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Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) Tournigan is pleased to announce that it has signed a binding agreement with Mawson Resources Ltd. respecting the transactions with Mawson described in its news release dated December 7, 2011. This binding agreement supersedes the letter of intent described in that release.
Under the agreement, Tournigan will acquire all of Mawson Resources Ltd.'s right, title and interest in and to seven uranium exploration projects located in Sweden and Finland for total consideration of 53,639,848 common shares of Tournigan. Mawson will distribute the Tournigan shares on a pro rata basis to its shareholders pursuant to a plan of arrangement prior to April 30, 2012. Until then, Mawson has agreed not to exercise the voting rights attaching to the Tournigan shares.
Tournigan has received approval from the TSX Venture Exchange to close the private placement with an affiliate of AREVA and expects to do so in early January 2012 concurrent with entering into a technical services agreement with AREVA.
Further details respecting these transactions are contained in Tournigan’s December 7, 2011 news release.
Tournigan is a uranium exploration and development company. The company’s flagship asset is the Kuriskova uranium deposit in Slovakia, among the highest grade uranium deposits in the world. Slovakia currently has four nuclear reactors generating half of its electricity, with two more reactors planned or under construction.
With the anticipated acquisition of uranium properties from Mawson, Tournigan plans to diversify geographically by acquiring projects in Sweden and Finland, also members of the European Union and countries which rely on nuclear generated electricity. In Sweden, ten nuclear reactors generate over 40% of the country’s electricity. Finland currently has four operating reactors generating about 28% of the country’s electricity. A fifth large nuclear plant is under construction in Finland with plans firming for a sixth. Tournigan is committed to safe and sustainable exploration and mine development. For additional information, please contact Ms. Doris Meyer at (604) 536-2711 or visit
TOURNIGAN ENERGY LTD.
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Doris Meyer, at (604) 536-2711, or visit
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.The foregoing information may contain forward-looking information relating to the future performance of Tournigan Energy Ltd. Forward-looking information, is subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Corporation's filings with the appropriate securities commissions.