Tournigan Energy Limited

Published : March 13th, 2012

European Uranium Files Technical Report For Kuriskova Preliminary Feasibility Study

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Re:       News Release - Tuesday, March 13, 2012
Title:     European Uranium Files Technical Report For Kuriskova Preliminary Feasibility Study

Vancouver, March 13, 2012 - European Uranium Resources Ltd. (EUU: TSX-V; TGPN: Frankfurt) (the "Company") has today filed a National Instrument 43-101 compliant technical report regarding the Preliminary Feasibility Study ("PFS") for the Kuriskova Project, Eastern Slovakia as announced by press release on January 30, 2012. The technical report was completed by Tetra Tech, Inc. of Golden, Colorado.

The report titled "NI 43-101 Technical Report, Kuriskova Uranium Project" is dated effective March 13, 2012.

The highlights of the results of the PFS as announced on January 30, 2012 are:

  • Internal Rate of Return 30.8%; 1.9 year payback; $276 million Net Present Value (NPV) at an 8% discount rate (Pre-Tax, base case US$68/lb U3O8, US$15/lb Mo);
  • 94% increase of Indicated Resource to 28.5 million pounds of U3O8 since the Company's June 2009 Preliminary Economic Assessment ("PEA");
  • 92% uranium recovery in PFS, increased from 90% in the PEA;
  • 62% increase in the uranium grade to the process plant to 0.408% U3O8 in the PFS from 0.252% U3O8 in PEA;
  • 26% lower life of mine operating costs in the PFS compared to the PEA. The PFS estimates US$22.98/lb U3O8 life of mine operating costs and US$16.68/lb U3O8 during the first 4 years of production. These are net of a molybdenum credit of about US$1.27 per pound of U3O8;
  • 1.5 year decrease of pre-production construction period in PFS to 3 years compared to 4.5 years in the PEA;
  • The project can be developed as an underground mine/processing facility with a very small surface footprint;
  • Kuriskova would utilize Best Available Technologies in the mining and processing operations. The uranium can be extracted using conventional alkaline (non-acid) processing; and
  • There are multiple exploration targets within the Kuriskova License area, with the potential to expand the resource base and extend project life.

The results demonstrate that the Kuriskova Project has the potential to be among the lowest cost uranium producers in the world. The PFS not only illustrates the robust economics of the Kuriskova Project but also the competitive advantages it has over other uranium projects as a result of its high-grade resources, relatively low installation and operating cost estimates as well as its central European location.

The next step is, working with our strategic partner AREVA, to begin a Feasibility Study and Environmental Assessment Study that will continue to define project parameters to a higher degree of confidence and allow the permitting of the project to begin.

Qualified Person

This release has been reviewed and approved by Dr. Rex Bryan and Dr. Richard W. Jolk, P.E. of Tetra Tech of Golden, Colorado both independent Qualified Persons as defined in NI 43-101. This release has also been reviewed and approved for the Company by Dorian L. Nicol, President and CEO of the Company, and a Qualified Person as defined in NI 43-101.

About European Uranium Resources Ltd.

European Uranium Resources Ltd. (formerly Tournigan Energy Ltd.) is a dedicated European uranium exploration and development company that has built a portfolio of outstanding projects in Slovakia, Sweden and Finland at all stages of the exploration / development pipeline. European Uranium is well placed to become the key uranium exploration and development company in Europe. Europe is the world's largest per capita consumer of uranium with 160 reactors and more under construction or planned, but with only one currently operating uranium mine. The Company's Kuriskova Project in Slovakia could be one of the world's lowest cost uranium producers. European Uranium has a strong base of supportive shareholders including AREVA, ranked first in the global nuclear power industry and a key player in uranium mining and nuclear operations on a world-wide basis.

EUROPEAN URANIUM RESOURCES LTD.

"Dusty Nicol"

Dorian L. (Dusty) Nicol, President and CEO

For further information please contact: Doris Meyer, at (604) 536-2711, or visit www.euuranium.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement:

This news release contains forward-looking statements that are based on the Corporation's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.


Copyright � 2012 TOURNIGAN ENERGY LTD. (TSXV-TVC) All rights reserved. For more information visit our website at http://www.tournigan.com/ or send email to info@tournigan.com ..

Data and Statistics for these countries : Finland | Slovakia | Sweden | All
Gold and Silver Prices for these countries : Finland | Slovakia | Sweden | All

Tournigan Energy Limited

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CODE : TVC.V
ISIN : CA8915651035
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Tournigan Energy Ltd. is a gold and silver exploration company based in Canada.

Tournigan Energy Ltd. holds various exploration projects in Slovakia.

Its main exploration properties are NOVOVESKA HUTA and KURISKOVA in Slovakia and CURRAGHINALT in Ireland.

Tournigan Energy Ltd. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 5.2 millions as of today (US$ 4.2 millions, € 3.9 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 4.50, and its lowest recent point on February 17, 2023 at CA$ 0.02.

Tournigan Energy Ltd. has 208 018 000 shares outstanding.

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Annual reports of Tournigan Energy Limited
2008 Annual Report
2007 Annual Report
Financings of Tournigan Energy Limited
1/5/2012Closes Private Placement With Areva, And Welcomes Andreas M...
7/14/2010Closes Private Placement
6/29/2010Plans Private Placement
Nominations of Tournigan Energy Limited
1/30/2009Cuts Costs, Opens Denver Office, Appoints CFO, Corporate Sec...
11/3/2008Appoints VP Engineering / Environmental and VP Exploration
8/8/2007Appoints New Chairman
Project news of Tournigan Energy Limited
3/1/2012To Open March 1, 2012 As European Uranium Resources Ltd.
2/22/2012Takes Final Steps To Become European Uranium Resources Ltd.
11/30/2011(Novoveska Huta)Files Technical Report For Novoveska Huta Resource
4/26/2011(Kuriskova)Increases Indicated Resource at Kuriskova by 39% to 28.5 Mil...
3/7/2011(Kuriskova)Continues to Improve Grade in Kuriskova's Main Zone South
8/3/2010(Kuriskova)Metallurgical Testing For Prefeasibility Study Indicates Ura...
3/24/2010(Kuriskova)Increases Indicated Resource, Adds High Grade, at Kuriskova ...
11/23/2009(Kuriskova)Discovers New Zone of High Grade Mineralization at Kuriskova
11/9/2009(Kuriskova)Drills More High Grade Uranium at Kuriskova
11/3/2009(Kuriskova)Initial Metallurgical Testing at Tournigan's Kuriskova Proje...
10/19/2009(Kuriskova)Awards Prefeasibility Study of Kuriskova Uranium Deposit
10/1/2009(Kuriskova)Resumes Drilling at Kuriskova Uranium Deposit
9/30/2009(Curraghinalt)Sells Curraghinalt Gold Project
7/27/2009Files Technical Report
6/26/2009(Kuriskova)Positive Preliminary Assessment for Tournigan's Kuriskova Ur...
6/8/2009(Kremnica Mine)Signs Option Agreement on Kremnica Gold Property
2/24/2009(Kuriskova)Doubles Contained Uranium and Increases Grade of Indicated R...
1/19/2009(Kuriskova)Provides Update on Kuriskova Uranium Deposit in Slovakia
9/10/2008(Kuriskova)Adds Uranium Mineralization at Kuriskova and Novoveska Huta
8/29/2008(Kuriskova)Files Kuriskova Technical Report
7/16/2008(Kuriskova)Upgrades Portion of Kuriskova Resource to Indicated Category...
4/23/2008(Kuriskova) Continues Reporting High Grade Uranium Assays at Kuriskova,...
4/8/2008(Kuriskova)Reports High Grade Chemical Assay Results at Kuriskova
2/28/2008(Curraghinalt)Confirms High-Grade Gold Veins at Curraghinalt with Addition...
2/21/2008(Kuriskova)Kuriskova Infill Drilling Returns More High Grade Uranium
12/5/2007(Curraghinalt) Announces Significant Increase in Curraghinalt Gold Resourc...
Corporate news of Tournigan Energy Limited
3/13/2012(Kuriskova)European Uranium Files Technical Report For Kuriskova Prelim...
3/1/20122012 Outlook
2/2/2012in Northern Miner
1/30/2012(Kuriskova)Prefeasibility Study Indicates Kuriskova Could be Among Worl...
12/28/2011News Release
12/7/2011Forges Alliance With Areva, Acquires Scandinavian Uranium As...
8/23/2011(Kuriskova)Geotechnical Drilling Hits Uranium Mineralization at Much Hi...
8/9/2011(Kuriskova)s Progress on Prefeasibility Study for Kuriskova
4/8/2011Elects New Board Member
7/20/2010Mobilizes Zone 45 Drill Program
4/30/2010files Voluntary U.S. Deregistration
4/15/2010completes sale of Kremnica to Ortac
1/14/2010Cuts 4.5 Metres of 0.977 Percent eU3O8 at Kuriskova
1/5/2010Sale of Irish Property Brings Year-End Cash Up to $5.6 Milli...
12/10/2009Members of Parliament Did Not Agree with Uranium Mining Ban
11/2/2009Closes $5.5 Million Dalradian Sale
3/2/2009Completes Sale of U.S. Uranium Properties
12/23/2008Finalizes Dalradian Gold Agreement in Northern Ireland
10/2/2008Arranges Sale of Non-Core Assets in Northern Ireland and the...
9/4/2008A Letter to Shareholders from Dorian L. (Dusty) Nicol, Presi...
7/9/2008Information Now Available Through S&P Market Access Program
5/15/2008Provides Clarification
5/5/2008Name Change to Tournigan Energy Ltd. Focus on Kuriskova Uran...
3/19/2008's Uranium Targets Continue to Expand
3/4/2008 Completes Acquisition of US Uranium Interests
2/8/2008Extends Uranium Roll-front in Wyoming
1/31/2008Adopts Shareholder Rights Plan
1/15/2008Hits Uranium in Wyoming
10/24/2007 Announces Exploration Property Resource Changes, Restatemen...
10/12/2007Tournigan U.S. Uranium Acquisition Agreement and Reorganizat...
7/19/2007 Project Updates
5/29/2007Receives Positive Pre-feasibility on Kremnica Gold
5/28/2007Seeks to Unlock Shareholder Value by Separating
5/7/2007Tournigan's Resource at Kuriskova (Jahodna) Almost Triples t...
4/19/20072007 Operational Update - Uranium Properties
3/29/2007Adds Claims in Wyoming
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