Tournigan Gold Corporation announces that it has closed a non-brokered private placement with Sprott Asset Management Inc. the sole subscriber. On closing, 5 million common shares were issued at $0.40 to raise gross proceeds of $2 million. A finder's fee consisting of 6% of the gross proceeds in cash, and 2% of the shares issued pursuant to the placement was paid to a third party. The shares are subject to a four-month hold from date of issuance.
Tournigan continues exploration efforts on both of its advanced gold projects in Europe. Exploration drilling is still underway at the Kremnica South prospect in Slovakia. Further step-out drilling is also planned for the Vratislav and possibly Wolf satellite zones adjacent to the main Sturec resource at Kremnica. A new, National Instrument 43-101 resource estimate for Curraghinalt will be completed shortly, allowing Tournigan to determine the optimal future exploration and development program for the deposit. An airborne EM and magnetics geophysical survey is scheduled in January, targeting possible new gold trends around Curraghinalt as well as a 33 kilometre long by 3 to 4 kilometre wide trend in the Tyrone Igneous Complex considered prospective for VHMS and associated precious metal mineralization. Finally, regional reconnaissance exploration will begin on Tournigan's surrounding licences that cover 1,676 square kilometres in Northern Ireland and the Republic of Ireland.
TOURNIGAN GOLD CORPORATION
"Damien Reynolds"
Damien Reynolds, President and Chief Executive Officer
This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The
securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSX Venture Exchange 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, President Tel: (604) 683-8320
Garry Stock, Executive VP Tel: (604) 683-8320