Talon Metals Reports Third Quarter 2016 Results
ROAD TOWN, BRITISH VIRGIN ISLANDS--(Marketwired - November 14, 2016) - Talon Metals Corp., ("Talon" or the "Company") (TSX: TLO) reported net income for the three months ended September 30, 2016 of $0.1 million or nil per share (basic and diluted), which was primarily the result of a gain on the fair value revaluation of the Resource Capital Fund VI L.P. unsecured convertible loan, offset by administration expenses. This compares to net income of $1.3 million or $0.01 per share (basic and diluted) for the same period in the prior year, which was primarily the result of a gain on the sale of a net smelter returns royalty that the Company held over the São Jorge Gold Project, offset by administration expenses.
The Company's net loss for the nine months ended September 30, 2016 was $0.2 million or nil per share (basic and diluted). This compares to a net loss of $0.7 million or $0.01 per share (basic and diluted) for the same period in the prior year.
Capitalized exploration costs and deferred expenditures on the Tamarack Nickel-Copper-PGE Project for the nine months ended September 30, 2016 amounted to $21.7 million. This compares to $13.9 million for the same period in the prior year. The total capitalized exploration cost on the Tamarack Nickel-Copper-PGE Project to September 30, 2016 amounts to $37.0 million.
Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2016 and 2015, together 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 Tamarack Nickel-Copper-PGE Project in Minnesota, USA (which comprises the Tamarack North Project and the Tamarack South Project). The Company has a well-qualified exploration and mine management team with extensive experience in project management.
For additional information on Talon, please visit the Company's website at www.talonmetals.com or contact:
Contact
Sean Werger
President
Talon Metals Corp.
Tel: (416) 361-9636 x102
Email: werger@talonmetals.com