TALON METALS PROVIDES UPDATE ON UPCOMING DISTRIBUTION OF RIO VERDE SHARES

ROAD TOWN, Tortola, British Virgin Islands, June 29, 2011 /CNW/ --
TSX:TLO

ROAD TOWN, Tortola, British Virgin Islands, June 29, 2011 /CNW/ - Talon
Metals Corp., ('Talon' or the 'Company') (TSX: TLO) is pleased to
announce that the final phase of the legal process to complete the
distribution of shares in Rio Verde Minerals Corporation ('Rio Verde')
to Talon shareholders on a pro rata basis (the 'RV Distribution') is expected to occur in July 2011.

On July 8, 2011 a hearing is scheduled in the Eastern Caribbean Supreme
Court (Virgin Islands) for the court to consider the granting of the
final order approving the distribution of Rio Verde shares to Talon
shareholders and the Plan of Arrangement involving Talon, Rio Verde, EM
Resources Inc. (a reporting issuer in Ontario) and a subsidiary of EM
Resources Inc, which will allow Rio Verde to have its shares listed on
the Toronto Stock Exchange (the 'TSX').

The 'effective date' of the RV Distribution is expected to be several
days after this final order is granted, once the registrar in the
British Virgin Islands has certified the order and the TSX has given
its conditional approval for the listing of the Rio Verde shares.

Only shareholders of Talon holding shares on the 'effective date' are
eligible to receive shares in Rio Verde. Talon shareholders will
receive one ordinary share of Rio Verde for every four common shares of
Talon held. The Rio Verde shares will be subject to a six month hold
period. This was required by the syndicate of brokers for Rio Verde's
equity financing which was completed this week. Rio Verde anticipates
listing on the TSX in July 2011.

'Talon shareholders will directly benefit from Rio Verde's anticipated
TSX listing and any future value created as it executes on its strategy
to become a substantial fertilizer company in Brazil,' said Mr. Eddie
Scholtz, President and CEO of Talon.

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.

Talon has a treasury of approximately CDN$33 million and holds 500,000
common shares in Lago Dourado Minerals Ltd. (TSXV:LDM). Talon also
holds 19 million shares in Tlou Energy Limited and 25.6 million shares
in Rio Verde, both currently unlisted companies.

Talon has 91.7 million common shares outstanding and 107.6 million
shares on a fully diluted basis.

Forward-Looking Statements

This news release contains certain 'forward-looking information'. All
information, other than information pertaining to historical fact,
which addresses activities, events or developments that Talon believes,
expects or anticipates will or may occur in the future constitutes
forward-looking information. Forward-looking information reflects the
current expectations or beliefs of Talon based on information currently
available to Talon. Such forward-looking information includes, without
limitation, the completion and proposed terms of RV Distribution and
timing related thereto; and the anticipated effect of the RV
Distribution on shareholder value.

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For additional information on Talon please visit the Company's website at www.talonmetals.com or contact:

Erica Belling
EVP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243
Email: ebelling@taucapital.com