NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: TOURNIGAN GOLD CORPORATION
TSX VENTURE SYMBOL: TVC
FRANKFURT, BERLIN SYMBOL: TGP
FEBRUARY 11, 2004 - 16:05 ET
Tournigan Gold Corporation: Revised Mineral Resource
Estimate at Kremnica
VANCOUVER, BRITISH COLUMBIA--Tournigan Gold Corporation
(" Tournigan" ) has received an independent resource calculation
for the Kremnica gold deposit which highlights the following:
- Higher Grade
- Increase in Indicated Resources
A National Instrument 43-101 Technical Report was independently
prepared using existing data on Kremnica, a historic mining camp
in the Slovak Republic that Tournigan acquired in July 2003. The
resource calculation focuses exclusively on the Sturec Zone,
historically the zone of greatest gold production at Kremnica. A
comparison of Sturec gold resources are as follows:
/T/
--------------------------------------------------
Sturec - Indicated Resources
----------------------------
Gold Silver
Cut-off Grade, Grade, Ounces, Ounces,
Grade (g/t) (g/t) (g/t) Tonnes Gold Silver
New Estimate, 2004
--------------------------------------------------
1.0 2.11 15.43 5,663,941 384,231 2,809,802
0.5 1.49 11.46 9,820,697 470,457 3,618,412
Prior Estimate, 1998 by WSE (see below)
--------------------------------------------------
1.0 1.83 14.2 2,652,000 156,227 1,211,183
0.5 1.51 11.9 3,655,000 177,687 1,396,228
--------------------------------------------------
--------------------------------------------------
Sturec - Inferred Resources
---------------------------
Gold Silver
Cut-off Grade, Grade, Ounces, Ounces,
Grade (g/t) (g/t) (g/t) Tonnes Gold Silver
New Estimate, 2004
--------------------------------------------------
1.0 2.01 16.06 8,367,508 540,733 4,320,487
0.5 1.35 11.32 16,109,256 699,198 5,862,907
Prior Estimate, 1998 by WSE (see below)
--------------------------------------------------
1.0 1.92 13.70 10,651,000 657,480 4,691,395
0.5 1.53 10.91 15,408,000 757,929 5,404,582
--------------------------------------------------
/T/
The re-calculation delivered a 10% increase in overall ounces at
the 1 gram cutoff, as well as a 10% increase in grade and a 114%
increase in tonnes in the indicated resource category.
Background on Current Estimation
Both new and prior estimates reported above are block models
using " Inverse Distance Cubed" as the estimation method. Both
estimates used 5 metre composite intervals and used variograms to
determine spatial continuity. Search ellipsoid sizes were as
follows:
/T/
--------------------------------------------------
New Estimate (2004) Prior Estimate (1998)
--------------------------------------------------
X Y Z X Y Z
(metres) (metres) (metres) (metres) (metres) (metres)
First pass 15 15 7.5 25 25 7.5
Second pass 30 30 10 50 50 10
Third Pass 100 100 20 100 100 20
--------------------------------------------------
/T/
The new estimate is titled " INDEPENDENT TECHNICAL ASSESSMENT
REPORT ON KREMNICA GOLD PROJECT" and was jointly prepared by
Bruce A. Smith, Member AusIMM, MSc Geology, and Garth P. Kirkham
P.Geoph., Kirkham Geosystems Ltd. and filed on SEDAR on February
2, 2004. The co-authors of the new estimate reported there are no
known environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant factors that will
materially adversely impact the mineral resource. The co-authors
did not recommend a cut-off grade based on reasonable prospects
for economic extraction and reported resources calculated using a
range of cut-offs from 0.0 to 5.0 grams for comparison.
Tournigan`s Qualified Person Dr. Kent Ausburn, VP Exploration,
has recommended the reporting of both 0.5 and 1.0 gram cut-offs
as prior economic evaluations at Kremnica have suggested an
economic cut-off would fall within this range. The suitability of
0.5 to 1.0 g/t cut-offs is based on the current concept of a
possible bulk-mineable, open-pit operation with average gold
grades of 1.4 to 2.0 g/t gold. The new mineral resource estimate
was designed to more accurately consider critical geologic
parameters such as orientation of ore-controlling structures and
geometry of the mineralized zones. This is reflected, for
example, in the orientation, spacing, and size of search
ellipsoids.
The prior estimate was prepared by Western Services Engineering
Inc. (" WSE" ) in 1998 using the same dataset and similar
methodology as the new estimate. This historical estimate does
not conform to NI 43-101 but Qualified Person Dr. Kent Ausburn,
VP Exploration reviewed this estimate and considers it reasonable
and relevant.
Tournigan is re-compiling historical resource calculations and
target estimates that will assist in the demonstration of upside
potential for Kremnica. This potential, as well as the 2004 work
program, will reported shortly in a separate press release.
TOURNIGAN GOLD CORPORATION
Damien Reynolds, President and Chief Executive Officer
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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Tournigan Gold Corporation
Damien Reynolds
President
(604) 683-8320
(604) 683 8340 (FAX)
or
Tournigan Gold Corporation
Garry Stock
Executive VP
(604) 683-8320
(604) 683 8340 (FAX)
Email: info@tournigan.com
Website: www.tournigan.com