erhalten? Ja sowas aber auch.
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Re: News Release - Monday, June 13, 2005
Tournigan - Grade Understated on New Uranium Portfolio
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Tournigan Gold Corporation recently announced the successful
application for three uranium exploration licences in eastern Slovakia.
There has been confusion regarding how the uranium grade was reported
for the four historical resource estimates. The Company has also
received numerous requests for information about the cost to acquire
this portfolio.
The numbers used in quoting the grades of Tournigan's Slovakian uranium
deposits were incorrectly referred to as "percent uranium oxide", as
per the convention employed in North America and the rest of the
western world. The numbers should have referred to "percent uranium
metal", which is the historic Soviet Union convention for calculating
and reporting uranium resources/reserves. This means the figure
Tournigan should have quoted for percentages of U308 ought to have been
15% percent higher -- 0.073% U308 for instance instead of 0.064%. The
correct table is presented below showing percent uranium metal. The
pounds of uranium metal was correctly reported and is shown again in
the table below.
In summary, the amount of uranium (in pounds) quoted in the release is
unchanged - only the grade was understated relative to percent U3O8.
Tournigan reminds investors that it is not treating any of the
historical resource estimates for these four deposits as a National
Instrument 43-101 defined resource verified by a Qualified Person, and
investors are cautioned not to rely upon these estimates - see the
Company's June 7, 2005 press release.
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Uranium Uranium Molyb- Molybdenum
Deposit Tonnes % lbs denum % lbs
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Novoveska Huta 12,000,000 0.064 16,953,200
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74,900,000 0.03 49,523,880
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Jahodna 1,150,000 0.459 11,633,800 0.38 9,631,500
1,080,000 0.187 4,451,200 0.38 9,045,200
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Svabovce 1,489,000 0.19 6,224,000 - -
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Spissky Stiavnik 294,000 0.17 1,125,400 - -
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Totals 40,387,600 68,200,580
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Tournigan highlights the fact that the three exploration licences were
granted to the Company by the Slovak government. No shares, cash or
other consideration is payable, other than C$12,000 for annual licence
fees and surveying. Tournigan was fortunate to be the first company to
recognize the value of Slovakia's former uranium production industry
and successfully acquired each of the licences for which it applied.
Current Status
Tournigan continues to collate the extensive database available from
historical exploration, development and mining of these deposits. The
Company considers the reported exploration potential on all three
licences to be very encouraging. It is noted that the original Slovak
estimate for Tournigan's Kremnica Gold Deposit was less than 25% of the
current NI 43-101 resources. The Company intends to publish a
comprehensive review of exploration targets on each of the licences
while completing a 43-101-compliant technical report for the projects.
Reports indicate there were numerous instances of positive exploration
results which were not the subject of further work due to the collapse
of the socialist government In Slovakia in the late 1990's. Since
then, uranium prices have been too low to encourage material investment
by private Slovak companies. Tournigan intends to prioritise all
available exploration targets, providing a balance between the
Company's defined, advanced deposits and exploration potential.
Corporate Matters
In other matters, the Company reports that, subject to approval of the
TSX Venture Exchange, it has granted 375,000 incentive stock options to
employees of the Company. The options have an exercise price of $0.40
per share and expire on June 9, 2010.
Tournigan Gold is focused on developing two advanced gold projects in
Europe - Curraghinalt in Northern Ireland and Kremnica in Slovakia.
The acquisition of 3 new uranium projects adds a dynamic component to
Tournigan's asset mix.
Visit www.tournigan.com for more information
TOURNIGAN GOLD CORPORATION
"Damien Reynolds"
Damien Reynolds, Chief Executive Officer
The Qualified Person for these projects, Dr. Kent Ausburn, has reviewed
all technical disclosure in this release.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. 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.
For further information please contact Damien Reynolds, CEO or Garry
Stock, Executive VP at (604) 683-8320, or visit www.tournigan.com
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Copyright (c) 2005 TOURNIGAN GOLD CORPORATION (TSXV-TVC) All rights
reserved. For more information visit our website at
www.tournigan.com/ or send mailto:info@tournigan.com
Message sent on Mon Jun 13, 2005 at 6:34:32 AM Pacific Time
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