ROAD TOWN, BRITISH VIRGIN ISLANDS--(Marketwired - Nov. 16, 2015) - Talon Metals Corp., ("Talon" or the "Company") (TSX:TLO) reported net income for the three month period ended September 30, 2015 of $1.3 million or $0.01 per share (basic and diluted). This was primarily the result of a gain on the sale by the Company in August 2015 of the 1% net smelter returns royalty that the Company held over the São Jorge Gold Project in Pará State, Brazil, offset by administration expenses.
This compares to a net loss of $0.9 million or $0.01 per share (basic and diluted) for the three months ended September 30, 2014, which was primarily the result of administration expenses.
The Company's net loss for the nine month period ended September 30, 2015 was $0.7 million or $0.01 per share (basic and diluted). This compares to a net loss of $1.8 million or $0.02 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, 2015 amounted to $13.9 million, compared to $5.8 million for the same period in the prior year. The total capitalized cost on the Tamarack Nickel-Copper-Platinum Project to September 30, 2015 amounts to $23.7 million.
Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2015 and 2014, 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.