Uranium Investing News

Overview

Tournigan Energy has been exploring for uranium in Slovakia for over five years. Slovakia, an EU member since 2004, has five operating nuclear reactors providing more than 65% of its current energy requirements and is the third largest user per capita of nuclear power in the world. The country is closing one outdated reactor in 2008 and is adding two new reactors by 2013.

Tournigan holds 100% of four uranium licences covering much of the 60-kilometre strike length of the Slovak Carpathian uranium belt. The licences are located approximately 350 kilometres east of the capital city of Bratislava and have excellent infrastructure nearby. Tournigan’s other assets include gold properties in Europe and uranium in the United States. The company is committed to safe and sustainable uranium exploration and mine development in Slovakia and its other operational jurisdictions.

Chief Properties

Kuriskova Uranium Deposit, Slovakia

Tournigan acquired the Kuriskova property in June 2005. 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 resource estimate for the Kuriskova uranium deposit in Eastern Slovakia was disclosed by Tournigan July 16, 2008. The estimate, prepared by SRK Consulting (U.S.) Inc. upgraded 6.6 million pounds of U3O8 (727,000 tonnes grading 0.413% U3O8) to the indicated category at higher grade than previously estimated. There is an additional inferred resource of 31.3 million pounds of U3O8 (5.8 million tonnes grading 0.247% U3O8). Resources were estimated using a cut-off of 0.03% U for comparison with prior estimates and also using a cut-off of 0.05% U.

Main Zone
Kuriskova has a high-grade main zone of stratabound uranium mineralization supplemented by a lower-grade stratabound zone of mineralization, both hosted in a sequence of andesitic volcanics. Within this main zone, SRK estimated the aforementioned indicated resource of 727,000 tonnes grading 0.413% U3O8 or 6.6 million pounds of U3O8 and an inferred resource of 3.5 million tonnes grading 0.348% U3O8 or 27.1 million pounds of U3O8. Tournigan’s follow-up plan is to continue infill drilling and resume exploration drilling with the goal of adding pounds of uranium, increasing grade and bringing more of the deposit into the indicated classification. The company has retained SRK to prepare a preliminary assessment for the Kuriskova deposit and to work with the company towards the feasibility stage.

Kuriskova Deposit

• Large high grade uranium deposit

• Exploration drilling at depth – possible increase in size of the deposit
• 8,500 metres drilling planned for 2008
• Preliminary assessment to be completed by Dec. 2008
  
  

  

  Main Zone
  Kuriskova has a high-grade main zone of stratabound uranium mineralization supplemented by a lower-grade stratabound zone of mineralization, both hosted in a sequence of andesitic volcanics. Within this main zone, SRK estimated the aforementioned indicated resource of 727,000 tonnes grading 0.413% U3O8 or 6.6 million pounds of U3O8 and an inferred resource of 3.5 million tonnes grading 0.348% U3O8 or 27.1 million pounds of U3O8.
  
  

  Novoveska Huta Uranium Deposit, Slovakia

  At the western end of the Carpathian uranium belt, approximately 65 kilometres west of Kuriskova, is the Novoveska Huta deposit. The shallow dipping deposit was a historical uranium producer with open pit and underground workings. A historical resource estimate reported the following:

  

  In June 2008, Tournigan reported drill results from 12 diamond drill holes totaling 5,540 metres on the deposit. The holes, drilled to depths of between 200 to 657 metres, were designed to twin historical holes as well as explore the deposit to the east and provide structural analysis of the deposit. Highlights of the downhole radiometric logging include:

  • Hole LH-NH-4 with 7.6 m @ 0.399% eU308

  • Hole LH-NH-13 with 38.7 m @ 0.132% eU308 including 4.5 m @ 0.241% eU308
    
    

    By year-end 2008, Tournigan expects to complete a resource estimate based on Canadian standards (CIM, NI 43-101).

    

    Management

    Tournigan Energy Ltd. is led by a team of experienced mining executives who have demonstrated their knowledge and entrepreneurial spirit by building a portfolio of highly prospective uranium and gold properties in both Europe and North America.

    • Dorian L. (Dusty) Nicol, B.Sc. Geo, M.A. Geo - President and CEO
      Mr. Nicol has wide international experience and is fluent in five languages. For eight years he worked for Queenstake Resources Inc. both as V.P. Exploration and later as President & CEO. Following Queenstake’s acquisition of the Jerritt Canyon mine in Nevada Dusty’s efforts led to the addition of over 1.5 million ounces of gold and the discovery of a new ore body on the property at Starvation Canyon. Most recently he has held the position of Executive V.P. - Exploration with Yukon-Nevada Gold Corp. Previous other positions held by Dusty were Latin America Manager for Canyon Resources; V.P. Exploration for Castle Exploration with programs in Central America and Africa and exploration positions with Exxon Minerals and Renisson Gold Fields in Papua New Guinea. He is a member of the American Institute of Professional Geologists and a Fellow of the Society of Economic Geologists. Mr. Nicol has a B.Sc. in geology from M.I.T. and a Master’s Degree in Geology from Indiana University.

    • Mike Mracek, P.Eng. - Chief Operating Officer

      Mr. Mracek brings over 35 years of in-depth engineering, operational and industry leadership experience.
      As General Manager for Barrick Gold Corporation’s Bulyanhulu Mine in Tanzania, he coordinated technical, operational and maintenance activities. Preceding that post he was Director Operations for Sterlite Gold in Armenia, coordinating all activities for their open pit, underground and tailings retreatment facility. He served as Deputy Managing Director for Ashanti Goldfields Company Limited in Ghana for 6 years and, prior to that, General Manager for Royal Oak Mines Inc. for 6 years at sites in Ontario, Newfoundland and Northwest Territories.

      Mr. Mracek has also held several senior positions including 2 years as Mine Superintendent at an open pit and underground uranium mine in Saskatchewan for Amok Cluff Mining.

    • Hans Retterath, CA, CFA - Chief Financial Officer
      Mr. Retterath was formerly Chief Financial Officer for Williams Energy (Canada), Inc. He also brings six years of experience in executive financial management roles with TransAlta Corporation and five years as a senior manager with Deloitte & Touche.

      Mr. Retterath holds a Bachelor of Commerce degree from the University of Toronto, and is a Chartered Accountant and a Chartered Financial Analyst.

    • Joseph Ringwald, P.Eng. - Vice President, Sustainable Development
      Mr. Ringwald, is responsible for Tournigan’s sustainability initiatives, corporate social responsibility and community engagement programs through all staged of the company’s projects. Mr. Ringwald was most recently Technical Director Mining and Principal Mining Engineer for AMEC Americas Limited, where he developed and managed a team of 30 mining engineering specialists. Prior to his involvement with AMEC, he was VP Project Development for Crew Development Corporation, with executive control and responsibility for feasibility, permitting and EPCM of the Nalunaq Gold Project in Greenland. Mr. Ringwald also held senior positions with SRK Consulting and Placer Dome Technical Services. He completed both Mining and Mineral Process Engineering programs for his B.A Sc. at the University of British Columbia.

    • Jude Fawcett - Corporate Secretary
      Ms. Fawcett has over sixteen years’ of experience working in public company administration and compliance. Ms. Fawcett was previously the Corporate Secretary for a TSX-V listed company, prior to which she worked as a corporate legal assistant with several TSX-V resource companies and Vancouver law firms.

      Directors

    • Dorian L. (Dusty) Nicol, B.Sc. Geo, MA Geo - Director, President and CEO
      
      See profile above.

    • Michael J. Hopley, P.Eng. - Chairman of the Board
      
      Mr. Hopley is an exploration geologist with over 30 years of experience and has held a number of senior level management positions with companies such as Consolidated Gold Fields Ltd., Gold Fields Mining Corporation, Bema Gold Corporation and Arizona Star Resources Corp. He holds a Bachelor’s degree in Geology from London University, England.

    • Hein Poulus, QC - Director

      Mr. Poulus is a partner with Stikeman Elliott LLP, a Canadian law firm. Mr. Poulus holds undergraduate and law degrees from the University of British Columbia and an LL.M. from the London School of Economics.

    • Peter Bojtos, P.Eng. - Director

      Mr. Bojtos is a professional engineer with over 30 years of experience in the mining industry. Since 2006 Mr. Bojtos has been Chairman, President and Chief Executive Officer of Apolo Gold and Energy Inc. of Vancouver. In addition, since 2005 Mr. Bojtos has been Chairman, President and Chief Executive Officer and Acting Chief Financial Officer of Fischer-Watt Gold Co., Lakewood, Colorado. Mr. Bojtos graduated from University of Leicester, England (1972). He is currently an independent director and audit committee member of seven companies other than Tournigan. Mr. Bojtos is also an independent member of the board of Yukon-Nevada Gold Corp. of Vancouver.

    • Rex McLennan, MBA - Director

      Mr. McLennan is currently the Chief Financial Officer of Saskatchewan Wheat Pool Inc. (trading as Viterra) effective February 4, 2008. Previously, from 2005 to 2007, Mr. McLennan was the Executive Vice-President and CFO of the Vancouver 2010 Olympic Organizing Committee, and prior to that he was Executive Vice-President and CFO of Placer Dome Inc. from 1997 to 2005, and Vice-President & Treasurer from 1994 to 2006. Mr. McLennan holds a B.Sc. (Mathematics & Economics) from the University of British Columbia, and an MBA (Finance & Accounting) from McGill University.

    • David Montgomery, BA - Director

      Mr. Montgomery is the former Chief Executive of the Mirror Group, plc. formerly served as a non-executive director for Donahue Inc., Scottish Media Group, the Press Association and is a former Managing Director of News UK. Currently, Mr. Montgomery’s principal role is Chairman of Mecom UK Management, a European media investment company. He is also chairman of The African Lakes Corporation plc, Integrated Education Fund Development Board (NI), Espresso Broadband Ltd and West 175 Media Group plc. Mr. Montgomery is a graduate from Queens University, Belfast, with a degree in History and Politics.

    • Ronald Shorr, CFA - Director

      Mr. Shorr is a Chartered Financial Analyst who has been involved with research, development, restructuring, and financing corporations for over 30 years, including operations, acquisitions and fund raising. He has been President, Chief Executive Officer and a Director of Maudore Minerals Ltd. of Montreal since 2004. He graduated from the University of Michigan (B.A.) and Harvard Business School (M.B.A.), subsequently attending graduate school at the Krumb School of Mines at Columbia University.

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