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Tournigan Files Technical Report
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Vancouver, July 27, 2009---Tournigan Energy Ltd. (TVC: TSX-V; TGP:
Frankfurt) has posted on SEDAR the 43-101 Preliminary Assessment
(Scoping Study) prepared by its independent third party consultant,
Pincock, Allen and Holt (PAH) of Lakewood, Colorado, on its Kuriskova
uranium deposit in Slovakia. Results of this Preliminary Assessment
were first reported in a News Release dated June 25, 2009. Since then,
PAH has completed the Preliminary Assessment, resulting in some minor
changes to project parameters, as summarized in the following table:
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DESCRIPTION UNITS TECHNICAL PRESS RELEASE
REPORT (JUNE 25, 2009)
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Mine Life Years 15 15
Uranium Production 000 lbs U3O8/Year 2,395 Not reported
(Average First 5 Years)
Uranium Production 000 lbs U3O8/Year 1,382 1,382
(Average Life of Mine)
Uranium Recovery % 90 90
Uranium Price US$/lb U3O8 65.00 65.00
Initial Capital US$ millions 168 156
Investments (1)
Operating Cost - US$/lb U3O8 17 17
First 5 Years (2)
Operating Cost US$/lb U3O8 32 31
(Average Life of Mine)(2)
Estimated Royalty Payment US$/lb U3O8 3 4
(Average Life of Mine)
Net Present Value @ 12% (3) US$ millions 135 117
Payback Period Years 5.6 5.3
Internal Rate of Return (3) % 35.8 32.8
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(1) Includes 30% contingency.
(2) Pre-royalty; includes 5% contingency and molybdenum credit at
$12.50/lb Mo.
(3) Pre-tax.
The principal factor driving these changes has been a modification to
the proposed metallurgical flow sheet to autoclave alkaline leaching.
The metallurgical test work is ongoing. Preliminary information
obtained to date indicates that a conventional autoclave alkaline leach
producing uranium oxide and molybdenum concentrate products will be
preferable in terms of project economics to the flotation and leach
process initially planned and reported in the June 25 News Release.
Process flow sheet is subject to change and optimization as further
test work is completed. Other changes to project parameters were driven
by optimization and refining of capital and operating cost estimates.
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.
Of significance is the zone of high-grade uranium mineralization which
remains open to the north and east of the currently-defined Indicated
Resource. Drilling near the edge of the zone encountered high-grade
uranium mineralization: for example, Drill Hole LH-K-12A, which
intersected 2.35 meters of 1.38% U3O8; Drill Hole LH-K-10A, which
intersected <bu>6.5 meters of 2.16% U3O; and <bu>Drill Hole 14A which
intersected 6 meters of 0.79% U3O8, including 0.7 meters of 6.18% U3O8
and 0.4 meters of 0.93% U3O8 (see the NI 43-101 Kuriskova Resource
Update, April 2009, by SRK Consultants for more information on these
drill intercepts, including locations). Step-out drilling in this area
will be a priority during the next phase of drilling.
In addition to targets immediately adjacent to the defined resource,
recently completed ground radiometric and radon gas-in-soil surveys
indicate the presence of anomalies extending up to 300 meters northwest
and 200 meters southeast of the currently defined resource. Further
interpretation of these new survey results may lead to identification
of drill targets with potential to increase the size of the Kuriskova
deposit or indicate the presence of satellite deposits.
The Preliminary Assessment projects a nominal mining rate of 750-800
tonnes of mineralized material per day using the underhand cut and fill
mining method with paste backfill. As further geotechnical and
hydrogeological data for the project area are obtained, it may be
possible to modify the mining method and increase the daily production
rate and lower mining operating costs. Exploration success may add to
the size and overall grade of the deposit which could also contribute
to a higher production rate and lower unit mining costs.
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 Person
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, President and CEO of Tournigan
Energy Ltd., Qualified Person, has verified the technical contents of
this release.
Energy Policy of Slovakia
On October 15, 2008, the Slovakian government approved a Strategy of
Energy Security for the Slovak Republic. This strategy emphasizes the
continued use of nuclear generated power as part of the country's
energy mix and states:
"Legislative and economic support of efficient and rational use of
domestic sources of uranium ores has the potential to decrease the
country's considerable dependency on supplies of energy resources."
In 2007, approximately 55% of Slovakia's power production of 14,200
million kilowatt-hours was produced from nuclear power plants with a
total capacity of 1,685 MW from four operating reactors. Slovakia is
the world's third highest per capita consumer of nuclear generated
power after France and Lithuania (World Nuclear Association, 2009).
Slovakia's current uranium consumption is 313 tonnes per year. This
does not include any future uranium requirements for reactors under
construction or being proposed.
About Tournigan
Tournigan is a uranium exploration and development company that has
built a portfolio of highly prospective assets in Slovakia, a member of
the European Union since 2004. Slovakia is economically and
politically stable, has excellent infrastructure and, as of January 1,
2009, has adopted the Euro currency. Tournigan is committed to safe and
sustainable exploration and mine development in Slovakia. In addition
to Kuriskova, Tournigan has five other exploration targets along the
Slovakian uranium belt which are showing positive exploration results.
* NOTE: Mineral resources that are not mineral reserves do not have
demonstrated economic viability. This Preliminary Assessment is
preliminary in nature and includes the use of Inferred Resources which
do not have demonstrated economic viability and are considered too
speculative geologically to have economic considerations applied to
them that would enable them to be categorized as mineral reserves.
There is no certainty that the Preliminary Assessment will be realized.
TOURNIGAN ENERGY LTD.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
Forward-looking statements: Certain of the statements made in this
release, including any information as to the Company's future financial
or operating performance, may be forward-looking and subject to
important risk factors and uncertainties, many of which are beyond the
Company's ability to control or predict. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
undertakes no obligation to update publicly or release any revisions to
forward-looking statements to reflect events or circumstances after the
date of this document or to reflect the occurrence of unanticipated
events.
This press release uses the terms "indicated resources" and "inferred
resources", which are calculated in accordance with the Canadian
National Instrument 43-101 and the Canadian Institute of Mining and
Metallurgy Classification system. We advise investors that while those
terms are recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize them. U.S.
investors are cautioned not to assume that any part or all of mineral
deposits in these categories will ever be converted into reserves. In
addition, "Inferred resources" have a great amount of uncertainty as to
their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an Inferred
Mineral Resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of Inferred Mineral Resources may not form
the basis of feasibility or pre-feasibility studies, except in rare
cases. U.S. investors are cautioned not to assume that part or all of
an inferred resource exists, or is economically or legally minable.
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.
For further information please contact: Knox Henderson, Tournigan
Energy Investor Relations, at (604) 683-8320, or visit
www.tournigan.com.
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Copyright (c) 2009 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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Tournigan Energy Limited
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EXPLORATION STAGE |
CODE : TVC.V |
ISIN : CA8915651035 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
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, € 3.6 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. |