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Re: News Release - Thursday, July 14, 2005
Tournigan's Roadmap for the Jahodna Uranium Project
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Tournigan Gold Corporation is pleased to announce an initial plan to
advance its Jahodna Uranium Project in Slovakia.
To enhance the value of its Slovakian uranium assets, Tournigan is
embarking on a program of data verification and resource re-estimation
beginning at Jahodna, which is the most advanced of Tournigan's uranium
projects. This program sets out current and future milestones to be
achieved to move Jahodna to a production decision.
Jahodna Roadmap
Stage 1. Data Compilation
Data compilation is well underway for the Jahodna high grade deposit,
with drillcore and radiometric logs being digitized. Tournigan will
also conduct confirmatory drilling at Jahodna shortly as part of a
re-sampling verification program.
Stage 2. Updated Resource Estimates
Data analysis and metallurgical verification work will begin
immediately after Stage 1 at Jahodna. An updated resource estimate to
National Instrument 43-101 standards will be produced, which will allow
the Company to report on the potential economics of the Jahodna
project. Tournigan notes industry analysts grant higher valuations for
uranium deposits with resource estimates that are compliant with NI
43-101. Target completion for the Jahodna updated resource estimate is
October, 2005.
Stage 3. Exploration Assessments
Once data compilation is complete, Tournigan will be able to prioritize
exploration targets around Jahodna. As the Jahodna deposit was only
discovered in 1985, a great amount of regional geological data exists
that will be given further analysis.
Stage 4. Preliminary Assessments/Scoping Studies
Upon the completion of an updated resource estimate, Tournigan will
have an independent economic assessment completed on Jahodna, which
will provide information such as Internal Rates of Return (IRR), Net
Present Value (NPV) and capital/operating costs. These initial studies
will provide production scenarios and potential profitability estimates
to Tournigan.
Other Uranium Projects
The databases for the Svabovce and Spissky Stiavnik deposits in
Slovakia will be assembled after Jahodna, with their production history
adding to the complexity of data compilation. Finally, the large
database at Novoveska Huta, with its former production history and
substantial physical inventory of drill core and samples, will take the
longest time to compile, with a target completion of December, 2005.
In Wyoming, Tournigan is continuing its evaluation of acquired uranium
claims in the short term, as the Company further investigates various
databases for historical exploration information. Tournigan management
expects that the next three months of its exploration program in
Wyoming will be almost exclusively dedicated to data collection and
claim staking.
Uranium Background
Tournigan holds licences covering four uranium deposits in eastern
Slovakia which host historical resource estimates as announced June 7,
2005. Two of these deposits have undergone past uranium production,
with two mined out deposits also located on Tournigan licence areas.
It has also entered into an agreement to acquire six uranium properties
in Wyoming, which host drill-defined mineralization, some of which may
be considered as "historical resource estimates", as announced June 16,
2005. The Slovak and Wyoming projects feature established uranium
assets in easily-accessed areas supportive of uranium mining, and where
Tournigan has local knowledge, giving it a competitive advantage.
Tournigan's Historical Uranium Resources in Slovakia
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Tonnes Uranium* Molyb Uranium Molyb
U3O8 % denum lbs U3O8 denum
% lbs Metal
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Jahodna 1,150,000 0.537% 0.380% 14,010,000 9,630,000
(High Grade)
Jahodna 1,080,000 0.219% 0.380% 5,360,000 9,050,000
(Low Grade)
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19,370,000 18,680,000
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Svabovce 1,489,000 0.222% 7,520,000 -
Spissky Stiavnik 294,000 0.199% 1,330,000 -
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8,850,000 -
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Novoveska Huta 12,000,000 0.075% 20,400,000 -
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TOTAL 48,620,000 18,680,000
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Not National Instrument 43-101 compliant resources - investors are
cautioned not to rely upon these estimates
*Tournigan has converted uranium metal grades to uranium oxide grades
(U3O8) using a factor of 1.17
Tournigan has reviewed the above estimates and views them relevant.
The historic exploitation of Slovak uranium deposits in general and
metallurgical test records acquired with Tournigan's deposits in
particular suggests the reliability of the historical resource
estimates. However, the Company has not done the work necessary to
verify the classification of the resources and the resources are not
categorized by the Canadian Institute of Mining, Metallurgical and
Petroleum in their Standards on Mineral Resources and Reserves
Definitions. The Slovak categories of Z-2 and Z-3 are roughly
analogous to the CIM definitions Indicated and Inferred Resources,
respectively.
Tournigan Gold is focused on developing advanced gold projects in
Europe - Curraghinalt in Northern Ireland and Kremnica in Slovakia.
The acquisition of significant uranium projects in Slovakia and
Wyoming, as well as the Brehov VMS project, adds a dynamic component to
Tournigan's asset mix.
TOURNIGAN GOLD CORPORATION
"Damien Reynolds"
Damien Reynolds, CEO
"James Walchuck"
James Walchuck, President and COO
The Qualified Person for these projects, Dr. Kent Ausburn, has reviewed
all technical disclosure in this release.
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.
For further information please contact Damien Reynolds, CEO or Garry
Stock, Executive VP at (604) 683-8320, or visit www.tournigan.com
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Copyright (c) 2005 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 Jul 14, 2005 at 3:00:00 AM Pacific Time
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