ROAD TOWN, BRITISH VIRGIN ISLANDS--(Marketwired - Aug 17, 2015) - Talon Metals Corp. (TSX: TLO) (together with its Brazilian subsidiary, Talon Ferrous Mineracao Ltda., "Talon" or the "Company") is pleased to announce that, in connection with its continued strategy of divesting its non-core assets, the Company has signed a definitive agreement (the "Sao Jorge Royalty Purchase Agreement") with Orion Mine Finance ("Orion") for the sale of a 1% net smelter returns royalty that the Company holds over the Sao Jorge Gold Project in Para State, Brazil (the "Sao Jorge Royalty"). The Sao Jorge Gold Project is wholly owned by TSX Venture Exchange listed Brazil Resources Inc.
Pursuant to the Sao Jorge Royalty Purchase Agreement, Orion has agreed to purchase the Sao Jorge Royalty from the Company for gross proceeds of US$1.9 million (approximately C$2.5 million). The sale of the Sao Jorge Royalty is expected to be completed this week.
Talon is a TSX-listed company focused on the exploration and development of the Tamarack 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.
This press 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, among other things, statements relating to the Sao Jorge Royalty Purchase Agreement, and in particular the closing date of the transaction with Orion.
Forward-looking information is subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: the failure of the Company and/or Orion to comply with the closing conditions under the Sao Jorge Royalty Purchase Agreement resulting in a delay to the expected closing date or a failure to close the transaction.
Forward looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein
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