Exploration update for Wonmunna Iron

First pass drill evaluation of the iron ore potential of Talisman's 1oo% owned....

  First pass drill evaluation of the iron ore potential of Talisman's 1oo% owned Wonmunna project, Pilbara region, Western Australia, has been completed.A total of 49 reverse circulation drilholes for 1481m were completed. Preliminary assay results are expected by early November, 2007.Drillholes were targeted to evaluate both Channel Iron Deposit (CID) mineralisation, and mineralised Marra Mamba Iron formation beneath the CID in the centre of the project area. Field reports indicate that both of these mineralised environments were intersected in drilling, with the extent and grade of mineralisation awaiting confirmation by assay.The eastern most drill traverse located a concealed palaeochannel which, in the drill ltraverse, is up to 35m deep and greater than 600m wide. This channel has infill of CID, including pisolitic iron and clay layers, and is probably the western extension of the high-grade CID outcropping, off lease, approximately 4km to the northwest.The company has said that it would appear from this work, that this newly discovered CID channel has a minimum length of approximately 3km within the project area.In order to accelerate the program and to minimise Aboriginal Heritage and conservation issues, all drillholes in this program were completed on pre-existing tracks. Although thus limited, and although no drill evaluation of the Southern or Eastern Marra Mamba has yet been completed, it is believed that this first pass drilling is of sufficient scope to define the overall potential of the project area to host commercial iron ore mineralisation. Resource drilling, the scope of which will depend upon results of this initial program and ongoing drilling, is scheduled to commence in the latter half of November, 2007, continuing through 2008. Construction of access tracks will commence in late October, following completion of Aboriginal Heritage and fauna surveys.