Tournigan Energy focuses on Slovakia

Tournigan Gold has changed its name to Tournigan Energy, but will retain the trading symbol TVC on the TSX Venture Exchange. Tournigan Energy is focused on the development of the Kuriskova uranium deposit in Slovakia and is currently re-evaluating its options with regards to its other assets. “Our new name reflects the future direction of Tournigan, which is to focus our attention, capital and human resources on our uranium assets, particularly on advancing our flagship Kuriskova deposit in eastern Slovakia,” said Tournigan president and CEO James Walchuck.

Given current market conditions, Tournigan is re-evaluating its previously proposed reorganisation strategy. The company, with advice from its independent financial advisor, Cormark Securities, is evaluating other corporate alternatives to maximise shareholder value. Tournigan’s COO, Michael Mracek, is evaluating all of the company’s
gold and US uranium assets to recommend alternatives to enhance shareholder value.

The Kuriskova deposit currently has a NI 43-101 resource of 36.3 Mlb of uranium grading 0.323% U3O8 contained in 5.1 Mt (cutoff grade 0.035%). Tournigan’s exploration and development milestones at Kuriskova are
summarised below. These milestones represent management’s best estimate under present conditions:

  • Complete 2008 infill drilling (2000 m drilled, more than 8,000 m planned) by the fourth quarter of 2008
  • Release assay results of 2008 drilling starting in July 2008
  • Begin baseline environmental work in Q2-08
  • Release in Q3-08 a new NI 43-101 resource estimate that includes 2007 drilling with the expectation to move a portion of the resource to the Measured and Indicated categories
  • Release a preliminary assessment (scoping study) in Q4-08
  • Start metallurgical test work in Q3-08 to be completed Q3-09
  • Release a new resource estimate including 2008 drilling to be completed Q1-09 with the expectation to move the majority of the resource to the Measured and Indicated categories
  • Start a prefeasibility study Q1-09 to be completed by Q4-09
  • Begin a feasibility study in Q4-09 to be completed by Q4-10
  • Complete an environmental social impact assessment (ESIA) by early 2011 and begin the permitting process in 2011.

Tournigan, through its wholly owned Slovak subsidiary, Ludovika Holding, continues its ongoing stakeholder and community engagement program in Slovakia. The company is “committed to a transparent dialogue and providing important information on the social, economic and environmental benefits of the Kuriskova project.”