aus http://www.tournigan.com/i/pdf/2006Annual-Report.pdf Dear Fellow Shareholders,
What a difference a year makes.
We have advanced all our projects and continued to use our entrepreneurial spirit to
expand our asset base in both the uranium and gold sectors. This year, Tournigan successfully
completed resource estimates at Jahodna and Kremnica, a Preliminary Assessment
Study at Jahodna and expects delivery of a Pre-feasibility Study at Kremnica. We
also raised $45 million dollars in equity and received a vote of confidence as our market
capitalization increased from approximately $50 million dollars, at year end 2005, to
approximately $350 million dollars currently.
Let me emphasize how pleased we are to be working in Slovakia, a country which has
opened its doors to commerce with the world, and where the recognition of the need for
risk capital to develop its industries and assets is recognized. Slovakia has a 700 year
mining history, established exploration database, infrastructure and abundant natural
resources. The list of advantages for developing mines in Slovakia is clear and we have
added additional Slovak professionals to advance our projects.
Tournigan has initiated open and transparent communications with the Slovak communities and meetings with stakeholders
have been well attended. An open and continuous dialogue with all levels of government as well as the many non-governmental
organizations (NGOs) in the country has been established. We have explained how our projects will meet or exceed
the stringent engineering and environmental standards of the European Union. In return, we have received support from
stakeholders who understand our activities will provide education, training and high-paying jobs in their communities.
This is not to say that we have received the blessing of all NGOs. Some appear to have their own agenda which precludes
the development of mines. They refuse to recognize that our activities will improve the standard of living in their local communities.
This was expected, as in any first world nation, and we are confident that by meeting some of the most rigorous
environmental regulations in the world, we will succeed in obtaining our permits.
Tournigan now has four uranium licenses in Slovakia as well as gold and base metals properties. This year, the historic
resource at Jahodna was made compatible with acceptable Canadian resource standards. Recent drilling of high-grade
Jahodna indicates that the deposit is still open at depth and along strike. We will continue to work on this project as well as
our other uranium licenses in Slovakia in 2007. In the USA we are especially excited about our work in Arizona where recent
geochemical work indicates we may be successful in finding a number of uranium bearing breccia pipes. We plan to drill
these projects next year as breccia pipes tend to be of high-grade mineralization.
As for our gold projects, we hope to have taken delivery of the Kremnica pre-feasibility by year end. This report, along with
results of drilling from Kremnica South, will guide our next move at Kremnica. Drilling at our Curraghinalt Gold Project is
continuing, with expected results being released in early 2007.
In Nevada we have joint ventured some prospective gold projects
which could provide exciting news in 2007.
To support our vision to build Tournigan into a mining company, we took deliberate steps in 2006 to bolster our staff and
organization in Canada and Slovakia. We strengthened our Vancouver team with a new Chief Financial Officer, Vice President
Investor Relations, and Vice President Technical Services while our new Vice President Corporate Development focused
on our Slovakia assets.
This year, our Executive Chairman, Damien Reynolds, resigned from the board, as he determined he needed more time for
his other business interests. I want to thank Damien on behalf of the board and shareholders for guiding the Company
through its difficult formative stages and wish him the best in his Future endeavours.
Of course, all our work is not possible without the support of our shareholders whose faith in our abilities to grow a viable
mining company is greatly appreciated. We look forward to continued growth.
James Walchuck,
President & CEO
December 18, 2006
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