January 30, 2009
Tournigan Cuts Costs, Opens Denver Office, Appoints CFO, Corporate Secretary
Vancouver, January 30, 2009 -- Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) announced today that the company has relocated its technical management office to Denver, CO, while maintaining a small corporate, financial and investor relations office in Vancouver, BC. The company has appointed Doris Meyer as chief financial officer and corporate secretary of the company, replacing Hans Retterath and Jude Fawcett respectively. Tournigan has also engaged the financial reporting and corporate compliance services of Golden Oak Corporate Services Ltd, owned by Ms. Meyer. The company will attempt to find a replacement tenant for its downtown Vancouver office.
"These cost-cutting measures were enacted to preserve cash while providing the highest level of professionalism and accountability to shareholders," said Dorian (Dusty) Nicol, Tournigan president and CEO. "Overall, these measures are expected to lower our corporate overhead by approximately C$70,000 per month."
The company wishes to thank Mr. Retterath and Ms. Fawcett along with the Vancouver accounting staff for their services and wishes them well in their respective future endeavors. Knox Henderson will remain in Vancouver as the company's manager, investor relations.
Doris Meyer - CFOand Corporate Secretary
Ms. Meyer is a member of the Association of the Certified General Accountants of British Columbia and Canada. She was vice president, finance of Queenstake Resources Ltd. from 1985 to 2003 and corporate secretary until 2004 where she led negotiations of joint venture and purchase agreements, equity financings, debt financings and capital purchases.
In 1996 Ms. Meyer formed Golden Oak Corporate Services Ltd. Ms. Meyer acts as chief financial officer and/or corporate secretary of several publicly traded mining companies and her company provides those clients with administrative, accounting and compliance services.
On January 26, 2009 the directors of the company granted the new chief financial officer and one other officer a total of 300,000 incentive stock options of the capital stock of the company exercisable for up to a five year period at a price equal to the closing price of the company's stock on January 26, 2009. The options granted will vest over a period of 18 months.
About Tournigan Energy Ltd.
Tournigan Energy 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, an educated population and, as of January 1, 2009, has adopted the Euro currency. Tournigan Energy is committed to safe and sustainable exploration and mine development in Slovakia and its other operational jurisdictions.
TOURNIGAN ENERGY LTD.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
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. 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.
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 . |
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