "Company") (TSX: TLO) reported a net loss for the three month period ended June 30, 2013 of $2.4 million or $0.03 per share (basic and diluted), which was primarily the result of administration expenses and an investment loss in Tlou Energy Limited, partially offset by foreign currency translation gains. This compares to a net loss of $2.7 million or $0.03 per share (basic and diluted) for the three months ended June 30, 2012, which was largely the result of administration expenses and an investment loss on portfolio investments, partially offset by foreign currency translation gains.

Net losses for both the six month period ended June 30, 2013 and June 30, 2012 were $3.7 million or $0.04 per share (basic and diluted).

Capitalized exploration costs on the Trairão Iron Project for the three and six months ended June 30, 2013 amounted to $0.3 million and $0.7 million, respectively. This compares to $0.8 million and $1.8 million for the same periods last year. The total capitalized exploration cost on the Trairão Iron Project to June 30, 2013 amounts to $17.3 million.

Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2013, 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 the Trairão Iron Project in Brazil. The Company has a well-qualified exploration and mine management team with extensive experience in project management.

SOURCE Talon Metals Corp.