Closing in on world-class copper-gold deposits Annual General Meeting, November 2011

Disclaimer

This presentation is not a prospectus nor an offer for securities in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions in connection with any acquisition of securities, investors should rely on their own examination of Talisman Mining Ltd ( Talisman Mining or the Company ) and consult their own legal, business and/or financial advisers.

The information contained in this presentation has been prepared in good faith by Talisman Mining Ltd, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, Talisman Mining Ltd, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from this presentation.

Certain information in this presentation refers to the intentions of Talisman Mining Ltd , but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Talisman Mining Ltd’s actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, Talisman Mining Ltd, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in the presentation will actually occur as contemplated.

Competent Person’s Statement

Information in this presentation that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Graeme Cameron, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Cameron is a full time employee of Talisman Mining Ltd and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2004 Edition of the “Australian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Graeme Cameron consents to the inclusion in this presentation of the matters based on information in the form and context in which it appears.

“To build a quality Australian mining and exploration company focused on generating profits and shareholder returns…”

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Successful history with a focus on: Discovery, development and exploitation of base metals and gold Organic growth through exploration success

Track record of maximising shareholder wealth

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Creating value and growth through: Exploration - systematic, scientific approach Asset dealings Funding capacity Execution capability

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	Capital Structure
	Shares	131.5M
	Unlisted Options	11.2M
	Market Cap -(undiluted @ 40 cents per share)	$52.5M
	Cash	$38M
	Listed Investments
	- Rico Resources	35m Shares
	- Shaw River	1m Shares

	Management
	Gary Lethridge(Managing Director)
	Graeme Cameron(Technical Director)
	Dan Madden (Chief Financial Officer)
	Peter Cash(Manager Corporate Development)

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Key focus is the Bryah Basin coppergold region

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Springfield Halloween

Emerging Gold Projects Livingstone Muddawerrie

Thinking BIG in the Gascoyne for IOCG and Ni-Cu-PGE deposits Shelby Milgun

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Springfield – The Flagship Project

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Located within a new VMS camp Adjacent to Sandfire’s world-class DeGrussa VMS deposit 14.33Mt @ 4.6% Cu and 1.6g/t Au Historically under-explored for gold and base metals Identification of visible copper mineralisation along multiple horizons prospective for VMS deposits:

0.30 metres @ 7.60% Cu 0.50 metres @ 1.30% Cu and 0.25 metres @ 1.54% Cu

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High-quality integrated datasets now assembled to underpin search for VMS systems

Development of 3D geological model

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Confirmation of analogous setting to DeGrussa

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Ability to target multiple distinct VMS-prospective horizons Potential considered to be immense

Target horizons now delineated over combined 35-40km strike Presence of significant copper mineralisation

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1938:

1 Deposit 1938 – 1952:

2 Deposits 1952 – 1954:

6 Deposits 1954 – 1956: 11 Deposits 1956 – 1958: 5 Deposits

1958 – 1960 4 Deposits

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1960 – 1970 6 Deposits 1970 – 1980 3 Deposits 1980 – 1990 3 Deposits

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TOTAL: 41 Deposits for 490.5Mt

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1980’s

Horseshoe Lights VMS deposit Developed

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2009

Sandfire DeGrussa/Cu-Au discovery 14.33Mt @ 4.6% Cu and 1.6g/t Au

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Springfield is our flagship Geology unlocked Advancing from reconnaissance to targeted exploration Committed and well funded Closing in on a discovery

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Establishing a Gold Business

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Exploration portfolio broadened with two low cost gold focused project acquisitions in June 2011 Livingstone Muddawerrie

Developing a series of regionally significant large scale gold projects Targeting + 1M ounce gold deposits High priority drilling targets identified Drilling has commenced

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Large scale, quality Proterozoic gold opportunity (+1M Oz) 31km strike length of the Central Shear Zone Demonstrated gold endowment Series of significant high-grade gold intercepts Mineralised trend has not been subject to systematic exploration

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Drilling set to commence

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Highly prospective for banded iron formation and mafic hosted shear zone gold deposits Muddawerrie Trend - 16km strike

Mt Maitland Trend - 6km strike

Limited historic exploration First phase drilling program recently completed

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Mt Maitland Trend

Recent RC drilling confirms potential

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Intercepts include:

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12m at 1.58 g/t Au including

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2m at 6.35 g/t Au 12m @ 0.47 g/t Au and 20m @ 0.43 g/t Au

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Muddawerrie Trend

RC drilling indicates widespread gold anomalism

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Highly prospective target for future drilling.

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Demonstrated ability to expand and diversify exploration portfolio

Low cost acquisition Large scale growth opportunities Early initiation of exploration activities Clear strategy to discover stand alone +1M Oz gold deposits

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Gascoyne Projects – Thinking Big

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Looking for world class, large scale mineral deposits Iron Oxide Copper Gold (IOCG) Mafic-Ultramafic intrusive related Ni-Cu PGE

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Olympic Dam Olympic Dam
Prominent Hill Ernest Henry
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Looking for world class, large scale mineral deposits Iron Oxide Copper Gold (IOCG) Mafic-Ultramafic intrusive related Ni-Cu PGE

First mover opportunity Cheap and straight forward project entry Application of new technology and new quality data sets to a potential new province

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Detailed airborne magnetic and gravity data collected over project Major structures and magnetic target identified Key large scale targets identified

Positive first phase drilling completed confirming IOCG style alteration with anomalous Cu/Au mineralisation Follow up drilling has commenced

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First mover exposure to potential world class, large scale mineral deposits Springfield Copper-Gold Project High grade, High Value discovery opportunity Gold Business Targeting stand alone +1M Oz gold deposits Gascoyne Projects Game Changer

Cashed up and actively seeking new growth opportunities Management with a history of delivering

Closing in on world-class copper-gold deposits Annual General Meeting, November 2011

AI assistant

TALISMAN MINING LIMITED AGM Information 2011

65926_rns_2011-11-17_208e0e40-1d8a-4346-bf3b-4140798f1261.pdf

Closing in on world-class copper-gold deposits Annual General Meeting, November 2011

Disclaimer

Competent Person’s Statement

“To build a quality Australian mining and exploration company focused on generating profits and shareholder returns…”

Key focus is the Bryah Basin coppergold region

Springfield – The Flagship Project

Establishing a Gold Business

Mt Maitland Trend

Muddawerrie Trend

Gascoyne Projects – Thinking Big

Closing in on world-class copper-gold deposits Annual General Meeting, November 2011

AI assistant

TALISMAN MINING LIMITED — AGM Information 2011

65926_rns_2011-11-17_208e0e40-1d8a-4346-bf3b-4140798f1261.pdf

Closing in on world-class copper-gold deposits Annual General Meeting, November 2011

Disclaimer

Competent Person’s Statement

“To build a quality Australian mining and exploration company focused on generating profits and shareholder returns…”

Key focus is the Bryah Basin coppergold region

Springfield – The Flagship Project

Establishing a Gold Business

Mt Maitland Trend

Muddawerrie Trend

Gascoyne Projects – Thinking Big

Closing in on world-class copper-gold deposits Annual General Meeting, November 2011

More from TALISMAN MINING LIMITED

TALISMAN MINING LIMITED AGM Information 2011