Talon Metals Corporation has published its financial results for the third quarter 2007. The BVI company reported net income for the three month period ended September 30, 2007, of $8,171 or $0.00 per share (basic and diluted). To a much extent, this was the result of investment gains, mostly related to the sale of approximately 62% of Company’s share position in Brazauro Resources Corporation announced in September 2007.
Earnings for the nine month period made $8,476,072 or $0.31 per share (basic and diluted), mostly due to the sale of BVI company’s interests in the Tocantinzinho gold project to Brazauro in the first quarter 2007. These figures may be compared to a loss of $214,142 or $0.01 per share (basic and diluted) for the three months ended September 30, 2006, and a loss of $1,182,705 for the nine month period of 2006.
Also, for the third quarter 2007 capitalized exploration amounted to $307,415, and for the nine months period it was $1,364,137. The total capitalized exploration was $8,192,015 to September 30, 2007, mainly reflecting the work performed on the Sao Jorge Gold Project in Para State, Brazil.
The British Virgin Islands-registered Talon Metals Corp., formerly known as BrazMin Corp., is focused on the acquisition, exploration and advancement of mineral resource projects. The company has recently commenced its Fall 2007 exploration program and discovered a new gold mineralized zone at Agua Branca Gold Project.