Tuesday, December 29, 2009

Talon Metals closed acquisition deal with Lara Exploration Ltd

BVI-registered Talon Metals Corp., an international exploration and mining company focused on development of resource projects, announced that it has entered into a transaction to acquire a 75 per cent stake in a subsidiary of Lara Exploration Ltd. The subsidiary owns all 13 potash exploration licences of Lara Exploration in Sergipe State, Brazil. Under terms of the agreement, the BVI company can acquire a 75 per cent stake in these properties by paying US$500,000 and spending US$4 million on exploration.

By words of Stuart Comline, president and CEO of Talon Metals, the agreement between the two companies will allow for rationalization of the proposed potash exploration program in the Sergipe State of Brazil. He said that the combining of the two companies' exploration licences represents a major consolidation of potash exploration ground on the only operating potash mine in Brazil.