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Tournigan Energy Limited

Publié le 02 octobre 2008

Arranges Sale of Non-Core Assets in Northern Ireland and the USA

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Mots clés associés :   Europe | Knox | Uranium |
      Tournigan Arranges Sale of Non-Core Assets in Northern Ireland
      and the USA

Vancouver, October 2, 2008 - Tournigan Energy Ltd. (TVC:TSX-V;
TGP:Frankfurt) ("Tournigan" or the "Company") has arranged to sell its
wholly-owned subsidiaries Dalradian Gold Limited ("Dalradian") and
Tournigan USA Inc. ("TVC-USA").  Tournigan has signed a letter
agreement with C3 Resources Inc. ("C3") whereby C3 will acquire
Dalradian for C$13 million (the "Dalradian Transaction").  Tournigan
has also signed a letter agreement with Fischer-Watt Gold Company, Inc.
("Fischer-Watt") whereby Fischer-Watt will acquire TVC-USA for an
earn-in structure and certain deferred cash payments (the "TVC-USA
Transaction").  The Curraghinalt Gold Project in Northern Ireland
(Dalradian) and the uranium exploration licenses in the USA (TVC-USA)
are non-core assets of Tournigan.  The Company's focus is on the
development of its prospective mineral properties in Slovakia, notably
its Kuriskova Uranium Project.

Strategic Benefits of the Transactions to Tournigan

In a letter to shareholders dated September 3, 2008, Dorian L. (Dusty)
Nicol, the Company's President and CEO stated that "As our name states,
our primary focus is energy.  Our most significant properties are
located in Slovakia....  While we will always be aggressive in
following opportunities as we identify them, we will not allow
ourselves to be distracted from our objective: to become a premier
mid-tier explorer, developer and producer of uranium."  The sale of
Dalradian and TVC-USA will allow Tournigan to focus its financial and
management resources on achieving its primary objective of developing
its core uranium properties in Slovakia.

Although Tournigan continues to maintain a strong balance sheet with no
debt and a current cash balance of approximately C$13 million, the cash
funds from the Dalradian Transaction will provide Tournigan with even
greater financial security and an increased ability to progress its
core Slovak properties.

Tournigan remains confident in the potential of the Curraghinalt Gold
Project in Northern Ireland (Dalradian) and the uranium exploration
licenses in the USA (TVC-USA), but believes these assets will be better
progressed as core assets of C3 and Fischer-Watt, respectively, rather
than as non-core assets of Tournigan.  Both transactions have been
structured to allow Tournigan shareholders continued participation in
the potential upside of these projects without requiring further
financial or human capital investment by Tournigan.  On completion of
the Dalradian Transaction, Tournigan will hold the C3 Note (as defined
below), which will either convert into shares of C3 or be redeemed for
cash.  As a result, Tournigan will either retain an indirect interest
in the Curraghinalt Gold Project or will receive full cash value for
it.  Under the terms of the TVC-USA Transaction, Tournigan will hold a
carried interest in the TVC-USA properties that will effectively grant
Tournigan an option to participate in any eventual producing project
without further investment until such time as the project is deemed

Dalradian Transaction

Under the terms of the Dalradian Transaction, C3 will pay Tournigan
C$6.5 million in cash on closing, plus C$6.5 million in the form of a
convertible redeemable note (the "C3 Note"), plus a working capital
adjustment.  The C3 Note, which is secured by all the issued and
outstanding shares of Dalradian, will be due in one year following
closing and will be interest free for the first six months and bear
interest at a rate of 10% per annum thereafter.  The C3 Note will be
convertible at any time at Tournigan's option into shares of C3 at a
conversion price equal to the price of shares to be offered and sold by
C3 under a concurrent private placement offering (the "C3 Offering").
The C3 Note will also be convertible at the option of C3 following the
completion of any transaction which results in the listing of C3's
shares on the TSX Venture Exchange, the Toronto Stock Exchange, or
another mutually acceptable public stock exchange.  C3 has agreed to
pay Tournigan a C$375,000 non-refundable deposit that is creditable
against the final cash consideration.

The Dalradian Transaction is binding and includes a commitment by
Tournigan to not solicit alternative transactions. A break fee of
C$375,000 is payable to C3 under certain conditions.

Tournigan's management will continue to supervise the day-to-day
operations of Dalradian during the transaction period in consultation
with C3.

The Dalradian Transaction is subject to completion of mutual
confirmatory due diligence, definitive documentation, regulatory and
third-party approvals (including the approval of the TSX Venture
Exchange), the successful completion of the C3 Offering, approval from
the respective boards of directors and the satisfaction of other
customary conditions.  The Dalradian Transaction is expected to close
by mid December 2008.

C3 is a private, gold-focused, exploration and development company with
corporate offices in Elko, Nevada and Toronto, Ontario.  C3's objective
is to rapidly develop into an advanced exploration and development
company with a diversified portfolio of projects by completing
strategic acquisitions of advanced projects and aggressively
identifying and developing its own exploration projects.  C3's current
properties include 10 exploration projects in North-Central Nevada.  C3
is planning to grow its resource base to more than five million ounces
of gold within the next two years.

TVC-USA Transaction

Under the terms of the TVC-USA Transaction, Fischer-Watt will grant
Tournigan a 30% carried interest in respect of each TVC-USA property up
to the completion of a feasibility study for any project encompassing
any such property (a "Project").  Upon completion of a feasibility
study, Tournigan's carried interest in respect of such property will
convert into a 30% working interest in the Project or Tournigan will
have the option to dilute down to a 5% net profits interest.  In
addition, Fischer-Watt will deliver to Tournigan at closing an
interest-free promissory note due August 31, 2009 in the amount of
approximately US$309,500 (being 100% of the September 1, 2008 federal
claim maintenance payments paid by TVC-USA).  Fischer-Watt will also
secure the release of TVC-USA's reclamation bonds and reimburse
Tournigan by August 31, 2009 in the amount of US$930,000 less any
applicable reclamation costs.

The TVC-USA Transaction is binding.

Tournigan's management will continue to supervise the day-to-day
operations of TVC-USA during the transaction period in consultation
with Fischer-Watt.

The TVC-USA Transaction is subject to definitive documentation,
regulatory and third-party approvals (including the approval of the TSX
Venture Exchange), approval from the respective boards of directors and
the satisfaction of other customary conditions. The TVC-USA Transaction
is expected to close by December 2008.

Fischer-Watt (FWGO:OTCBB) is a Nevada-incorporated mineral exploration
and development company with an existing gold property in Arizona.  The
Chairman, President and CEO of Fischer-Watt is Peter Bojtos, who is
also a standing director of Tournigan.


Cormark Securities Inc. is acting as financial advisor to Tournigan
with respect to both Transactions.

Clarus Securities Inc. is acting as financial advisor to C3 with
respect to the Dalradian Transaction.

About Tournigan Energy Ltd.

Tournigan is a uranium and gold exploration and development company
that has built a portfolio of highly prospective assets in Europe. The
company has focused its development and obtained licences in Slovakia,
a member of the European Union since 2004. Slovakia is economically and
politically stable, has excellent infrastructure and an educated
population. Tournigan is committed to safe and sustainable exploration
and mine development in Slovakia and its other operational

On behalf of the Board of Directors of


"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO

Forward-looking statements: Certain of the statements made herein,
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
Corporation'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.

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

For further information please contact: Knox Henderson, Tournigan
Investor Relations, at (604) 637-3563, or visit www.tournigan.com

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

Tournigan Energy Limited

ISIN : CA8915651035
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Tournigan Energy Ltd. est une société d’exploration minière d'or et d'argent basée au Canada.

Tournigan Energy Ltd. détient divers projets d'exploration en Slovaquie.

Ses principaux projets en exploration sont NOVOVESKA HUTA et KURISKOVA en Slovaquie et CURRAGHINALT en Irlande.

Tournigan Energy Ltd. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 6,2 millions CA$ (5,0 millions US$, 4,4 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 4,50 CA$, et son plus bas niveau récent le 28 juin 2022 à 0,03 CA$.

Tournigan Energy Ltd. possède 208 018 000 actions en circulation.

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Rapports annuels de Tournigan Energy Limited
2008 Annual Report
2007 Annual Report
Financements de Tournigan Energy Limited
05/01/2012Closes Private Placement With Areva, And Welcomes Andreas M...
14/07/2010Closes Private Placement
29/06/2010Plans Private Placement
Nominations de Tournigan Energy Limited
30/01/2009Cuts Costs, Opens Denver Office, Appoints CFO, Corporate Sec...
03/11/2008Appoints VP Engineering / Environmental and VP Exploration
08/08/2007Appoints New Chairman
Projets de Tournigan Energy Limited
01/03/2012To Open March 1, 2012 As European Uranium Resources Ltd.
22/02/2012Takes Final Steps To Become European Uranium Resources Ltd.
30/11/2011(Novoveska Huta)Files Technical Report For Novoveska Huta Resource
26/04/2011(Kuriskova)Increases Indicated Resource at Kuriskova by 39% to 28.5 Mil...
07/03/2011(Kuriskova)Continues to Improve Grade in Kuriskova's Main Zone South
03/08/2010(Kuriskova)Metallurgical Testing For Prefeasibility Study Indicates Ura...
24/03/2010(Kuriskova)Increases Indicated Resource, Adds High Grade, at Kuriskova ...
23/11/2009(Kuriskova)Discovers New Zone of High Grade Mineralization at Kuriskova
09/11/2009(Kuriskova)Drills More High Grade Uranium at Kuriskova
03/11/2009(Kuriskova)Initial Metallurgical Testing at Tournigan's Kuriskova Proje...
19/10/2009(Kuriskova)Awards Prefeasibility Study of Kuriskova Uranium Deposit
01/10/2009(Kuriskova)Resumes Drilling at Kuriskova Uranium Deposit
30/09/2009(Curraghinalt)Sells Curraghinalt Gold Project
27/07/2009Files Technical Report
26/06/2009(Kuriskova)Positive Preliminary Assessment for Tournigan's Kuriskova Ur...
08/06/2009(Kremnica Mine)Signs Option Agreement on Kremnica Gold Property
24/02/2009(Kuriskova)Doubles Contained Uranium and Increases Grade of Indicated R...
19/01/2009(Kuriskova)Provides Update on Kuriskova Uranium Deposit in Slovakia
10/09/2008(Kuriskova)Adds Uranium Mineralization at Kuriskova and Novoveska Huta
29/08/2008(Kuriskova)Files Kuriskova Technical Report
16/07/2008(Kuriskova)Upgrades Portion of Kuriskova Resource to Indicated Category...
23/04/2008(Kuriskova) Continues Reporting High Grade Uranium Assays at Kuriskova,...
08/04/2008(Kuriskova)Reports High Grade Chemical Assay Results at Kuriskova
28/02/2008(Curraghinalt)Confirms High-Grade Gold Veins at Curraghinalt with Addition...
21/02/2008(Kuriskova)Kuriskova Infill Drilling Returns More High Grade Uranium
05/12/2007(Curraghinalt) Announces Significant Increase in Curraghinalt Gold Resourc...
Communiqués de Presse de Tournigan Energy Limited
13/03/2012(Kuriskova)European Uranium Files Technical Report For Kuriskova Prelim...
01/03/20122012 Outlook
02/02/2012in Northern Miner
30/01/2012(Kuriskova)Prefeasibility Study Indicates Kuriskova Could be Among Worl...
28/12/2011News Release
07/12/2011Forges Alliance With Areva, Acquires Scandinavian Uranium As...
23/08/2011(Kuriskova)Geotechnical Drilling Hits Uranium Mineralization at Much Hi...
09/08/2011(Kuriskova)s Progress on Prefeasibility Study for Kuriskova
08/04/2011Elects New Board Member
20/07/2010Mobilizes Zone 45 Drill Program
30/04/2010files Voluntary U.S. Deregistration
15/04/2010completes sale of Kremnica to Ortac
14/01/2010Cuts 4.5 Metres of 0.977 Percent eU3O8 at Kuriskova
05/01/2010Sale of Irish Property Brings Year-End Cash Up to $5.6 Milli...
10/12/2009Members of Parliament Did Not Agree with Uranium Mining Ban
02/11/2009Closes $5.5 Million Dalradian Sale
02/03/2009Completes Sale of U.S. Uranium Properties
23/12/2008Finalizes Dalradian Gold Agreement in Northern Ireland
02/10/2008Arranges Sale of Non-Core Assets in Northern Ireland and the...
04/09/2008A Letter to Shareholders from Dorian L. (Dusty) Nicol, Presi...
09/07/2008Information Now Available Through S&P Market Access Program
15/05/2008Provides Clarification
05/05/2008Name Change to Tournigan Energy Ltd. Focus on Kuriskova Uran...
19/03/2008's Uranium Targets Continue to Expand
04/03/2008 Completes Acquisition of US Uranium Interests
08/02/2008Extends Uranium Roll-front in Wyoming
31/01/2008Adopts Shareholder Rights Plan
15/01/2008Hits Uranium in Wyoming
24/10/2007 Announces Exploration Property Resource Changes, Restatemen...
12/10/2007Tournigan U.S. Uranium Acquisition Agreement and Reorganizat...
19/07/2007 Project Updates
29/05/2007Receives Positive Pre-feasibility on Kremnica Gold
28/05/2007Seeks to Unlock Shareholder Value by Separating
07/05/2007Tournigan's Resource at Kuriskova (Jahodna) Almost Triples t...
19/04/20072007 Operational Update - Uranium Properties
29/03/2007Adds Claims in Wyoming
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