Talon Metals Corp. announced consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss of $1.3 million or $0.01 per basic and diluted share. This was primarily the result of administration expenses and the company's share of loss in Tlou Energy Limited. This compares to a net loss of $1.0 million or $0.01 per basic and diluted share for the three months ended March 31, 2012, which was largely the result of administration expenses and the company's share of loss in Tlou Energy, partially offset by a gain on investments. Capitalized exploration cost on the Trairão Iron Project for the first quarter of 2013 amounted to $0.4 million. This compares to $1.0 million for the same period in 2012. The total capitalized exploration cost on the Trairão Iron Project to March 31, 2013 amounts to $17.0 million.

Talon Metals Corp. expanded on its previous announcements regarding the potential for a high grade, near surface resource that may be amenable to producing direct shipping ore from its 100% owned Trairão Iron Project, located in Pará State, Brazil. The company's recent activities in regards to further analyzing the potential for high grade material from the surficial deposit at the Trairão Project stems from a number of factors, including, (i) the company's stated objective to generate near term cash flow, (ii) the signing by the company of a letter of intent with a potential off-taker of lump material from the surficial deposit at the Trairão Project, and most importantly, (iii) recent announcements by the Brazilian government concerning infrastructure improvements throughout Pará State, which could positively impact a lump and sinter feed operation from the Trairão Project. Further to the company's releases dated September 27, 2012 and November 22, 2012, the evaluation of samples from the surficial deposit at the Trairão Project, which are the result of weathering of banded iron formation units, has indicated a potential for a lump and sinter feed material. SGS-Geosol Laboratórios Ltda assayed three samples taken from Areas 1 and 2 of the Trairão Project. These samples were taken by Talon from surface to a depth of approximately five metres, and approximately 50kg of surficial material was collected per hole. The material was dried and homogenised on site and then shipped to SGS in Parauapebas (in Pará State, Brazil) where the samples were split into smaller fractions of 13 to 28kg. The head samples were initially weighed and assayed and then screened into three size fractions, being: lump (>6.35mm); sinter (<6.35mm and >1mm); and fines (<1mm). Each of the three size fractions was also weighed and assayed.

Talon Metals Corp. reported consolidated audited earnings results for the year ended December 31, 2012. For the year, the company has posted net loss from continuing operations and a net loss was $18.4 million or $0.20 per share - basic and diluted, which includes an impairment loss of $11.2 million on its investment in Tlou Energy Limited and the company's share of loss in Tlou Energy of $2.3 million against net loss from continuing operations of $13.8 million or $0.16 per share - basic and diluted and net loss of $4.9 million or $0.06 per share - basic and diluted in the year 2011.