Talon Makes Initial US$6 Million Payment to Kennecott Exploration (A Subsidiary of the Rio Tinto Group)
Talon Makes Initial US$6 Million Payment to Kennecott
Exploration (A Subsidiary of the Rio Tinto Group)
Road Town, British Virgin Islands--(Newsfile Corp. - March 13, 2019) -
Talon Metals Corp. (TSX: TLO) announced today that its
wholly owned indirect subsidiary, Talon Nickel (USA) LLC (collectively,
"Talon"
or the
"Company"
), has made the initial upfront
payment of US$6 million to Kennecott Exploration Company (
"Kennecott"
), a subsidiary of the Rio Tinto Group, in respect of
the option agreement previously entered into with Kennecott on November 7, 2018 (the "
Option Agreement
").
Talon has also
issued 25,031,250 common shares to Kennecott (representing US$1.5 million worth of common shares at C$0.08 per share),
which was a further requirement under the Option Agreement.
Collectively, Kennecott now owns 7.4% of Talon on a partially
diluted basis.
Pursuant to the Option Agreement, Talon now has the right to acquire up to a 60% interest in the Tamarack Project, subject to
certain terms and conditions.
"We are thrilled that we have secured the right to earn up to a 60% interest in the Tamarack Project,"
said Sean Werger,
President of Talon.
"This is the beginning of exciting times ahead for the Company.
We look forward to working in conjunction
with our partner, Kennecott, to advance the Tamarack Project, with a strategy of producing Class 1 nickel, as well as copper
and cobalt, for the electric vehicle and stationary battery market."
About Talon
Talon is a TSX-listed company focused on the exploration and development of the Tamarack Nickel-Copper-Cobalt 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
or contact:
Sean Werger
President
Talon Metals Corp.
Tel: (416) 500-9891
Email:
Forward-Looking Statements
This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that
address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are
forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based
on information currently available to the Company. Such forward-looking statements include statements relating to the Company
potentially earning up to a 60% interest in the Tamarack Project and advancing the Tamarack Project, with a strategy of
producing Class 1 nickel, as well as copper and cobalt, for the electric vehicle and stationary battery market.
Any forward-looking statement 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 any forward-looking statement, 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 statements are reasonable, forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/43381