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January 27, 2010
Tournigan Extends New Zone of High Grade Uranium at Kuriskova
Vancouver, January 27, 2010 -- Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) announced today the results of two additional exploration holes drilled in what appears to be a new zone of mineralization, known as Zone 45, at the Kuriskova uranium deposit in Slovakia.
Highlights of the two holes are:
* LE-K-40: 3.10 m @ 0.564% eU3O8, including 1.20 m @ 1.033% eU3O8
* LE-K-41: 2.90 m @ 0.933% eU3O8, including 1.80 m @ 1.406% eU3O8
The two holes were drilled as step outs in Zone 45 where two discovery holes were previously announced November 23, 2009. New Hole LE-K-40 intersected mineralization approximately 15 metres east of hole LE-K-29 (2.0 m of 0.847 % eU3O8) and new hole LE-K-41 deviated towards LE-K-32 and intersected mineralization approximately 10 metres west of hole LE-K-32 (2.5 m of 0.747 % eU3O8). The new zone of mineralization extends to the northwest from the Kuriskova Main Zone. It is adjacent to, but at shallower depth and stratigraphically above the Kuriskova Main Zone and remains open along strike and depth. The mineralization type, grade and thickness are similar to the Main Zone.
A complete tabulation of significant intersections from these two holes is presented in Appendix A, which can be viewed from this web link: http://www.tournigan.com/i/pdf/Dist-Appendix-A.pdf. The hole locations can be viewed from this web link: http://www.tournigan.com/i/maps/KurDistExp.jpg.
Drilling in this zone of Kuriskova was designed to test a radon and radiometric anomaly trending northwest from the current uranium resource. The first drill hole, LE-K-29, was drilled 35 metres north of the current resource limit. Based on the high grade intercept in that hole, Tournigan stepped out a further 20 metres to the northwest and drilled LE-K-32, which also intersected high grade mineralization. Based on the results of the four holes, Tournigan plans to continue step out drilling to define the extent of this new high grade zone.
The mineralization in Zone 45 occurs at a shallower depth (130 to 150 metres from surface) than the current Main Zone resource and occurs in interformational schist horizons in the hanging wall, rather than at the volcano-sedimentary contact which localizes the Main Zone. It is speculated that this new zone may represent remobilization and redeposition of uranium along favorable structures. The radon and radiometric anomalies extend at least 400 metres from the current resource boundary and this high grade zone remains open along strike.
Several exploration targets have been identified in the immediate area of the currently defined resource on the basis of airborne radiometric anomalies and surface radon gas and gamma spectrometry surveys. These can be viewed from this web link: http://www.tournigan.com/i/maps/KurDistExp.jpg. These targets could represent extensions to the known mineralization and/or satellite uranium deposits and will continue to be tested during this and the next phases of drilling.
Tournigan is continuing to drill at Kuriskova as the company advances the project through a prefeasibility study. The uranium grades presented from drill holes LE-K-40 and LE-K-41 in this news release are reported as equivalent uranium oxide (eU3O8%) as determined by downhole radiometric logging. The logging was performed by Koral, s.r.o. of Slovakia. Quality control and quality assurance is provided by Ravi Sharma, Tournigan's Manager, Resources and Reserves. Drill core samples are being submitted to ALS Chemex in Seville, Spain for chemical assay; assay results are expected by late-February. Drill intercept thicknesses are reported as drilled; true thicknesses have not yet been calculated. Tournigan has experienced good correlation between downhole radiometric readings and chemical assays.
Ravi Sharma, Tournigan's Manager, Resources and Reserves and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release.
About Tournigan Energy Ltd.
Tournigan is a uranium exploration and development company that has built a portfolio of highly prospective assets in Slovakia, a member of the European Union since 2004. Slovakia is economically and politically stable, has excellent infrastructure and currently has four nuclear reactors generating half of its electricity with two more under construction. Tournigan is committed to safe and sustainable exploration and mine development in Slovakia. In addition to Kuriskova, Tournigan has several other exploration targets along the Slovakian uranium belt which are showing positive exploration results.
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 company'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 company 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..
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact: Knox Henderson, Tournigan Energy Investor Relations, at (604) 683-8320, or visit www.tournigan.com.
RT 0,305 goooooooooooooooooooooooooooooo
Title: Tournigan Sells Kremnica to Ortac
Vancouver, January 28, 2010 - Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) (Tournigan or the "Company"). On January 27, 2010 the Company and Ortac Resources plc ("Ortac") have executed a share purchase agreement which supersedes the June 7, 2009 option agreement pursuant to which Ortac was acquiring in stages all of the participation interests of Kremnica Gold s.r.o and Kremnica Gold Mining s.r.o. (the "Kremnica Shares") the holder of the Kremnica gold deposit located in Slovakia.
Ortac has earned 20% of the Kremnica Shares by completion of the first milestone. Pursuant to the amending agreement Ortac will purchase and take possession of 80% of the Kremnica Shares on closing the amendment agreement for consideration of US$2 million to be paid in a combination of US$100,000 cash on the transfer of the shares of the Kremnica Shares to Ortac and delivery of a US$1,900,000 non-interest bearing promissory note (the "Promissory Note"), secured by all the assets of Ortac, that will be due for settlement upon Ortac completing a Public Listing ("IPO") during 2010. The Promissory Note will be paid as US$550,000 in cash and US$1,350,000 in Ortac shares to the equivalent cash value. The cash component will be paid from IPO proceeds and the shares will be issued at the IPO price. If Ortac cannot pay the Promissory Note in 2010 it will have an extension of time to 2011 providing it pays the Company 50% of the net proceeds of all equity issues in 2011 until the Promissory Note is paid.
In addition, within 60 days of all required permits having been obtained to permit commercial production at the Kremnica property, Ortac will pay the Company US$3,750,000 cash or in Ortac shares to the equivalent cash value being $15.00 per ounce of the first 250,000 ounces of gold equivalent (gold plus silver) resource defined as proven and probable reserve in the bankable feasibility study. Ortac will grant the Company a 2% net smelter return ("NSR") royalty on gold and silver production from the Kremnica property as currently comprised which includes three exploration licenses to a limit of the first 1 million ounces produced after which it will reduce to a 1% NSR royalty on the next million ounces, after which it will extinguish. Ortac may buy 1% of the 2% NSR royalty granted to the Company at any time by paying the Company US$1 million cash. Mr. Nicol was not involved in the negotiations with Ortac and as a director of each company, he did not vote on approving the renegotiated terms.
The division between cash and Ortac shares issued to the equivalent cash value is in both cases conditional upon the Company not owning more than 19.9% of the issued and outstanding shares of Ortac after the issuance of the shares to the Company.
This transaction is subject to regulatory approval.
"Ortac is pleased to have acquired the Kremnica assets from Tournigan and looks forward to developing a long and fruitful relationship with the local community," said Ortac President, Vassilios Carellas. "Ortac believes that under the current market conditions the project is viable and will be beneficial to all stakeholders."
About Tournigan Energy Ltd.
Tournigan is a uranium exploration and development company that has built a portfolio of highly prospective assets in Slovakia, a member of the European Union since 2004. Slovakia is economically and politically stable, has excellent infrastructure and currently has four nuclear reactors generating half of its electricity with two more under construction. Tournigan is committed to safe and sustainable exploration and mine development in Slovakia. In addition to Kuriskova, Tournigan has several other exploration targets along the Slovakian uranium belt which are showing positive exploration results.
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 Company'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 Company 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact: Knox Henderson, Tournigan Energy Investor Relations, at (604) 683-8320, or visit www.tournigan.com.
Copyright © 2010 TOURNIGAN ENERGY LTD. (TSXV-TVC) All rights reserved. For more information visit our website at http://www.tournigan.com/ or send email to info@tournigan.com .
Message sent on Wed Jan 27, 2010 at 11:40:35 AM Pacific Time
hier geht was ab....
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Neugikeiten ?
Oder etwas das wissenwert ist ? Bin ja mal
gespannt wann was geht !!!
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Ich Denke die Würfel sollten Entscheiden.
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Vancouver, March 24, 2010 -- Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) has completed an updated resource estimate for the company's Kuriskova uranium deposit in Slovakia which significantly increases the amount of uranium contained in the Indicated resource and increases the overall size and grade of the deposit. Tetra Tech, Inc., the firm that is conducting the ongoing prefeasibility study on Kuriskova, has reviewed and audited the updated resource estimate.
Highlights of the updated estimate include:
About 5.9 million pounds of U3O8 have been added to the Indicated resource category, bringing the Indicated resource to over 20.5 million pounds of U3O8;
The average grade of the Indicated resource has increased from 0.558% to 0.571% U3O8;
Overall the uranium oxide contained in the Kuriskova deposit has increased by 5.5 million pounds of U3O8 and now comprises 20.5 million pounds in Indicated resource and an additional 17.5 million pounds in Inferred resource;
A new zone of high grade uranium mineralization, currently showing an average grade of 0.677% U3O8 and known as Zone 45, has been discovered. This zone remains open along strike and has the potential to add significant amounts of high grade uranium mineralization with further drilling.
"This interim resource update shows that we are succeeding in our objective of adding high grade mineralization to the Indicated resource category while increasing the size and overall grade of the Kuriskova deposit," said Dorian L. (Dusty) Nicol, Tournigan's president and CEO. "We are confident that this Indicated resource will be the basis of a reserve as we continue with the ongoing prefeasibility study at Kuriskova. We are modifying our future drilling plans to focus on expansion of the Indicated resource in the newly discovered Zone 45. Other aspects of the prefeasibility study continue to progress well and we expect the increase in high-grade resource to have a positive effect on overall project economics.
"We emphasize that we believe that there remains significant exploration potential to increase the size of the Kuriskova resource both immediately adjacent to the current resource and in the surrounding exploration license. Our current estimated average grade of 0.571% U3O8 compares favorably with most other uranium deposits currently under development which typically have grades in the range of 0.1% to 0.2% U3O8. This new resource estimate also demonstrates the presence of a significant amount of molybdenum within the uranium resource which could represent a by-product credit."
The following tables summarize the current and previous resource estimates:
Current Resource:
Kuriskova Resource Estimate March 2010 -- Cut-off 0.05%U *
U%
Tonnes
(000)
%U3O8
U3O8 lbs
(000)
Mo%
Tonnes
(000)
Mo lbs
(000)
Total Indicated (Main Zone
and new Zone 45 )
0.484
1,631
0.571
20,539
0.08
1,564
2,760
Total Inferred
(Main Zone, new Zone 45 and HW Zones)
0.194
3,481
0.228
17,528
0.032
3,417
2,442
* Mo resource numbers represent Mo associated with Uranium resource blocks above a 0.05%U cutoff
Previous Resource:
Kuriskova Resource Estimate February 2009 -- Cut-off 0.05%U *
U%
Tonnes
(000)
%U3O8
U3O8 lbs
(000)
Mo%
Tonnes
(000)
Mo lbs
(000)
Total Indicated (Main Zone)
0.473
1,191
0.558
14,654
Total Inferred
(Main and HW zones)
0.182
3,780
0.215
17,901
0.030
4,897
3,261
A complete table of the new resource estimate prepared by Tournigan and reviewed, audited and approved by Tetra Tech, Inc., can be found in Appendix A or by visiting Tournigan's web site from this link: http://www.tournigan.com/i/pdf/March24-Appendix-A.pdf.
A graphic showing the changes in outlines of the resource zones can be found in Appendix B or can be viewed from this link: http://www.tournigan.com/i/jpg/March24-Appendix-B.jpg.
The updated estimate incorporates the results of 28 diamond drill holes totaling 7,548 metres that were drilled since the last resource estimate previously disclosed in a news release dated February 24, 2009. The estimate was prepared by Ravi Sharma, Tournigan's manager of resources and reserves, and reviewed, audited and approved by Tetra Tech, Inc., who is preparing an NI 43-101 compliant Technical Report which will be filed on SEDAR within 45 days of the date of this news release. Mr. John W. Rozelle, P.G., is Tetra Tech, Inc.'s Qualified Person (QP) for this updated report and is an independent Qualified Person as defined by NI 43-101.
Drill core samples are analyzed by ALS Chemex in Seville, Spain for chemical assay, under Tournigan's strict Quality Assurance/Quality Control protocols. Interpretation and outlining of mineralization was conducted section-by-section by incorporating geological, structural and assay information for each geological domain and by snapping points for both upper and lower contacts while performing section interpretation. Triangulations of outlines between sections were done to create 3D wireframe solids for each geological domain using Datamine Studio 3 software. Interpolation of grade to populate the block model within domain wireframes was carried out using inverse distance squared methods and a dynamic anisotropy search option for Main Zone North and inverse distance cubed methods for the other zones. The 3D wireframe solids of the previous resource estimate dated February 24, 2009 were updated with infill holes for the Main Zone and Hanging Wall Zones and were reviewed by Tetratech. New wireframe solids were created for Zone 45 based on step-out drill holes; these were also reviewed by Tetra Tech. Interpolation and NI 43-101 compliant resource classification parameters were reviewed by Tetratech.
Ravi Sharma, MAusIMM, Tournigan's manager of resources and reserves, and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release. Tetra Tech, Inc. has reviewed and approved the technical content of this news release.
About Tournigan Energy Ltd.
Tournigan is a uranium exploration and development company that has built a portfolio of highly prospective assets in Slovakia, a member of the European Union since 2004. Slovakia is economically and politically stable, has excellent infrastructure and currently has four nuclear reactors generating half of its electricity with two more under construction. Tournigan is committed to safe and sustainable exploration and mine development in Slovakia. In addition to Kuriskova, Tournigan has several other exploration targets along the Slovakian uranium belt which are showing positive exploration results.
TOURNIGAN ENERGY LTD.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
Tournigan steigert hochgradige Gehalte der angezeigten Ressource bei der Uranlagerstätte Kuriskova in der Slowakei Vancouver, 24. März 2010. Tournigan Energy Ltd. (TSX-V: TVC; Frankfurt: TPG) hat eine aktualisierte Ressourcenschätzung.
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https://www.stockhouse.com/Blogs/ViewDetailedPost.aspx?p=101…
While many uranium juniors are spinning wheels in over-regulated mining jurisdictions, Tournigan Energy has moved from exploration to prefeasibility in just a few short years in Slovakia. The company’s Kuriskova project has inferred and indicated resources, encouraging initial metallurgy and ongoing drilling continues to prove up high grade mineralization. Tournigan’s President and CEO Dorian L. (Dusty) Nicol has a B.Sc. in geology from M.I.T. and a Master’s Degree in Geology from Indiana University.
Resource Intelligence: We’ve been watching your company for a long time. Compared to many other uranium explorers you’ve really stuck it out, explored, proved up a resource and are clearly moving toward feasibility. And yet sentiment for the uranium sector has cooled somewhat since it’s wild ride a few years ago. Do you think the sentiment is going to come back soon?
Dusty Nicol: Yes, and analysts point to a few reasons for this: A doubling of nuclear reactors before 2030, a diminishing amount of secondary supply from nuclear warheads and other sources, and few sources of new primary supply. So the mid-term and long-term outlook for uranium are very good. The debate is exactly when that kicks-in to take the spot price of uranium up again. Many say later this year.
RI: Let’s talk about your flagship project, Kuriskova. You’ve got an excellent resource here with quite high grade uranium mineralization. How many pounds have you proved up so far?
DN: Our last resource estimate includes about 15 million pounds uranium oxide indicated at 0.558% U3O8 and about 18 million pounds inferred. We’ve been very pleased with the high-grade results of our 2009 drilling. One intercept hit 4.5 metres of 0.977% U3O8.
We’ve also announced the results of four exploration drill holes which intersected high grade in what appears to be a new zone of mineralization adjacent to, but at shallower depth, than the Kuriskova Main Zone.
RI: You’ve already got a sense of what this mine will look like. Can you describe it’s shape and size?
DN: The high grade Main zone is a 45 to 65 degree vertical plane with average widths of 2 to 8 metres. It runs from 150 metres to 650 metres in depth with a 650 metre strike. Additionally there is lower grade material in the hanging wall where mineralization is associated with stockwork veining in andesite flows. The deposit is open at depth and along strike.
We’re looking at an underhand cut-and-fill mining scenario at about 800 tonnes per day. This is the advantage of having such a high-grade deposit: Small footprint, lower production rate of 800 tonnes per day to yield 21 million pounds over the 15 year production life of the mine.
RI: How much will you generate in cash flow?
DN: Modeling at base case metals prices with U3O8 at $65 and molybdenum at $12.50 with 90% recoveries indicates that the project could generate a cumulative before-tax cash flow of $378 million, a 35.8% IRR and a net present value of $135M discounted at 12%.
RI: What is the cost structure of building a mine through to reclamation?
DN: According to the recent preliminary Assessment, preproduction costs for the project are estimated at $168M, with a 30 percent contingency. Of the preproduction costs, $24 million of contingency and $7.3 million of working capital are also included. Life-of-mine sustaining capital is estimated to be $60.7M with $10M estimated for reclamation at closure.
RI: How sensitive is this deposit to changes in the price of uranium?
DN: A key advantage to having such high grades is the ability to maintain robust economics even at lower commodity prices. This deposit remains viable even at ranges down to about $50/lb U3O8. If one was to use a lower price range, a higher U cut-off grade would be used and an entirely different life of mine production plan would be used to remain economically feasible.
RI: Let’s talk about your forecast IRR of 35%. This basically means that you could increase your discount rate up to 35% and still have a positive net asset value.
DN: In our initial preliminary assessment, the operating costs in the first five years of underground mining were US$17 per pound of uranium. Over the 15 year mine-life, this averages $32 per pound. However, we believe, with the high grade infill drill results we’ve received we will significantly extend that five-year $17-per-pound term. And that will also bring down the life-of-mine average cost per pound. This will also significantly improve the IRR and NPV in our upcoming prefeasibility study.
RI: Well, investors should also know that in your last study, you actually did use a very high discount rate of 12% and still come up with a significant net asset value of $135 million or over $1.10 per share. Why such a high discount rate—don’t we normally use something between 5 and 10%?
DN: We wanted to maintain higher level of confidence in our preliminary assessment and stay on the conservative side. Therefore, in the PA our capital costs have a 30 percent contingency built in and the higher discount was used by our independent consultant.
RI: What are the prospects for growing this deposit?
DN: In addition to targets immediately adjacent to the defined resource, recently completed ground radiometric and radon gas-in-soil surveys indicate the presence of anomalies extending up to 300 metres northwest and 200 metres southeast of the currently defined resource. Further interpretation of these new survey results may lead to identification of drill targets with potential to increase the size of the Kuriskova deposit or indicate the presence of satellite deposits.
RI: What is the objective of the current drill program?
DN: We want to continue expanding the resource, to upgrade a significant portion of the inferred resource to the indicated category, to increase the overall grade of the deposit and to provide subsurface geotechnical and hydro-geological data to be used for engineering design. The resulting updated resource estimate will provide the basis for the reserve estimate in the Kuriskova Project prefeasibility study. The 17 holes (excluding two abandoned holes) drilled in 2009 total 5,298 metres of a planned 15,000 metre program to provide sufficient data for the prefeasibility study.
RI: What is the size of your land package in Slovakia?
DN: We hold 150 sq. km of the what we know to be the most prospective uranium licence along a 60 km uranium/molybdenum belt along the Carpathian mountains.
RI: So with all this exploration at an advanced stage, when do you expect to be through the feasibility stage?
DN: By 2012.
RI: There was some talk about concern from special interest groups about uranium mining here. Has that been resolved?
DN: Whenever you have industry around communities there are special interest groups who want to voice their opinions. We’ve found Slovakia, a member of the EU to operate much like most developed nations in this regard. There’s a development and environmental process to follow, which includes public consultation. We’ve operated in the country for more than 6 years and have recently renewed our 4 year exploration licences, so we’re pleased with our progress in Slovakia and we’re optimistic for the future.
RI: Slovakia has nuclear reactors. Is this a potential market for you?
DN: Slovakia has four operating nuclear reactors producing approximately 50% of its current energy needs. Currently these reactors require 312 tonnes of uranium per year. About 30 percent of the annual production of Kuriskova—at its current resource level—could accommodate this for 15 years. Obviously this is worth a consideration for a government that is expanding its nuclear energy capacity.
RI: Let’s talk about cash position. You just did a deal with SA Resources to divest of some Irish holdings. What did you gain from that? What do you have in the bank?
DN: Since I became CEO in the summer of 2007, we set a goal to focus on our Slovakian uranium assets. Since that time, we’ve successfully sold off all of our non-core assets and trimmed our company size, overhead and internal burn rate significantly. Most significantly, we’ve sold the Curraghinalt, gold deposit in Northern Ireland to SA Resources for $5.5 million cash. As of December 31, 2009, we’re sitting at $5.5 million in the bank, after completing over 5,000 metres of infill and step out drilling in 2009, so we’re in a very solid position financially.
RI: How should investors evaluate Tournigan Energy?
DN: They should consider the size and grade of Kuriskova and the robust economics we continue to shed light upon as we move towards prefeasibility. We have substantial cash to take the company to the next stage with a trimmed down team of highly specialized individuals who are ideally suited for the tasks ahead. Investors should also understand that Slovakia is a sophisticated EU-member nation with world-leading nuclear energy program already in place, and as such this is not only an outstanding place to do business but also a potential market for any final product from Kuriskova.
RI: What aspects and members of your team do you think are inspiring investors?
DN: We’ve trimmed our team down to the essentials and have reduced our internal burn-rate significantly. After my appointment, I was very pleased to enlist the services of Al Kuestermeyer, our VP Engineering and Environmental. Al has 35 years of operational and consulting experience in the minerals industry with extensive uranium experience and has worked on over 30 uranium projects and mines around the world. Our country Director and geologist in Slovakia, Dr. Boris Bartalsky has remained with Tournigan since we started operating in Slovakia in 2004. Boris has been a key component in our ongoing relationships with the local communities and governments at all levels in Slovakia.
Milestones:
* New resource estimate, with significantly more uranium oxide in the indicated category at the higher grade: Q1-2010
* A completed Feasibility study by 2012
Gruß