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Laut Berechnung hat allein der Wert des Goldprojektes in Kremnitz umgerechnet einen Wert von 1,77 Kan-$!!! Man bedenke, der Kurs ist bei 0,45 Kan-$!!
New Study Improves Economics at Kremnica Gold Project
Tournigan Gold Corporation (“Tournigan”) has received an independent scoping study for the Kremnica gold deposit in the Slovak Republic which highlights the following:
•§Increase in Mineable Ounces
•§Lower Strip Ratio
•§Larger Net Present Value
•§Rapid Capital Payback
The scoping study projects average annual production of 89,324 ounces of gold equivalent per year over 10 years at an operating cost of US$189 per ounce. The Net Present Value of the Sturec deposit at Kremnica using a 5% discount rate is Can$62 million, after-tax, which translates to Can$1.77 per Tournigan share (on an issued and outstanding basis).
The Scoping Study Update
Beacon Hill Consultants (1988) Ltd. were engaged to update and upgrade a scoping study completed by them in 1998 on Kremnica, utilizing the re-calculated resource estimate from the NI 43-101 Technical Report (see Tournigan’s press release dated Feb. 11, 2004) . This scoping study, like the Technical Report, focused exclusively on the Sturec Zone. A new optimized pit was produced which resulted in a conceptual mineable resource at Sturec as follows:
§Grade, Gold equiv. (g/t) Feed Tonnes Mineable Ounces Strip Ratio
Beacon Hill 2004 study 2.055 15,340,000 868,504 1.93
Improvement* +9% +36% +34%§-20%
* Compared to 1998 pit design by Western Services Engineering
The pit was optimized using a 3D Lerch-Grossman routine, using 50 degree pit slopes as before, and metal prices of US$385 per ounce of gold and US$5.50 per ounce of silver. A production rate of 4,500 tonnes per day was used to balance efficiencies of scale with a mine life of 10 years (based on current resources defined at Sturec). The proposed plant facility is situated within the existing Kremnica Mining Licence, which is wholly-owned by Tournigan Gold.
Costs were updated and made more precise, especially electrical power. The result is operating costs of $11 per tonne of ore, or US$194 per ounce of gold (including silver credit) which compares to the previous cost estimate in 1998 of US$190 per ounce. The capital cost is estimated to be US$48.9 million, including contingencies of 10 to 30%. Capital expenditures can be paid back in 2.6 years on an after-tax basis and the base case Internal Rate of Return increases to 26% from 13% in the earlier study. Beacon Hill utilized the same metal recovery estimates of 92% for gold and 72% for silver, based on two metallurgical studies authored by Hazen Research Inc in 1997 and 1998.
Tournigan is extremely pleased with these results, which represent a substantial enhancement to the Kremnica project since its purchase in July 2003. This improved economic estimate, combined with the increase in both grade and the proportion of “Indicated” resources at Sturec demonstrate even greater value for Kremnica. Tournigan will continue to add value by implementing Beacon Hill’s recommended work program to further develop the project, including 5,600 metres of drilling in 2004. The drill program will not only focus on further upgrading resources at Sturec, but will also focus on expanding the historical resources at the Wolf and Vratislav zones on-strike to the north, and test large-scale exploration targets at Kremnica South. Any improvements to resources or grade from these three zones could further improve the economics. Tournigan will also initiate the recommended additional studies on environmental permitting, metallurgy, socio-economic and tailings, to run concurrently. There are also a number of optimizations to investigate, which could reduce both capital and operating costs.
It should be noted that this conceptual mineable resource used in the scoping study includes “Inferred” resources that are currently considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The “Inferred” resources have only been included to determine the potential viability of the project, on which a decision has been made to initiate further development work. Generally, an economic evaluation would only be completed on “Measured” and “Indicated” resources, and there is no certainty that this preliminary assessment will be realized.
Tournigan Gold is focused on developing two advanced gold projects in Europe - Curraghinalt in Northern Ireland and Kremnica in Slovakia. Feasibility drilling at Curraghinalt is nearing completion with the final feasibility study to be completed by the fourth quarter of 2004. Kremnica will be the focus of exploration and development work in 2004, with feasibility studies expected to be completed during the third quarter 2005.
TOURNIGAN GOLD CORPORATION
§
“Damien Reynolds”
Damien Reynolds, President and Chief Executive Officer
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, President Tel: (604) 683-8320
Garry Stock, Executive VP Tel: (604) 683-8320
Laut Berechnung hat allein der Wert des Goldprojektes in Kremnitz umgerechnet einen Wert von 1,77 Kan-$!!! Man bedenke, der Kurs ist bei 0,45 Kan-$!!
New Study Improves Economics at Kremnica Gold Project
Tournigan Gold Corporation (“Tournigan”) has received an independent scoping study for the Kremnica gold deposit in the Slovak Republic which highlights the following:
•§Increase in Mineable Ounces
•§Lower Strip Ratio
•§Larger Net Present Value
•§Rapid Capital Payback
The scoping study projects average annual production of 89,324 ounces of gold equivalent per year over 10 years at an operating cost of US$189 per ounce. The Net Present Value of the Sturec deposit at Kremnica using a 5% discount rate is Can$62 million, after-tax, which translates to Can$1.77 per Tournigan share (on an issued and outstanding basis).
The Scoping Study Update
Beacon Hill Consultants (1988) Ltd. were engaged to update and upgrade a scoping study completed by them in 1998 on Kremnica, utilizing the re-calculated resource estimate from the NI 43-101 Technical Report (see Tournigan’s press release dated Feb. 11, 2004) . This scoping study, like the Technical Report, focused exclusively on the Sturec Zone. A new optimized pit was produced which resulted in a conceptual mineable resource at Sturec as follows:
§Grade, Gold equiv. (g/t) Feed Tonnes Mineable Ounces Strip Ratio
Beacon Hill 2004 study 2.055 15,340,000 868,504 1.93
Improvement* +9% +36% +34%§-20%
* Compared to 1998 pit design by Western Services Engineering
The pit was optimized using a 3D Lerch-Grossman routine, using 50 degree pit slopes as before, and metal prices of US$385 per ounce of gold and US$5.50 per ounce of silver. A production rate of 4,500 tonnes per day was used to balance efficiencies of scale with a mine life of 10 years (based on current resources defined at Sturec). The proposed plant facility is situated within the existing Kremnica Mining Licence, which is wholly-owned by Tournigan Gold.
Costs were updated and made more precise, especially electrical power. The result is operating costs of $11 per tonne of ore, or US$194 per ounce of gold (including silver credit) which compares to the previous cost estimate in 1998 of US$190 per ounce. The capital cost is estimated to be US$48.9 million, including contingencies of 10 to 30%. Capital expenditures can be paid back in 2.6 years on an after-tax basis and the base case Internal Rate of Return increases to 26% from 13% in the earlier study. Beacon Hill utilized the same metal recovery estimates of 92% for gold and 72% for silver, based on two metallurgical studies authored by Hazen Research Inc in 1997 and 1998.
Tournigan is extremely pleased with these results, which represent a substantial enhancement to the Kremnica project since its purchase in July 2003. This improved economic estimate, combined with the increase in both grade and the proportion of “Indicated” resources at Sturec demonstrate even greater value for Kremnica. Tournigan will continue to add value by implementing Beacon Hill’s recommended work program to further develop the project, including 5,600 metres of drilling in 2004. The drill program will not only focus on further upgrading resources at Sturec, but will also focus on expanding the historical resources at the Wolf and Vratislav zones on-strike to the north, and test large-scale exploration targets at Kremnica South. Any improvements to resources or grade from these three zones could further improve the economics. Tournigan will also initiate the recommended additional studies on environmental permitting, metallurgy, socio-economic and tailings, to run concurrently. There are also a number of optimizations to investigate, which could reduce both capital and operating costs.
It should be noted that this conceptual mineable resource used in the scoping study includes “Inferred” resources that are currently considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The “Inferred” resources have only been included to determine the potential viability of the project, on which a decision has been made to initiate further development work. Generally, an economic evaluation would only be completed on “Measured” and “Indicated” resources, and there is no certainty that this preliminary assessment will be realized.
Tournigan Gold is focused on developing two advanced gold projects in Europe - Curraghinalt in Northern Ireland and Kremnica in Slovakia. Feasibility drilling at Curraghinalt is nearing completion with the final feasibility study to be completed by the fourth quarter of 2004. Kremnica will be the focus of exploration and development work in 2004, with feasibility studies expected to be completed during the third quarter 2005.
TOURNIGAN GOLD CORPORATION
§
“Damien Reynolds”
Damien Reynolds, President and Chief Executive Officer
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, President Tel: (604) 683-8320
Garry Stock, Executive VP Tel: (604) 683-8320
