European Uranium Resources Ltd. (EUU: TSX-V; TGP: Frankfurt) (formerly Tournigan Energy Ltd.) began trading as EUU this morning. The company is well placed to become the key uranium exploration and development company in Europe. Europe is the world’s largest per capita consumer of uranium with 160 operating reactors and more under construction or planned but with only one currently operating uranium mine, located in the Czech Republic. The company has assembled a portfolio of outstanding uranium projects in Slovakia, Sweden and Finland at all stages of the exploration / development pipeline. The flagship property is the high-grade Kuriskova project in Slovakia. A recently completed prefeasibility study demonstrates that Kuriskova could be one of the lowest cost uranium producers in the world. European Uranium Resources Ltd. has a strong base of supportive shareholders, including AREVA, ranked first in the global nuclear power industry and a key player in uranium mining. The company is well-funded, with $8.5 million cash at December 31, 2011. Over the next twelve to eighteen months the Company expects to:
- Advance the feasibility study and associated environmental impact studies at the Kuriskova project;
- Based on the outstanding results of the Kuriskova prefeasibility study, explore the possibility of arranging a production off-take agreement or joint venture to fund completion of the feasibility study;
- Define the structure which allows uranium production from Kuriskova to be developed for the benefit of Slovakia’s energy future. This could be a production off-take arrangement with Slovakia or a partnership with a Slovak entity;
- Conduct exploration drilling on the Kuriskova project;
- Conduct exploration programs on the other Slovak uranium prospects; and
- Advance exploration on the newly acquired Swedish and Finland prospects.
European Uranium acquired seven uranium properties located in Sweden and Finland from Mawson Resources Ltd. on February 29 2012: the Hotagen, Duobblon, Kapell and Aronsjö projects in Sweden and the Riutta, Asento and Nuottijärvi projects in Finland. The potential of this portfolio of projects is demonstrated by the results at the Riutta project announced by Mawson on September 20, 2011. Mawson reported that best result from a 10 hole diamond drill program at the Riutta project totaling 1,065 metres comes from drill hole AREVA DH 1 which intersected 11.3 m at 0.68% uranium oxide ("U3O8") including 3.7 metres at 1.53% U3O8 from 28.3 metres. The true thickness of the interval is estimed to be 8.6 m. Mawson reported that this is the best uranium drill result in Finland's history and demonstrates the potential for high grade and near surface uranium at the Riutta project. High grade uranium mineralization has now been drilled over 450 m of strike within a larger 3.6 km trend. The Riutta project is fully permitted for exploration; mineralization remains open along strike and down dip, and European Uranium looks forward to further testing the project's potential.Qualified Person The technical content of this release has also been reviewed and approved for European Uranium by Dorian L. Nicol, President and CEO, and a Qualified Person as defined in NI 43-101. EUROPEAN URANIUM RESOURCES LTD. "Dusty Nicol" Dorian L. (Dusty) Nicol, President and CEO For further information please contact: Doris Meyer, at (604) 536-2711, or visit www.euuranium.com. 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. Cautionary Statement: This news release contains forward-looking statements that are based on the Corporation's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.