TALISMAN MINING LIMITED - Capital/Financing Update 2009

Talisman Mining Ltd � ABN 71 079 536 495 6 Centro Avenue, Subiaco, WA 6008, Australia PO Box 1262, Subiaco, WA 6904, Australia Tel 618 9380 4230 � Fax 618 9382 8200

www.talismanmining.com.au

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TALISMAN MINING

Media / ASX Release 25 November 2009

SPRINGFIELD COPPER-GOLD PROJECT – EXPLORATION UPDATE

NEW ZONE OF COPPER ANOMALIES IDENTIFIED

IN LATEST GEOCHEMICAL SAMPLING

Talisman Mining Ltd (ASX: TLM ) is pleased to announce that results from the recent phase of surface geochemical sampling at its Springfield Copper-Gold Project in Western Australia ( see Figure 1 ) have identified additional zones of copper anomalism across a newly identified trend within the central area of the project.

These new anomalies add substantially to the previously reported geochemical targets ( see ASX Announcement 14[th] October, 2009 and Quarterly Activities Report 30[th] October 2009 ).

Also, a program of ground based moving loop electromagnetic (“MLEM”) surveying has commenced at the Homer Prospect which is located approximately 5 kilometres to the east of Sandfire’s DeGrussa Deposits (see figure 2). This MLEM surveying program will now also be expanded to cover a high priority geochemical target, named the Abraham Prospect, located to the south (see figure 2).

New Surface Geochemical Results

Talisman’s recent phase of surface geochemical sampling at its Springfield Copper-Gold Project has identified additional zones of copper anomalism across a newly identified trend within the central area of the project.

These recent geochemical results highlight the following:

An extensive new trend of the Narracoota Volcanic Formation in an area previously thought to be of lower prospectivity in the central part of the Springfield Project;
The identification of at least 5 strong copper geochemical targets over a strike length of at least 10 kilometres coincident with the newly mapped trend of Narracoota Volcanic Formation; and
Strong support to the targeted copper anomalism from a suite of VMS indicator elements.

The planned follow-up to these geochemical results will initially include targeted infill geochemical sampling; detailed mapping and the planning of ground based moving loop electromagnetic (“MLEM”) surveys throughout this new trend of copper anomalies.

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SPRINGFIELD COPPER-GOLD PROJECT – EXPLORATION UPDATE

EM Survey

In addition to the completion of the geochemical sampling an initial ground based moving loop electromagnetic survey (“MLEM”) has also commenced. The scope of this MLEM program has been expanded and will now target:

The Homer Prospect, being the 4.8 kilometre long northern trend defined by detailed soil sampling adjacent to the project margin immediately along strike of the DeGrussa deposits; and
The Abraham Prospect, being the 2.2 kilometre long southern trend defined by detailed lag sampling adjacent to the southwest project margin, and located approximately 9.5 kilometres south of the DeGrussa deposits.

This expanded MLEM program is expected to be completed before the end of the year.

Talisman is also addressing necessary permitting and access protocols which, if achieved, are intended to facilitate the planning of follow-up drill targeting in the first quarter of 2010.

BACKGROUND

The Springfield Project is located approximately 150km north east of Meekatharra in the northern Murchison Goldfields, Western Australia (see Figure 1). The Project covers approximately 300 square kilometres of ground immediately adjacent to Sandfire Resources Limited’s Doolgunna Project, which hosts the recently discovered DeGrussa high-grade copper-gold volcanogenic massive sulphide (VMS) deposits.

Key features of the Springfield Project include:

Initial reconnaissance exploration by Talisman has identified the continuation of the same Upper Narracoota Volcanic Formation that hosts the DeGrussa Deposits for approximately 25 kilometres within the Springfield Project Area.
The Springfield Project tenement boundary is approximately 5 kilometres to the east of Sandfire’s high grade VMS deposits.
The typical nature of VMS Deposits is that they occur in “camps” of multiple deposits. This well understood geological concept presents the Springfield Project as a very prospective Western Australian exploration property for the discovery of high grade copper-gold VMS Deposits.
The Springfield Project comprises three Exploration Licence Applications (ELA) pegged by Talisman as part of a strategy targeting prospective formations within the Peak Hill District for gold and copper mineralisation.
Geochemical sampling by Talisman has identified a robust, highly anomalous copper response (with some supporting gold) immediately along strike of the DeGrussa Deposits. In addition, a series of additional copper anomalies that require detailed programs of follow-up exploration have been identified throughout the wider Springfield Project area.
Programs of moving loop electromagnetic surveys (“MLEM”) have now commenced.

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SPRINGFIELD COPPER-GOLD PROJECT – EXPLORATION UPDATE

Competent Persons’ Statement

Information in this ASX release that relates to Exploration Results is based on information compiled by Mr Harry Cornelius, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Harry Cornelius 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 Harry Cornelius consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

- ENDS -

For further information, please contact:

Gary Lethridge – Managing Director or Peter Langworthy – Technical Director on +61 8 9380 4230

For media inquiries, please contact:

Nicholas Read – Read Corporate on +61 419 929 046

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SPRINGFIELD COPPER-GOLD PROJECT – EXPLORATION UPDATE

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Figure 1 – Springfield Project Location Plan

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