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Tournigan Energy: A letter from the CEO
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Dear Shareholder:
A few weeks ago I outlined our strategy for Tournigan's future. A part
of that strategy was to divest ourselves of non-core assets to allow us
to focus on core assets, our Slovakian uranium properties. The
objective was to remove the distractions from our goal: to become the
premier uranium exploration and development company in central and
eastern Europe. To that end, we were pleased to announce the pending
sales of both our Curraghinalt gold deposit in Northern Ireland and our
U.S. uranium exploration properties.
The divestment of the Curraghinalt gold deposit, via the sale of
Dalradian Gold, brings additional cash to our already strong balance
sheet which, as at September 30, included approximately C$13 million in
cash. This transaction will provide us with C$6.5 million in cash on
closing as well as an additional C$6.5 million convertible note. This
structure allows further exposure to Curraghinalt's potential upside
without requiring future financial investment or additional management
time. In the U.S., we retain potential upside via a 30% carried
interest in the US uranium assets.
With cash in the bank and the removal of non-core distractions we now
have a renewed focus in Slovakia.
The immediate goal for our flagship Kuriskova uranium deposit is to
continue infill drilling to bring the majority of this high-grade
deposit to the indicated category, and possibly increase the resource.
We have two drill rigs operating at Kuriskova working towards that
objective. The quality of this deposit is such that we would be able
to enter into an attractive partnership allowing us to progress toward
feasibility and eventually production at Kuriskova. Concurrently with
drilling, we are advancing critical path aspects of the Kuriskova
feasibility study and continuing our community relations program.
The Novoveska Huta deposit has a tremendous opportunity to confirm the
historical resource while improving grade and adding additional pounds
of uranium. We will soon be adding a second drill rig at Novoveska
Huta to accelerate infill and step-out drilling. Modifying drilling
techniques at our Slovakian properties will result in the ability to
drill exploration holes significantly faster.
Next on the horizon is developing the potential of 25 anomalous targets
we have identified through radiometric airborne and ground follow-up
surveys. This work has begun and will continue next year; the result
should be the recognition of several additional uranium targets
entering the exploration and development pipeline.
At this time, we believe that the strong cash position we have
maintained and bolstered, plus the results we are getting from ongoing
exploration, continue to add fundamental value for our shareholders.
We are constantly assessing the return on expenditures with respect to
our cash position and outlook. If we need to cut back expenditures
further we will adjust our program accordingly.
Encouraging nuclear energy developments in Slovakia include the
government's entering into nuclear energy partnerships with both the
French and the Russians. Slovakia---an EU member since 2004 that is
soon to switch to the Euro---is committed to securing its own energy
supply. This month, the Slovakian government approved the Strategy of
Energy Security of the Slovak Republic that will set the energy
direction of the country until 2030. It calls for the completion of two
new nuclear reactors by 2013 and discusses the benefits of sourcing
uranium domestically.
We also hold a significant gold asset in Slovakia: the historically
mined Kremnica deposit. Our revived focus on exploration should be the
best path for adding shareholder value in that region, tapping into the
potential of the areas outside of the historic resource. Given the
geology of the area, it would be rare for gold mineralization of this
type to be limited to just the historical Kremnica footprint. We are
currently compiling and interpreting district-scale data to evaluate
the possibility of additional significant gold targets within the 120
square kilometres of exploration ground that we hold.
At Tournigan, the pieces are falling into place. We have sufficient
cash to achieve our objectives and assets that should enable
development of our properties to production in a manner that maximizes
shareholder value. Regardless of current or short-term market
conditions, we are in a position to advance Kuriskova towards
feasibility while developing our other assets as we progress toward
becoming the major explorer and developer of uranium in central and
eastern Europe.
Thank you all for your continued support. I welcome any of your
comments or questions. Please contact Knox Henderson, our Manager of
Investor Relations, or email info@tournigan.com.
Sincerely,
"Dusty Nicol"
President and CEO
Knox Henderson
Investor Relations
Tournigan Energy Ltd.
1200 - 570 Granville Street
Vancouver, BC V6C 3P1
T: 604.637.3563
F: 604.683.8340
E: khenderson@tournigan.com <mailto:khenderson@tournigan.com>
w: www.tournigan.com <http://www.tournigan.com/>
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Copyright (c) 2008 TOURNIGAN ENERGY LTD. (TSXV-TVC) All rights
reserved. For more information visit our website at
http://www.tournigan.com/ or send mailto:info@tournigan.com
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