Tournigan Gold Corporation

Tournigan Gold Corporation

September 28, 2005 11:26 ET

Tournigan Begins Confirmation Drilling at Jahodna Uranium Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 28, 2005) - Tournigan Gold Corporation (TSX VENTURE:TVC)(FRANKFURT:TGP) is pleased to announce that diamond drilling has begun on the Jahodna uranium project in Slovakia. The initial portion of the Phase 1 program of 1,500 metres is designed to confirm historic drillhole assay results that contain uranium and molybdenum mineralisation within the historical resource block. This data confirmation is part of Tournigan's roadmap to update the resource estimate at Jahodna to Canadian National Instrument 43-101 standards. After the completion of the new resource estimate, Tournigan plans to continue Phase 1 drilling at Jahodna, focusing on exploration along strike.

Tournigan has commissioned A.C.A. Howe International Limited to author the independent Technical Report that will include the updated Jahodna uranium resource estimate. The Report will include results from the 3 initial confirmatory drillholes. A.C.A. Howe has considerable experience in uranium - Managing Director Dr. Cal Armstrong was Chief Geologist for British Nuclear Fuels Ltd for 3 years, and was Chief Geologist for A.C.A. Howe Australia when they discovered the Jabiluka deposit for Pancontinental Mining.

The historical resource estimate reported at Jahodna is as follows:

Jahodna Historical Uranium Deposit - Uranovy prieksum, 1996
Z-3 Uranium(i) Molybdenum Tonnes Uranium Molybdenum
Category U(3)O(8) % % lbs U(3)O(8) lbs Metal

Block A 0.541 0.38 1,150,000 13,720,000 9,630,000
Block B 0.221 0.38 1,080,000 5,250,000 9,050,000
TOTAL 0.386 0.38 2,230,000 18,970,000 18,680,000
Not NI 43-101 compliant resources - investors are cautioned not to
rely upon this estimate
(i)Uranium metal grades converted to uranium oxide grades (U(3)O(8))
using a factor of 1.17

The Jahodna deposit was discovered in 1985, and the extensive historical work program ended in 1996, following the collapse of the socialist government. A total of 53 holes comprising 17,936 metres were drilled at Jahodna between 1985 and 1991 with full radiometric surveying of each hole followed by quantitative chemical analyses of mineralized core intervals. The historical resource occurs within a 500-metre-long zone and was estimated using a block model method and a cutoff grade of 0.03% for the Block A estimate, and a range of cutoff grades from 0.03% to 0.015% for the Block B estimate. Considerable metallurgical work resulted in reported recoveries of 88% to 90% uranium and 93% to 94% molybdenum.

Tournigan has begun prioritizing exploration targets at Jahodna, based on the significant historical data that has been compiled. Initial focus will be on extensions along strike both south-east and north-west of the historical resource block. Wide-spaced historical drill holes outside the resource block have intersected uranium mineralization within the same contact zone along a 3,000-metre trend.

Tournigan has reviewed the Jahodna historical resource estimate and views it as relevant. The historic exploitation of Slovak uranium deposits in general and metallurgical test records acquired with the Jahodna deposit in particular suggests the reliability of the historical resource estimates. However, until the independent Technical Report is completed, the classification of the resources will not be verified and the resources have not yet been categorized according to the Standards on Mineral Resources and Reserves Definitions by the Canadian Institute of Mining, Metallurgical and Petroleum. The Slovak category of Z-3 is roughly analogous to the CIM definition for Inferred Resources.

Corporate Matters

Tournigan is also pleased to report that the non-brokered private placement announced September 1, 2005, has closed, raising gross proceeds of $2.0 million. On closing, 5.0 million Units of the Company at $0.40 per Unit were issued to Passport Capital. Each Unit consists of one common share and one-half of a warrant, with each whole warrant entitling the holder to purchase an additional common share at an exercise price of $0.55 per share until September 8, 2007. The Company may require the warrants to be exercised any time after the trading price of Tournigan's shares exceeds $1.00 per share for 30 consecutive trading days. A finder's fee equal to 7% of the gross proceeds was paid on closing. Any shares issued pursuant to this placement are subject to a four-month hold period expiring on January 8, 2006.

Tournigan Gold is focused on developing advanced projects in Europe - Kremnica (gold) in Slovakia, Curraghinalt (gold) in Northern Ireland, and Jahodna (uranium/molybdenum) in Slovakia. Tournigan's asset mix also includes a portfolio of uranium properties in Wyoming, as well as VMS projects in Slovakia and Northern Ireland.


"Damien Reynolds" "James Walchuck"
Damien Reynolds, James Walchuck,
Executive Chairman President and CEO

This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Tournigan Gold Corporation
    Damien Reynolds
    Executive Chairman
    (604) 683-8320
    Tournigan Gold Corporation
    Garry Stock
    Executive VP
    (604) 683-8320
    (604) 683 8340 (FAX)