Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) is pleased to announce the following transactions:
- Tournigan to undertake an exclusive private placement of 14,285,714 units with AREVA for proceeds of $1,000,000;
- Tournigan to enter into a Technical Services Agreement with AREVA whereby AREVA will perform a work program comprising metallurgical and environmental test work to be part of the Kuriskova feasibility study;
- AREVA to nominate a representative to the Tournigan board;
- Tournigan to acquire all of Mawson Resources Ltd.’s (MAW: TSX) right, title and interest in and to 7 uranium exploration projects located in Sweden and Finland for aggregate consideration of 53,639,848 common shares of Tournigan; and
- Tournigan to change its name to European Uranium Resources Ltd. and to complete a consolidation of its shares on a 1 new for 5 old basis.
“Europe has 186 nuclear power plants in operation and 19 new plants under construction. At this time, there is only one operating uranium mine within the European Union, in the Czech Republic. Clearly, Europe has an urgent need to develop sustainable uranium production. European Uranium Resources will be the key uranium exploration company focused in Europe, the region with the world’s largest per capita consumption of uranium” said Dorian L. (Dusty) Nicol, Tournigan’s President and CEO.
“On completion of these transactions, the Company will have a greatly increased uranium portfolio throughout Europe and will have established a strong working relationship with AREVA, ranked first in the global nuclear power industry and key player in uranium mining. This relationship will assist the Company in the exploration and development of its properties, including the Company’s flagship Kuriskova uranium project in Slovakia on which we plan to begin a feasibility study early next year.”