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Tournigan’s Prefeasibility Study Indicates Kuriskova Could Be Among World’s Lowest Cost Uranium Producers

“Our next step is, working with our strategic partner Areva, to begin a Feasibility Study and Environmental Assessment Study that will continue to define project parameters to a higher degree of confidence and allow the permitting of the project to begin. The development of the Kuriskova uranium project could provide Slovakia with a secure source of uranium for approximately 30 years at its current consumption rate,” said Nicol.

Mineral Reserves and Resource Estimate

The PFS resource estimate is based on the report, “Mineral Resource Update Kuriskova Uranium Project East-Central Slovakia” prepared by Tetra Tech, Inc. dated June 9, 2011 (the Independent Qualified Person for this report was Dr. Rex Bryan of Tetra Tech) as summarized in the following table:

 

Kuriskova Resource Estimate April 2011 -- Cutoff 0.05%U *
    U%   Tonnes(000)   %U 3O 8   U 3O 8 lbs(000)   Mo%   Tonnes(000)   Mo lbs(000)
Total Indicated (Main Zone, Hanging wall zoneand Zone 45 )   0.471   2,328   0.555   28,487   .065   2,301   3,312
Total Inferred (Main Zone, Hanging wall zoneand Zone 45 )   0.157   3,099   0.185   12,664   .033   2,996   2,185

* Molybdenum resource numbers represent molybdenum associated with uranium resource blocks above a 0.05%U cutoff.

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