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Tournigan U.S. Uranium Acquisition Agreement and Reorganization
Update
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Tournigan Gold Corporation (TVC:TSX-V; TGP:Frankfurt) is pleased to
announce it has entered into an agreement to acquire 100 per cent
ownership of its U.S. uranium properties from Sweetwater River
Resources LLC ("Sweetwater"). Prior to this acquisition agreement, the
Company's interests in the properties were held through its option
agreement with Sweetwater. Closing of the acquisition will take place
on the earlier of the Canada Revenue Agency ("CRA") notifying Tournigan
that the completion of the acquisition will not prejudice Tournigan's
application for a favourable advance tax ruling in respect of its
proposed reorganization announced May 28, 2007 (the "Tournigan
Reorganization") or upon the closing of the Tournigan Reorganization.
Upon closing, the Company will make cash payments totaling $642,000, of
which $100,000 will be placed in escrow and, in addition, the company
will issue 340,000 shares to Sweetwater. The escrowed monies will be
released to Sweetwater upon rectification of certain minor deficiencies
in land tenure reports, which is expected to occur within three months.
Pursuant to regulatory requirements, the common shares issued upon
closing will be subject to a four-month hold period.
The U.S. uranium properties acquired comprise more than 53,000 acres of
federal lode mining claims in Wyoming, Arizona and South Dakota.
Drilling commenced on the Wyoming and South Dakota claims in August
2007.
"We are very pleased to have reached this agreement with Sweetwater and
we look forward to developing these properties", said James Walchuck,
Tournigan's President and CEO. "When the agreement closes, Tournigan
will control 100 per cent of its Slovakian and U.S. uranium
properties".
Tournigan Reorganization Update
The Tournigan Reorganization is subject to a favourable tax ruling from
CRA. The Company filed its application for an advance tax ruling from
CRA in June 2007 and awaits CRA's ruling, which it expects to receive
in due course.
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
TOURNIGAN GOLD CORPORATION
"James Walchuck"
James Walchuck, President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, constitute forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in the Company's business, including risks inherent in mineral
exploration and development. As a result, actual results may vary
materially from those described in the forward-looking statements.
Contact James Walchuck, CEO at +1 (604) 683-8320, or visit
www.tournigan.com
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Copyright (c) 2007 TOURNIGAN GOLD CORPORATION (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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