Tournigan Energy: Strong presence in Europe

Overview

Tournigan Energy (CVE:TVC)  established its operations in Slovakia in 2003 and has since advanced one of Europe’s most significant uranium deposits, Kuriskova. Slovakia, an EU member since 2004, has four operating nuclear reactors providing more than 50% of its current energy requirements making it the third largest per capita user of nuclear power in the world. The country is adding two new reactors by 2013.

Tournigan holds 100% interest in six uranium licences covering 151.8 km2 within the 60-kilometre strike length of the Slovak Carpathian uranium belt. The licences are located approximately 350 kilometres northeast of the capital city of Bratislava and have excellent infrastructure nearby. The company is committed to safe and sustainable exploration and mine development in Slovakia.

Chief Properties

Kuriskova Uranium Deposit – Slovak Republic – 100% interest in licences

The Kuriskova property consists of 32 square kilometres of mineral licenses situated approximately 10 km northwest of the city of Kosice, a regional industrial centre in East-Central Slovakia. The current uranium resource at Kuriskova, announced in March, 2010 and reviewed, audited and approved by Tetra Tech, Inc. comprises:

28.5 million pounds U3O8 Indicated Resource at an average grade of 0.555% U3O8; and
12.7 million pounds U3O8 Inferred Resource an average grade of 0.185% U3O8
(cut-off of 0.05%U, NI 43-101 compliant).

In June of 2009, Tournigan announced the results of a positive Preliminary Assessment of the Kuriskova deposit prepared by an independent consultant (Pincock Allen and Holt. The study concludes that the Kuriskova project has robust economic potential and could be developed using conventional mining and processing methods (see Preliminary Assessment summary table below).

Current Resource:
On April 26, 2011 Tournigan announced an updated resource estimate for the Kuriskova uranium deposit which increased the amount of uranium contained in the Indicated Resource by 39% and increased the overall size of the deposit. Tetra Tech, Inc., the firm that is conducting the ongoing Prefeasibility Study on Kuriskova, reviewed, audited and approved the updated resource estimate.

Highlights of the updated estimate include:

  • About 7.9 million pounds of U3O8 have been added to the Indicated Resource category, increasing the Indicated Resource by 39% to 28.5 million pounds of U3O8;
  • Overall the uranium oxide contained in the Kuriskova deposit has increased by 3.1 million pounds of U3O8 and now comprises 28.5 million pounds at 0.555% U3O8 in the Indicated Resource and an additional 12.7 million pounds in Inferred Resource at 0.185% U3O8; and
  • Kuriskova remains one of the highest grade known uranium deposits in the world outside of Canada’s Athabasca Basin.
Kuriskova Resource Estimate April 2011 — Cut-off 0.05%U
U% Tonnes
(000)
%U3O8 U3O8 lbs
(000)
Mo% Tonnes
(000)
Mo lbs
(000) *
Total Indicated (Main Zone, Hanging wall zone
and Zone 45 )
0.471 2,328 0.555 28,487 .065 2,301 3,312
Total Inferred (Main Zone, Hanging wall zone
and Zone 45 )
0.157 3,099 0.185 12,664 .033 2,996 2,185

* Mo resource numbers represent molybdenum associated with uranium resource blocks above a 0.05%U cutoff
A complete table of the new resource estimate prepared by Tournigan and reviewed, audited and approved by Tetra Tech, Inc., can be viewed on this link: http://www.tournigan.com/i/pdf/20110426-Appendix-A.pdf .

Changes in the resource boundaries since the previous resource estimate announce March 2010, are shown on this image:

Kuriskova Resource Estimate Map - click to zoom

The updated estimate incorporates the results of 18 diamond drill holes totaling 4,548 metres that were drilled since the last resource estimate previously disclosed in a news release dated March 24, 2010. The updated estimate also reflects enhanced understanding of Kuriskova geology which has allowed more detailed structural modeling than was done in the past.  The estimate was prepared by Ravi Sharma, Tournigan’s manager of resources and reserves, and reviewed, audited and approved by Tetra Tech, Inc., who is preparing an independent NI 43-101 compliant Technical Report which will be filed on SEDAR within 45 days of the news release dated April 26, 2011. Mr. John W. Rozelle, P.G., is Tetra Tech, Inc.’s Qualified Person (QP) for this updated report and is an independent Qualified Person as defined by NI 43-101.

Preliminary Assessment, July 2009

In July of 2009, Tournigan announced the results of a Preliminary Assessment of the Kuriskova uranium deposit prepared by independent consultant, Pincock, Allen & Holt. The results are summarized in the following table:

Project Upside
Tournigan Energy believes that the Kuriskova property has excellent upside potential for expanding the size and overall grade of the deposit through continuing exploration.

Other areas of upside for the project include: (1) reducing the project’s preproduction period and possibly construction capital cost, and (2) optimizing the process plant flowsheet and associated operating costs.

Qualified Persons

The March, 2010 resource estimate was prepared by Ravi Sharma, Tournigan’s manager of resources and reserves, and reviewed, audited and approved by Tetra Tech, Inc. (Denver, CO).

The Preliminary Assessment was prepared by an engineering team from Pincock, Allen & Holt (part of Runge Limited) of Lakewood, Colorado. Authors included Mr. Terry Laverty, a registered professional engineer, Mr. Tom Noyes, a registered professional engineer, and Mr. Ray Hyyppa, a registered professional engineer. Mr. Terry Laverty, the Independent Qualified Person under the standards of NI 43-101, was PAH’s Project Manager.

Dorian L (Dusty) Nicol, B.Sc. Geo, M.A. Geo., Tournigan’s President and CEO, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained on this website.

Management

Dorian L. (Dusty) Nicol, B.Sc. Geo, M.A. Geo – President and CEO
Mr. Nicol has over 30 years of international experience in mineral exploration and mining. His past positions include Executive V.P. – Exploration with Yukon-Nevada Gold, President and CEO of Queenstake Resources, Latin America Manager for Canyon Resources, V.P. Exploration for Castle Exploration with programs in Central America and Africa, and exploration positions with Exxon Minerals and Renisson Gold Fields in Papua New Guinea. Among other achievements, his programs have led to the addition of over 1.5 million ounces of gold at Jerritt Canyon, Nevada, including the discovery of a new mine at Starvation Canyon. He is a member of the American Institute of Professional Geologists and a Fellow of the Society of Economic Geologists. He has a B.Sc. in geology from M.I.T. and a Master’s Degree in Geology from Indiana University.

Boris Bartalsky, Ing, PhD – Country Director, SlovakiaMr. Bartalsky has been managing exploration of the uranium and gold deposits that are now part of Tournigan’s licences since 1996. Prior to that, he was deputy director, applied geology, for the Geological Survey of Slovakia. Mr. Bartalsky is a graduate of the Technical University, Košice and holds a PhD in geology.

Alva L. Kuestermeyer, BSc, MS – Vice President Engineering / Environmental
Mr. Kuestermeyer has over 35 years of operational and consulting experience in the minerals industry specifically in project management, mineral processing, extractive metallurgy, market analysis and project economics. He joins Tournigan after spending four years at SRK Consulting (U.S.), Inc. in Denver, CO, as its Principal Metallurgical Engineer / Mineral Economist. His work has included numerous consulting assignments for uranium, base and precious metals, ferroalloys, non-ferrous and industrial mineral projects world-wide. Previously, he worked at ASARCO, Dames & Moore, Behre Dolbear, PAH and SRK. He has a B.S. in Metallurgical Engineering and an M.S. in Mineral Economics.

Ravi Sharma, MAusIMM – Manager, Resources and Reserves
Mr. Sharma has over 19 years experience as a mining and exploration geologist. Prior to joining Tournigan he worked as Chief Mine Geologist for Barrick Gold Corporation’s Bulyanhulu Mine in Tanzania where he was responsible for mine geology and near mine exploration. He held the position of Chief Mine Geologist for Vedanta Resources, Zod Gold Mines in Armenia. Mr. Sharma is a member of AusIMM and a qualified person for NI 43-101 reporting purposes.

Doris Meyer, CGA – Chief Financial Officer and Corporate Secretary
Ms. Meyer is a member of the Association of the Certified General Accountants of British Columbia and Canada. She was vice president, finance of Queenstake Resources Ltd. from 1985 to 2003 and corporate secretary until 2004 where she led negotiations of joint venture and purchase agreements, equity financings, debt financings and capital purchases. In 1996 Ms. Meyer formed Golden Oak Corporate Services Ltd. Ms. Meyer acts as chief financial officer and/or corporate secretary of several publicly traded mining companies and her company provides those clients with administrative, accounting and compliance services.

Knox Henderson – Director, Corporate Communications
Mr. Henderson brings more than 15 years experience in investor relations and corporate communications, the most recent five years working for Vancouver-based exploration companies. A former licensed securities trader on the Canadian equities markets, he is also a graduate in journalism.