Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt). As first announced on December 7, 2011, Tournigan is taking the final steps to form a strategic alliance with AREVA, the French nuclear energy and uranium mining conglomerate, and acquire seven uranium properties from Mawson Resources Ltd. located in Sweden and Finland. The record date will be March 1, 2012, for the consolidation of the common shares of Tournigan on a 5 old for 1 new basis and its name will be changed to European Uranium Resources Ltd. At the opening of trading on March 1, 2012, the Company will trade on the TSX Venture Exchange as EUU.
On February 29, 2012, Tournigan will issue 53,639,848 common shares to Mawson Resources Ltd. 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.
“We have been preparing for this re-launch of the Company as an advanced stage pure-play uranium company called European Uranium Resources Ltd with projects in Slovakia, Sweden and Finland. Europe has 186 nuclear power plants in operation and 19 new plants under construction and there is only one operating uranium mine within the European Union, in the Czech Republic. Clearly, Europe, a region with the world’s largest per capita consumption of uranium, has an urgent need to develop uranium production” said Dorian L. (Dusty) Nicol, Tournigan’s president and chief executive officer.
The Scandinavian Properties Being Acquired
The Hotagen District comprises 4 exploration claims covering 6,693 hectares. The Hotagen District uranium deposits are located in the northeastern portion of a geologic province known as the Olden Window in west-central Sweden. It is so called because it is an isolated area of Proterozoic basement rocks exposed as an erosional window within younger late Precambrian to early Paleozoic sequences that form the Caledonide Mountains separating Sweden and Norway. Uranium mineralization occurs as veins and breccias (locally fluorite rich) developed in a uranium rich granite host rock.