Talisman Mining Ltd (ASX: TLM, 'Talisman' or the 'Company') is pleased to provide an update on its maiden diamond drilling program at the high-grade Lucknow Gold Project in NSW.

The current program is designed to test the interpreted fault off-set position of the historical gold lodes at Lucknow (where historical production was in excess of 400,000oz at an estimated average mined grade of +100g/t gold) and represents the first drilling to be completed by any explorers into this target area.

The first hole, LUDD001, was completed to an end-of-hole depth of 621.5m, with selected samples submitted to ALS laboratories in Orange for gold analysis.

Drilling of the second hole, LUDD002, is now underway, which is planned to test the area to the west of historical stoping in the Darcy Shaft.

LUDD001 Geology

Geological interpretations based on drilling by previous explorers and historical mine records shows an easterly-dipping contact between an ultramafic unit and an andesitic volcanic, with high-grade mineralisation developed in quartz/carbonate veins at approximately 400 to this contact. Mine records indicate that the bonanza grade gold mineralisation occurs as steeply-plunging shoots at or near this contact. Moving to the west away from the contact results in a gradual decrease in gold grades, with historical mine plans showing that stoping extended out a distance of approximately 150m from the contact in some areas. LUDD001 intersected a highly fractured zone from 296-301m, which is interpreted to represent the flat-lying fault that has offset the main lode controlling stratigraphy.

Below this flat-lying structure LUDD001 intersected what the Company's geological team interprets to represent the footwall lithologies, including a zone of quartz + carbonate stockwork containing abundant sulphide mineralisation (pyrite/pyrrhotite). This zone is thought to represent the distal extensions of the high-grade mineralisation some 250m to the west of the interpreted position of the ultramafic-andesite contact, which is now thought to have been further disrupted by a steeply dipping, NW trending cross-cutting second fault structure.

Assay results from selected samples of quartz-carbonate +/- sulphide stringer veins from this zone have returned significant gold mineralisation, with grades of individual veins in excess of 4.0 g/t Au1.

Contact:

Dan Madden

Tel: +61 8 93804230

About Talisman Mining

Talisman Mining Limited (ASX:TLM) is an Australian mineral development and exploration company. The Company's aim is to maximise shareholder value through exploration, discovery and development of complementary opportunities in base and precious metals. Talisman has also secured tenements in the Cobar/Mineral Hill region in Central NSW through the grant of its own Exploration Licenses and through separate farm-in agreements. The Cobar/Mineral Hill region is a richly mineralised district that hosts several base and precious metal mines including the CSA, Tritton, and Hera/ Nymagee mines. This region contains highly prospective geology that has produced many long-life, high-grade mineral discoveries. Talisman has identified a number of areas within its Lachlan Cu-Au Project tenements that show evidence of base and precious metals endowment which have had very little modern systematic exploration completed to date. Talisman believes there is significant potential for the discovery of substantial base metals and gold mineralisation within this land package.

Talisman has also entered into a farm-in with privately-owned Lucknow Gold Limited in relation to the Lucknow Gold Project (EL6455) in New South Wales. The Lucknow Goldfield was discovered in 1851 and was one of the earliest goldfields to be mined commercially in Australia. Historic production records at the Project are incomplete, however in excess of 400,000 ounces of gold has reportedly been produced at grades of 100 to 200 g/t gold2 .Very little modern exploration has been completed outside of the existing mine workings and Talisman intends to undertake a program of geochemical surface sampling and mapping at the Project ahead of a drilling program to test for potential down plunge extensions of the high-grade gold ore shoots and repeat structures throughout the Project area.

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