Talon Metals Corp. reported third quarter financial results

Talon Metals Corp., a mineral exploration company focused on the acquisition, exploration and development of metal projects in Brazil, reported financial results for the third quarter of 2012.

For the three month period ended September 30, 2012, the BVI company reported a net loss of $800,893, or $0.01 per share (basic and diluted), – compared to a net loss of $2,444,896, or $0.03 per share for the third quarter of 2011. Capitalized exploration for the third quarter of the year 2012 amounts to $474,950 and relates mainly to the TrairĂ£o Iron Project in Brazil. This compares to $5,211,412 for the same period of last year, when it was related to work done on the TrairĂ£o Iron Project and the Rio Verde projects.

For the nine month period ended September 30, 2012, net loss was $5,056,481 or $0.05 per share (basic and diluted), compared to a net loss of $12,288,549 or $0.14 per share (basic and diluted) for the first nine months of last year. Capitalized exploration for the nine months ended September 30, 2012 amounts to $2,435,970, compared to $11,233,827 for the same period of 2011.

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