Talon Metals 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."
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:
Talon Metals Corp.
Tel: (416) 500-9891
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.