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Re: News Releases - Monday, May 07, 2007
Tournigan's Resource at Kuriskova (Jahodna) Almost Triples to 50
Million Pounds U3O8
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Tournigan Gold Corporation (TVC:TSX-V; TGP:Frankfurt) is pleased to
announce that ACA Howe International Ltd. has calculated a new resource
estimate for the Kuriskova (formerly called Jahodna) uranium deposit in
Eastern Slovakia. The new inferred resource estimate, as defined by
CIM standards, indicates that the Kuriskova resource has grown to more
than 50 million pounds of U3O8, nearly three times the last resource
estimate of 18 million pounds. The new resource has a high grade
component of 3.6 million tonnes grading 0.49 percent U3O8, or 38.9
million pounds of U3O8, and a lower grade component of 5.4 million
tonnes grading 0.1 percent U3O8, or 11.5 million pounds of U3O8.
"The Kuriskova deposit is beginning to take shape as one of the world's
largest high-grade uranium deposits," said James Walchuck, President
and CEO of Tournigan. "The deposit still shows great growth potential.
We are planning a near surface in-fill drill program as well as a deep
drill program this year to further improve our understanding of
Kuriskova, as well as try to expand the current Kuriskova resource."
Kuriskova Uranium Deposit -- Inferred Resource Estimate (ACA Howe, May
2007)
Cut-off Grade (0.035% U3O8)
Kuriskova has a high-grade main zone of strata-bound uranium
mineralization supplemented by a lower-grade strata-bound zone of
mineralization, both hosted in a sequence of andesitic volcanics.
Tournigan has only explored a small area of the exploration licence it
acquired at Kuriskova in June 2005. An airborne geophysics survey
followed by ground geophysics and prospecting will start shortly on all
of Tournigan's Slovakian uranium exploration licences.
ACA Howe produced the current resource estimate for the Kuriskova
uranium which includes all drilling completed during 2006. David Pelham
Consulting Geologist, and Galen White, Senior Geologist, ACA Howe
prepared the current resource estimate. Both are independent Qualified
Persons as defined by NI 43-101. The estimate includes results from 10
of 13 diamond drill holes drilled by Tournigan at the Kuriskova deposit
in 2006, three diamond holes drilled by Tournigan in late 2005, and 13
relevant holes of the 52 historical diamond drill holes drilled by
previous government operators, as discussed in Tournigan's March 6,
2006 release.
ACA Howe utilized MicroMine software to produce a 3D wireframe and
inverse distance model for the Kuriskova deposit, utilising the same
cut-off grade of 0.035% U3O8 as was used to calculate the higher-grade
portion of the previous resource estimate. Geochemical analyses of
Tournigan drill core confirmed radiometric drill logging results.
The Kuriskova uranium deposit is part of a belt of largely strata-bound
uranium-molybdenum deposits hosted in a sequence of Permian-age
meta-volcanic/sedimentary rocks in eastern Slovakia. The Kuriskova
deposit is blind and is covered by thick soils and extensive forest
cover. The deposit has a northwest-southeast strike, and a variably
steep-moderate southwest dip (60 degrees in the upper part, 47 degrees
in the lower part). The overall dimensions of the main zone of the
deposit established to date by drilling, start about 120 metres below
the surface and extend to a depth of approximately 650 metres below
surface. The deposit has been defined approximately 650 metres along
strike by 530 metres down-dip by 2.5 metres thick.
A new Preliminary Assessment at Kuriskova is expected by the end of
March 2008. The current Preliminary Assessment (ACA Howe, April 2006),
available under Tournigan's profile at www.sedar.com or on Tournigan's
web site, was based on the previous inferred resource estimate of 1.2
million tonnes of 0.66% U3O8, or 18 million pounds of U3O8 using a
0.035% U3O8 cut-off and and is no longer valid. The 2007 drill program
at Kuriskova is scheduled to begin in the next few weeks.
A NI 43-101 technical report supporting the new resource estimate will
be completed by ACA Howe and will be posted under Tournigan's profile
at www.sedar.com within 45 days.
Notes on Methodology
Jahodna drill core are transported to the Kremnica site where
geological logging, preliminary interpretation, and sample interval
selection takes place. Selected sample intervals are sawn in half and
one-half of the split-core is transported to an ALS Chemex sample
preparation lab in Pitea Sweden, where it is crushed, pulverized and
undergoes geochemical analysis. Core intervals which appear to be
high-grade, (NORM,) are transported from Sweden to ALS Chemex lab in
North Vancouver, Canada for geochemical analysis. ALS Chemex's North
Vancouver laboratory has ISO 9001:2000 registration. It has also
received ISO 17025 accreditation from the Standards Council of Canada
under CAN-P-1579 "Guidelines for Accreditation of Mineral Analysis
Testing Laboratories".
QA\QC
Quality assurance and quality control programs take place in both
Slovakia and the ALS Chemex lab. The independent engineering company
AMEC is currently auditing these processes.
David Pelham and Galen White of ACA Howe are the Qualified Persons for
the Kuriskova resource 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
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.
Investors are advised that independent technical reports on Tournigan's
material properties are available at www.sedar.com. 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
events.
Contact Patrick Soares, Vice President, Investor Relations 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
Message sent on Mon May 7, 2007 at 9:24:36 AM Pacific Time
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