TALISMAN MINING LIMITED — Capital/Financing Update 2010

Sep 23, 2010

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Talisman Mining - Additional Drilling Planned at Springfield Project
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Media / ASX Release

24 September 2010

ADDITIONAL DRILLING PLANNED AT SPRINGFIELD PROJECT REVERSE CIRCULATION DRILL RIG TO COMMENCE IN OCTOBER

Talisman Mining Ltd (ASX: TLM) is pleased to advise that a decision has been made to accelerate the current drilling program at its 100%-owned Springfield Copper-Gold Project in Western Australia by the addition of a Reverse Circulation (RC) drill rig.

Talisman believes that the prospectivity of the Springfield Project, and in particular the Northern Corridor that is host to the Homer Prospect, justifies an expansion of its current exploration activities.

When this RC drill rig is in place by mid October Talisman will have three drill rigs in operation at the Springfield Project.

RC Drilling

The RC drilling program is scheduled to commence by mid October and will initially focus on providing additional information to the north and along strike of the Homer Prospect , and will then move to test a series of priority targets across the Northern and Central Corridors.

Diamond Drilling

Diamond drilling at the Homer Prospect is advancing as planned with a combination of targeted follow-up drilling and additional reconnaissance drilling being undertaken. To date no assay results have been received.

On completion of this work at Homer the diamond drill rig is planned to move to the Monty Prospect , located within the Central Corridor; a second VMS geochemical trend with an interpreted strike length of more than 17km.

Talisman Mining Ltd ABN 71 079 536 495 6 Centro Avenue, Subiaco Western Australia 6008 www.talismanmining.com.au

Talisman Mining - Additional Drilling Planned at Springfield Project

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RAB Drilling

An extensive RAB reconnaissance drilling program that is designed to cover a large area of the Northern and Central Corridors is scheduled to commence late next week.

This drilling will focus upon delineating the geology of both the Northern and Central Corridors, as well as defining any near surface zones of anomalous copper and gold mineralisation and their geological significance.

It is planned that any high priority targets that are identified in this RAB drilling can then be followedup immediately with the RC drill rig.

Airborne Magnetic and Radiometric Survey

The high–resolution airborne magnetic and radiometric survey covering all of Talisman’s tenements at the Springfield, Halloween and Shelby Projects has now been completed.

The data from these surveys is currently being processed.

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.

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For further information, please contact: For media inquiries, please contact: Gary Lethridge – Managing Director Nicholas Read – Read Corporate or On +61 419 929 046

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

Talisman Mining Ltd ABN 71 079 536 495 6 Centro Avenue, Subiaco Western Australia 6008 www.talismanmining.com.au