TLM: Update on Sale of Interest in Springfield JV

6 August 2018

Update on Sale of Interest in Springfield JV

Talisman Mining Ltd (ASX: TLM, Talisman) refers to its announcements on and after 8 June 2018 regarding its in-principle agreement with Sandfire Resources NL (Sandfire), its partner in the Monty Mining Joint Venture and Springfield Exploration Joint Venture (collectively the Springfield JV), for Sandfire to acquire Talisman A Pty Ltd, the subsidiary company that holds Talisman's 30% interest in the Springfield JV.

Talisman and Sandfire continue to progress negotiations regarding the transaction documents, including the Share Sale Agreement and NSR Royalty Agreement, but those documents have not yet been agreed. As announced previously, Talisman is also awaiting the outcome of other conditions to the proposed transaction announced on 8 June 2018.

Consequently, Talisman and Sandfire have agreed to extend the Term Sheet for the proposed transaction so that the new deadline for preparation and execution by Talisman and Sandfire of a Share Sale Agreement and NSR Royalty Agreement is 5pm (Perth time) on 6 August 2018.

Ends

For further information, please contact:

Dan Madden - Managing Director on [phone]

Michael Vaughan (Media inquiries)

on [phone]

Forward-Looking Statements

This ASX release may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Talisman Mining Ltd.'s current expectations, estimates and assumptions about the industry in which Talisman Mining Ltd operates, and beliefs and assumptions regarding Talisman Mining Ltd.'s future performance. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "potential" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Talisman Mining Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Talisman Mining Ltd does not undertake any obligation to update or revise any information or any of the forward looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward looking statement is based.

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