TALISMAN MINING LIMITED — Capital/Financing Update 2012

Apr 15, 2012

Drilling Commences at Springfield Copper-Gold Project

COMPANY SNAPSHOT

Board of Directors

Alan Senior Non-Executive Chairman

Gary Lethridge Managing Director

Graeme Cameron Technical Director

Brian Dawes Non-Executive Director

Karen Gadsby Non-Executive Director

Contact Details

6 Centro Avenue Subiaco, Western Australia, 6008 Australia

Telephone: + 61 8 9380 4230

Facsimile: + 61 8 9382 8200

Email: info@talismanmining.com.au

Website: www.talismanmining.com.au

Capital Structure

Shares on Issue: 131,538,627 (TLM)

Options on Issue: 15,150,000 (Unlisted)

ASX: TLM

Two Drill Rigs mobilised to test 20 Tier-One targets

Talisman Mining Limited (ASX: TLM) is pleased to advise that the targeted drilling program has commenced at its flagship Springfield Copper-Gold Project in Western Australia. Springfield is located 4km from Sandfire Resource’s DeGrussa Copper-Gold Project ( Appendix 1 ).

On 29 February, Talisman announced that it had identified 18 tier-one targets which will be drill tested by a combined RC and diamond drilling program, comprising approximately 10,000m ( Figure 1 ).

Talisman has recently undertaken a 2km by 2km fixed loop electromagnetic survey (FLEM) at the eastern portion of the Homer Trend which has better defined existing drill targets in this area, plus identified two additional late time conductors that warrant drill testing.

This increases the number of identified tier-one drill targets at Springfield to 20 and approximately 11,000m of drilling. With recent weather delays, a decision has been made to accelerate this exploration campaign by the early introduction of a Diamond Rig to commence drilling in tandem with the RC Rig.

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Figure 1 – Geological interpretation showing tier-one target areas within the Springfield Project (each area contains one or more targets)

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

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This targeting process follows the investment of $13 million in systematic exploration activities over the past two years, including extensive reconnaissance exploration activities, resulting in the compilation of a comprehensive and regionally unique project database.

There is scope to extend the drilling program subject to results. Down-hole electromagnetic surveys will also be completed for all holes.

Ends

For further information, please contact: For media inquiries, please contact: Gary Lethridge – Managing Director Nicholas Read – Read Corporate on +61 8 9380 4230 on +61 419 929 046

Competent Persons’ Statement

Information in this ASX release 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 Graeme 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 report of the matters based on information in the form and context in which it appear.

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Appendix 1 - Talisman Mining Ltd Project locations

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