Tournigan Energy Limited

Published : May 29th, 2007

Receives Positive Pre-feasibility on Kremnica Gold

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Re: News Release - Tuesday, May 29, 2007
Tournigan Receives Positive Pre-feasibility on Kremnica Gold

Tournigan Gold Corporation (TVC:TSX-V; TGP:Frankfurt) is pleased to
report that it has received a positive independent pre-feasibility
study on the Sturec deposit at its Kremnica Gold project in Slovakia.
The pre-feasibility study indicates that at a gold price of US$525 per
ounce and a silver price of US$9.25 per ounce, that the internal rate
of return at Kremnica after taxes could exceed 13%.

As a result of this study, Tournigan has identified a number of
opportunities to further improve the project economics as well as
further the social acceptability of the project while simultaneously
reducing its environmental impact. These opportunities include
optimizing surface infrastructure layouts, improving the resource model
and raising substantial in-pit inferred material to the indicated
classification so that it may be included in the project economics.
These optimization studies will take place prior to a decision being
made to take the project to Final Feasibility.

"The Kremnica pre-feasibility study indicates that this region of
Slovakia, which was a gold producer as early as the 8th Century, could
once again regain its status as a precious metals producer. This
project will be the flagship property in the new gold company that
Tournigan has recently announced that it will spin out from the
Company", said James Walchuck, President and CEO of Tournigan Gold

The Pre-feasibility Report, dated March 2007, was prepared under the
direction of W. Peter Stokes, P.Eng., of Beacon Hill Consultants (1988)
Ltd., an Independent Qualified Person as defined by NI 43-101.

Highlights from the pre-feasibility are summarized below.

Gold Recovered (life of mine) 674,500 ounces
Silver Recovered (life of mine) 3,739,000 ounces
Gold Price Used US$525/oz
Silver Price Used US$9.25/oz
Capital Cost (millions) US$106.2
Ongoing Capital and Reclamation (millions) US$24.2
Operating Cost per Gold Equivalent Ounce US$227.00
Production Rate (tonnes milled per day) 6,000
Strip Ratio (Ore to Waste) 1.61
Metallurgical Recovery (Gold) 93.0%
Metallurgical Recovery (Silver) 66.0%
Mine Life 7.7 years
Approximate Payback Period 4.4 years

Gold Price Cashflow (After Tax) IRR
$375 ($12,617) -2.55%
$425 $17,198 3.29%
$475 $46,802 8.53%
$525 (Base Case) $75,028 13.08%
$575 $101,895 17.07%
$625 $128,762 20.79%
$675 $169,063 26.00%

Discussion and Analysis

An economic evaluation of a 6,000 tonnes per day open pit operation at
the Sturec deposit indicates that, based on initial capital
expenditures of US$106.2 million and using metal prices of US$525 per
ounce gold and US$9.25 per ounce silver in the base case financial
analysis, the project will generate an after-tax Internal Rate of
Return (IRR) of 13.08% and a Net Present Value (NPV) of US$75 million.
Payback of initial capital can be achieved in 4.37 years.

Based upon a cut-off of 0.5 grams gold per tonne (Au g/t) equivalent,
mineral reserves at the Sturec deposit are 16.23 million tonnes grading
1.4 Au g/t for gold and 11.08 Ag g/t for silver. The study is based
upon mining both the high and low grade ore together. The high grade
ore will be processed first and the low grade stockpiled for later

Location and Access

The Kremnica project is located in central Republic of Slovakia as
shown on Figure 1. The town of Kremnica lies 17 km west of central
Slovakia's largest city, Bansk� Bystrica. Kremnica has a population of
about 6,000 and is accessible by road or train from Bratislava, the
capital and largest city in Slovakia.

The Kremnica project comprises two contiguous properties: the Kremnica
Mining License and the Lutila Exploration License, which are 11.79 km2
and 86.38 km2 in area, respectively.

Figure 1: Kremnica Location Map

The Deposit

Gold-silver mineralization at Kremnica is part of a large
low-sulphidation epithermal-hydrothermal system hosted in Tertiary
andesite volcanic flows and tuffs. Mineralization occurs in large
banded to massive quartz veins, smaller quartz veins and sheeted veins,
quartz stockwork veining, and silicified hydrothermal breccias.

Geological work has demonstrated that gold and silver mineralization
within the sheeted veins and stockwork veining zones is primarily
localized in areas immediately adjacent to the main vein zones. Gold
occurs freely and in non-refractory association with sulphides and
silver occurs mainly as electrum. Silver/gold ratios vary, but average
approximately 8:1. Average gold grades throughout the deposit are
approximately 2 Au g/t, but high-grade zones can exceed 30 Au g/t.

Mineral Resources and Reserves

The estimated measured and indicated resource for the Sturec deposit,
using a 0.5 Au g/t gold equivalent cut-off, is 23.6 million tonnes at
an average grade of 1.37 Au g/t and 11.36 Ag g/t. There is an
additional inferred resource of 10.592 million tonnes at an average
grade of 1.01 Au g/t and 6.27 Ag g/t. This resource estimate is based
on the resource calculated in the March 2006 technical report, (Beacon
Hill Consultants) and uses a 0.5 g/t gold equivalent cut-off whereas
the March 2006 report states the base case resource at a cut-off of
0.75 g/t gold equivalent. A lower cut-off is justified by the increase
in the gold price. The technical report (to be posted on SEDAR in June)
will include a table of resources at various cut-offs.

The mineral reserves, which is part of the above stated resources, is
also based on a cut-off of 0.5 Au g/t equivalent are 16.23 million
tonnes grading 1.4 Au g/t for gold and 11.08 Ag g/t for silver.


Ore and waste will be excavated using conventional drilling, blasting,
and hauling techniques with diesel-powered equipment. The ore will be
trucked to the primary crusher which will feed the process plant. The
strip ratio has been calculated at 1.6 to 1.

A conventional gravity-CIL mill with cyanide destruction facilities
will process approximately 6,000 tonnes per day to recover gold and
silver in the form of a dor� bar. It is expected that 674,500 ounces
of gold and 3,739,000 ounces of silver will be produced over the
eight-year mine life.

A tailings storage facility (TSF) will be constructed approximately 5
km from the mining operation to provide secure containment of the
tailings. Waste rock that is not potentially acid generating (NAG)
will be used to build the tailings impoundment dam. Water will be
re-circulated back to the process plant and re-used. Any TSF water not
returned to the processing plant will be treated so that the resulting
water quality will be at least equal to if not exceed, the quality of
the receiving waters.

Where possible, the mine and processing facilities have been designed
to blend into the landscape to minimize the visual effect of the mine
on the surrounding community. The overall design of the mine and site
facilities have been designed with input from local communities.

Capital Costs

Initial capital expenditures have been estimated at $106.2 million with
ongoing capital and reclamation at $24.2 million.

Pre-production Capital Costs (millions $):

Feasibility study $ 2.1

Pre-production development $ 3.7

Mining equipment $ 17.1

Plant and surface facilities $ 58.5

Indirect costs including engineering,
procurement and construction management $ 15.1

Contingency $ 9.7
TOTAL $ 106.2

Operating Costs

Life of Mine operating costs are estimated to be $10.36/tonne of ore processed.

Description Life of Mine Cost Percent of Total Average Cost
(millions) Per Tonne
Mining $56.3 34% $3.47
Process $97.6 58% $6.01
G&A $14.1 8% $0.87
TOTAL $168.0 100% $10.36


Kremnica Gold has no environmental liabilities for past mining
activities and would only assume liability for any environmental
problems related to the future operation of a mine. The environmental
and social impact assessment, which is being carried out by Golder
Associates (UK), includes socially responsible consultative studies and
activities which are compliant with Slovak and European Union
requirements as well as industry best practice.


Both risks and opportunities exist for mining projects. The following
table of sensitivities quantifies the risks and opportunities
associated with some key economic factors and include royalties, fees
and taxes:

Description of Sensitivity NPV Dis.0% NPV Dis.5% NPV Dis.8% IRR
US$(000)s US$(000)s US$(000)s %
Base Case Cashflow $75,028 $36,569 $20,148 13.08%
Gold Price $375 ($12,617) ($29,640) ($36,425) -2.55%
Gold Price $425 $17,198 ($7,066) ($17,112) 3.29%
Gold Price $475 $46,802 $15,320 $2,029 8.53%
Base Case Cashflow $75,028 $36,569 $20,148 13.08%
Gold Price $575 $101,895 $56,748 $37,334 17.07%
Gold Price $625 $128,762 $76,900 $54,483 20.79%
Gold Price $675 $169,063 $107,129 $80,207 26.00%
Grade -10% $42,567 $12,130 ($692) 7.82%
Grade -5% $58,951 $24,472 $9,835 10.54%
Base Case Cashflow $75,028 $36,569 $20,148 13.08%
Grade +5% $90,447 $48,151 $30,013 15.40%
Grade +10% $105,867 $59,723 $39,865 17.63%
Capital Cost -20% $102,285 $61,067 $43,247 20.75%
Capital Cost -10% $88,959 $49,040 $31,883 16.65%
Base Case Cashflow $75,028 $36,569 $20,148 13.08%
Capital Cost +10% $60,454 $23,627 $8,017 9.89%
Capital Cost +20% $45,124 $14,042 $934 8.25%
Operating Cost -20% $103,883 $58,267 $38,638 17.36%
Operating Cost -10% $89,365 $47,354 $29,340 15.25%
Base Case Cashflow $75,028 $36,569 $20,148 13.08%
Operating Cost +10% $60,218 $25,408 $10,626 10.74%
Operating Cost +20% $45,124 $14,042 $934 8.25%
Silver Price -US$6.75 $67,494 $30,917 $15,335 11.91%
Silver Price -US$8.00 $71,321 $54,862 $17,783 12.51%
Base Case Cashflow $75,028 $36,569 $20,148 13.08%
Silver Price -US$10.50 $78,734 $39,348 $22,513 13.64%
Silver Price -US$11.75 $82,441 $42,126 $24,878 14.20%

W. Peter Stokes, P.Eng., of Beacon Hill Consultants (1988) Ltd and
Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., are the Qualified
Persons for the Sturec resource and reserve estimate and have approved
the technical information herein.

Joseph Ringwald, P.Eng, Tournigan's Vice President Technical Services
and a Qualified Person as defined by National Instrument 43-101 has
reviewed and approved the technical disclosure contained herein.

Tournigan has built a portfolio of highly prospective uranium and gold
properties in both Europe and North America. The Company intends to
develop its best prospects. Tournigan has focused its efforts in
countries that are economically and politically stable, have good
infrastructure and a well educated population.

On behalf of the Board of Directors of


"James Walchuck"
James Walchuck, President and CEO

The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.

Investors are advised that independent technical reports on Tournigan's
material properties are available at Those technical
reports provide the date of each resource or reserve estimate, details
of the key assumptions, methods and parameters used in the estimates,
details of quality and grade or quality of each resource or reserve and
a general discussion of the extent to which the estimate may be
materially affected by any known environmental, permitting, legal,
taxation, socio-political, marketing, or other relevant issues. The
technical reports also provide information with respect to data
verification in the estimation.

This document uses the terms "measured", "indicated" and "inferred"
resources as defined in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects. United States investors
are advised that while these terms are recognized and required by
Canadian regulations, the SEC does not recognize them. Investors are
cautioned not to assume that all or any part of the 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 economic and legal feasibility and it cannot be assumed
that all or any part of an inferred mineral resource will be ever be
upgraded to a higher category. Investors are cautioned not to assume
that all or any part of an inferred resource exists or is economically
or legally mineable. Mineral resources are not mineral reserves and do
not have demonstrated economic viability.

Forward-looking statements: Certain of the statements made herein,
including any information as to the Corporation's future financial or
operating performance, may be forward-looking and subject to important
risk factors and uncertainties, many of which are beyond the
Corporation's ability to control or predict. Forward-looking statements
are necessarily based on a number of estimates and assumptions that are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause
actual results to differ materially from those projected in the
forward-looking statements. Such factors include, among others: gold
and uranium price volatility; impact of any hedging activities,
including margin limits and margin calls; discrepancies between actual
and estimated production, between actual and estimated reserves and
resources and between actual and estimated metallurgical recoveries;
changes in national and local government legislation, taxation,
controls, regulations and political or economic developments in Canada,
the United States, South Africa, Australia or other countries in which
the Corporation does or may carry on business in the future; risks of
sovereign investment; the speculative nature of gold and uranium
exploration and development, including the risks of obtaining necessary
licenses and permits; dilution; competition; loss of key employees;
additional funding requirements; and defective title to mineral claims
or property. In addition, there are risks and hazards associated with
the business of gold and uranium exploration, development and mining,
including environmental hazards, industrial accidents, unusual or
unexpected formations, pressures, cave-ins, flooding and gold bullion
losses (and the risk of inadequate insurance or inability to obtain
insurance, to cover these risks), as well as the factors described or
referred to in reports filed by the Corporation with the Canadian
securities administrators. Accordingly, readers should not place undue
reliance on forward-looking statements. The Corporation 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

Contact Patrick Soares, Vice President, Investor Relations at +1 (604)
683-8320, or visit

Copyright (c) 2007 TOURNIGAN GOLD CORPORATION (TSXV-TVC) All rights
reserved. For more information visit our website at or send
Data and Statistics for these countries : Australia | Canada | Slovakia | South Africa | All
Gold and Silver Prices for these countries : Australia | Canada | Slovakia | South Africa | All

Tournigan Energy Limited

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, € 3.6 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.

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