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TheStreet Open House

Tournigan Increases Indicated Resource At Kuriskova By 39% To 28.5 Million Pounds Of U3O8

Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) (Pink Sheets: TVCFF) has updated its resource estimate for the Kuriskova uranium deposit in Slovakia. This NI 43-101 compliant updated estimate increases the amount of uranium contained in the Indicated Resource by 39% to 28.5 million pounds of U 3O 8 and increases the overall size of the deposit. Tetra Tech, Inc., the firm that is conducting the ongoing Prefeasibility Study on Kuriskova, has reviewed, audited and approved the updated resource estimate.

Highlights of the updated estimate include:

  • About 7.9 million pounds of U 3O 8 have been added to the Indicated Resource category, increasing the Indicated Resource by 39% to 28.5 million pounds of U 3O 8;
  • Overall the uranium oxide contained in the Kuriskova deposit has increased by 3.1 million pounds of U 3O 8 and now comprises 28.5 million pounds at 0.555% U 3O 8 in the Indicated Resource and an additional 12.7 million pounds in Inferred Resource at 0.185% U 3O 8; and
  • Kuriskova remains one of the highest grade known uranium deposits in the world outside of Canada’s Athabasca Basin.

"We are confident that this Indicated Resource is of sufficient size and grade to be the basis of a Reserve for the Kuriskova Prefeasibility Study, which we expect to complete around the end of this year,” said Dorian L. (Dusty) Nicol, Tournigan’s president and CEO. “We expect the increase in high-grade resource to have a positive effect on overall project economics as compared to our June 2009 Preliminary Assessment (Scoping Study).

"We emphasize that we believe 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 licence. This new resource estimate also continues to demonstrate the presence of a significant amount of molybdenum within the uranium resource, which could represent a significant by-product credit."

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