Talisman Mining (ASX:TLM) has $16m cash, a market cap of just $13m, with Sandfire Resources to spend at least $15m via a farm-in

Talisman Mining (ASX:TLM) has $16m cash, a market cap of just $13m, with Sandfire Resources to spend at least $15m via a farm-in. Talisman Mining is a well-credentialed Portfolio exploration play that we've been following since mid-2011. Sandfire Resources (ASX:SFR) has commenced the first phase of ground-based exploration activities at its Springfield Project in Western Australia (an extension of the geology that hosts its DeGruss mine), involving sophisticated surface and down-hole electromagnetic surveying, as part of the farm-in joint venture. Talisman retains exposure to a potential minimum of $15m worth of exploration and appraisal expenditure at no cost, whilst maintaining $16.6m in cash reserves - all with a market value of just $13m.