BVI-registered Talon Metals acquires exploration projects in Brazil

BVI-registered mineral exploration company Talon Metals Corporation announced that it has concluded an agreement with a private company Kmine Holdings Ltd., to acquire full interest in its Brazilian subsidiary Bancor Mineracao Ltd. Bancor which is to be purchased by BVI company has eight areas in the Sergipe and Alagoas States of Brazil, comprising a total of 36,402 hectares, for which it already holds or has applied for potash exploration licenses.

The existing exploration data, concerning the acquired project, will be reviewed as part of Talon’s exploration program. Under the terms of the agreement with Kmine, the BVI company has acquired a 100% interest in Bancor for cash payments of US$20 million, payable over 10 years, of which US$375,000 was payable on closing of the agreement. By terms of the agreement, Talon may withdraw from it at any time and return the shares of the Brazilian company to Kmine.

Mr. Stuart Comline, President and CEO of Talon, has commented that the acquisition of the potash exploration licences in Brazil answers company’s strategy to acquire interests in holdings that have the potential to become substantial projects.

Also, Talon was recently awarded the exploration rights from the Departamento Nacional de Produçao Mineral (“DNPM”) to the Juruena Gold Project in Brazil. Now the BVI company undertakes more detailed assessment of previous mining and exploration at Juruena, to formulate a strategy to maximize the value of the project for Talon.

In this press release, the company also published an update on its agreement with the BVI company Saber Energy Corp., and informed that it continues due diligence review on the Saber CBM projects in Botswana.

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