Mr. Henri van Rooyen reports

TALON METALS UPDATE: RESULTS FROM WINTER EXPLORATION PROGRAM CONFIRM THE WIDESPREAD POTENTIAL FOR ADDITIONAL MINERALIZATION AT TAMARACK

Talon Metals Corp. has provided an exploration update on the Tamarack North nickel-copper-PGE (platinum group element) project, as well as the area to the south (Tamarack South project), both located in Minnesota, United States.

As reported in the company's press release on May 11, 2015, the main goal of the 2015 winter exploration program was to explore areas along the Tamarack igneous complex (TIC) that are significant step-outs from the current massive sulphide unit mineral zone (MSU), semi-massive sulphide unit mineral zone (SMSU) and the 138 zone (collectively referred to as the Tamarack zone).

In regard to the 2015 winter exploration program, on May 28, 2015, the company reported a new discovery of massive sulphides located approximately 1.6 kilometres northeast of the Tamarack zone (drill hole 15TK0221), in an area within the Tamarack North project known as the 480 zone. Following the drilling of this hole, a downhole electromagnetic (DHEM) survey showed an off-hole anomaly located approximately 80 to 100 metres to the northwest of the hole at a depth of 700 to 800 metres below surface. A follow-up drill program is currently under way at the site.

The primary purpose of this news release is to announce the results from the remaining holes drilled and assayed during the 2015 winter exploration program.

"We are pleased with the results of the 2015 winter exploration program at Tamarack," said Henri van Rooyen, chief executive officer of Talon Metals. "Previously, we announced a new discovery 1.6 km northeast of the company's resource area (the Tamarack zone), and now we have identified mineralization trending as far as four km south of the company's resource area. Kennecott has already recommenced drilling at Tamarack, with an initial focus on the high-priority target area discussed in the company's previous press release on May 28, 2015. We look forward to updating our shareholders soon."

The Tamarack North project -- 164 zone

The MSU in the Tamarack zone is hosted along an axis at the base of the fine-grained peridotite (FGO), referred to as Basal FGO. The axis of the FGO resembles a keel in cross-section and the Basal FGO is typically located on the axis at the lowest part of the FGO. The SMSU is hosted in the coarse-grained peridotite (CGO), just below the base of the FGO. Also associated along the central axis between the FGO and the CGO is mixed zone mineralization (MZ) that is often associated with disseminated mineralization, similar to what has been found in the 138 zone (located within the Tamarack zone).

Drill holes 15TK0222, 15TK0227 and 12TK0143(1), which are located between 0.4 km and 0.8 km south of the Tamarack zone, were drilled to better define the keel and target massive sulphides south of the 138 zone (within the Tamarack zone). Drill holes 15TK0222 and 15TK0227 intercepted MZ with associated sulphides. Very little historical drilling has been done in the northern part of the 164 zone, nonetheless a reconstructed model of the keel axis and an analysis of drill holes 15TK0222, 15TK0227 and 12TK0143 suggests that the targeted axis of the keel was missed and is located to the east of these three holes. The new modelling combined with wide intercepts of sulphides suggests the area between the 138 zone (within the Tamarack zone) and the southern part of the 164 zone remains highly prospective for planning future exploration programs at the Tamarack North project.

(1) Deepening of a previously drilled hole

The Tamarack North project -- 142 zone

The goal of drill hole 15TK0226, which is located approximately two km south of the Tamarack zone, was to drill a DHEM off-hole anomaly from drill hole 12LV0142 in order to better define the location of the FGO keel, where massive sulphides may be hosted. Instead of intercepting the Basal FGO, drill hole 15TK0226 entered the FGO-sediment contact at a higher than anticipated level and therefore intercepted only 55 metres of FGO containing sulphides, including 0.7 metre of massive sulphides. A DHEM survey from drill hole 15TK0226 identified an off-hole anomaly suggesting highly conductive material to the east of the hole. This would place the anomaly in the direction of the FGO keel and therefore further exploration will be required to better understand this section of the TIC.

The Tamarack South project -- the Neck and the Bowl

Drill hole 15TK0218 (located approximately 3.8 km south of the Tamarack zone) was drilled within the Neck portion of the Tamarack South project. The Neck has been named as such, as it has been interpreted as a possible entry point to the larger Bowl or lopolithic intrusion to the south.

As stated in the company's press release on June 26, 2014, some of the world's largest nickel sulphide deposits are associated with the entry points of a dike-like feeder (like the Neck) entering a large chamber (like the Bowl), allowing denser sulphides to settle out from silicate magma as fluids lose velocity.

The potential for this model is supported with the interpretation from geochemical evidence that the FGO phase is related to the rocks in the Bowl, suggesting the FGO in the Neck may represent a feeder for the Bowl with the associated implications of a large potential target.

The results from drill hole 15TK0218 have confirmed the potential for significant mineralization within the Neck, with results showing many similar characteristics to the Tamarack zone. For example:

• Assay results within the FGO in drill hole 15TK0218 contain zones of disseminated sulphide mineralization similar to the FGO in the Tamarack zone.
• Assays of the approximately 520-metre-wide intercept of FGO from drill hole 15TK0218 confirm the same geochemical trends and magmatic layering observed in the Tamarack zone.
• The lower units of the FGO stratigraphy are best developed along the central axis of the FGO (referred to as the keel) where they are often associated with the accumulation of massive sulphides at the base of the FGO as seen in the Tamarack zone. These lower stratigraphic units have also been identified, geochemically, in drill hole 15TK0218, highlighting the potential for associated proximal sulphides.
• A DHEM survey from drill hole 15TK0218 shows a proximal off-hole anomaly (highly conductive material) coincident with the base of the FGO, highlighting the potential for the development of massive sulphides similar to the Tamarack zone.

The above-noted results confirm the Neck as a significant exploration target, with potential for hosting large-scale, massive sulphide mineralization, and will be followed up with further exploration during future drilling programs.

Corporate update

The company is currently in discussions with a number of groups to raise capital. The company plans to raise capital in the second half of 2015 which may be completed in a number of ways, including but not limited to, selling equity capital, a combination of strategic partnerships, debt finance, offtake financing, royalty financing and other capital markets alternatives. The company will provide an update as soon as a financing arrangement has been concluded.

Quality assurance, quality control and qualified persons

Please see the technical report entitled "First independent technical report on the Tamarack North project, Tamarack, Minnesota" dated Oct. 6, 2014, prepared by independent qualified persons Brian Thomas (PGeo) of Golder Associates Ltd., Paul Palmer (PEng) of Golder and Manochehr Oliazadeh Khorakchy (PEng) of Hatch Ltd. for information on the QA/QC, analytical and testing procedures employed by Kennecott Exploration Company at the Tamarack North project. Copies are available on the company's website or on SEDAR. The laboratory used by Kennecott is ALS Chemex which is independent of Kennecott and the company.

Widths are drill intersections and not true widths. True widths cannot be consistently calculated for comparison purposes between holes because of the irregular shapes of the mineralized zones. Therefore some drill holes drilled down-plunge may have mineralized intersections greater than the average width and thickness of the mineralized zone.

Drill intersections have been independently selected by Talon. Drill composites have been independently calculated by Talon.

James McDonald, vice-president, resource geology of Talon, and Mike Shaw, vice-president, exploration of Talon, are both qualified persons within the meaning of NI 43-101. Mr. McDonald and Mr. Shaw are satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and they have reviewed, approved and verified the technical information disclosed in this news release, including sampling, analytical and test data underlying the technical information.

           ASSAY RESULTS FOR 2015 WINTER EXPLORATION PROGRAM

                       True         Total
                        wid- Sample  hole
          From    To     th  length length  Ni   Cu   Co   Pt   Pd   Au   NiEq
Hole ID    (m)    (m)    (m)   (m)    (m)    %    %    %   g/t  g/t  g/t   %

12LV0143      -      -     -      -    798  NSM  NSM  NSM  NSM  NSM  NSM   NSM
15TK0215 280.88 282.00   UNK   1.12 364.54 0.36 0.18 0.02 0.11 0.10 0.02  0.48
15TK0216      -      -     -      -  78.94   PC   PC   PC   PC   PC   PC    PC
15TK0217      -      -     -      - 831.49  NSM  NSM  NSM  NSM  NSM  NSM   NSM
15TK0218    987    990   UNK      3   1134 0.42 0.18 0.02 0.01 0.01 0.03  0.52
15TK0219 395.05 395.24  0.18   0.19    579 1.15 0.76 0.07 0.52 0.25 0.12  1.68
15TK0219 449.37 450.35  0.95   0.98    579 1.23 1.03  .03 0.25 0.33 0.12  1.70
15TK0219 468.45 469.06  0.58   0.61    579 10.1 5.78  .09 22.7 4.76 1.93 17.91
15TK0220      -      -     -      -  30.18   PC   PC   PC   PC   PC   PC    PC
15TK0221 682.60 682.90   UNK   0.30 741.12 2.00 0.56 0.06 0.32 0.21 0.51  2.46
15TK0222    329 329.83   UNK   0.83 785.17 0.48 0.19 0.02 0.01 0.01 0.01  0.58
15TK0222    394  396.5   UNK    2.5 785.17 0.58 0.33 0.02 0.11 0.05 0.09  0.76
15TK0223      -      -     -      -  394.5  TED  TED  TED  TED  TED  TED   TED
15TK0224      -      -     -      -  51.82   PC   PC   PC   PC   PC   PC    PC
15TK0225 335.45 335.94   UNK   0.49 552.30 1.15 0.55 0.04 0.07 0.08 0.04  1.42
15TK0226  572.0  572.7   UNK   0.70  693.0 0.39 0.25 0.01 0.01 0.01 0.01  0.49
15TK0227    500 500.71   UNK   0.71 821.13 0.34 0.26 0.01 0.47 0.17 0.09  0.58
15TK0228      -      -     -      - 836.98  ANR  ANR  ANR  ANR  ANR  ANR   ANR

UNK: Unknown

NSM: No significant mineralization (nickel content below 0.35 per cent and nickel
     equivalent below 0.5 per cent)

PC: Precollar through overburden only

TED: Terminated due to excessive deviation

ANR: Assays not received (portion drilled outside of main winter exploration program)

NiEq percentages quoted in this news release are calculated using the following 
formula: NiEq per cent is equal to Ni per cent plus Cu per cent multiplied by 2.91
divided by 9.20 plus Co per cent multiplied by 14 divided by 9.20 plus Pt (grams
per tonne) divided by 31.103 multiplied by 1,400 divided by 9.2 divided by 22.04 plus 
Pd (g/t) divided by 31.103 multiplied by 600 divided by 9.2 divided by 22.04 plus Au 
(g/t) divided by 31.103 multiplied by 1,300 divided by 9.2 divided by 22.04.

We seek Safe Harbor.