SOURCE: Tournigan Gold Corporation

June 21, 2006 09:48 ET

Tournigan Enters Into Gold Joint Venture in Nevada

VANCOUVER, BC -- (MARKET WIRE) -- June 21, 2006 -- Tournigan Gold Corporation (TSX-V: TVC)is pleased to announce it has entered into an Exploration and Development Agreement Joint Venture on a portfolio of gold and gold-silver exploration properties in Nevada, United States.

The Joint Venture includes an Area of Interest of almost 400 square kilometres (150 square miles) as significant exploration potential also exists in other areas within the combined AOI land package. Tournigan will be the operator of the joint venture with AuEx Ventures Inc. ("AuEx"); Tournigan has retained the project management and staffing services of Cowboy Exploration LLC, a Wyoming-based geological consulting company with operational expertise throughout the western USA. AuEx will provide technical expertise and operational assistance to the joint venture as well.

The portfolio consists of two epithermal gold and gold-silver projects, the Fireball and Gypsum Valley projects, and a mesothermal meta-volcanic hosted gold-silver project of likely intrusive-related origin, the JPW project. The three project areas are all contained within a land package of approximately 65 square kilometres (16,000 acres), located 20 miles northeast of Fernley in Churchill County, Nevada.

The joint venture agreement is based on an option to earn a 51% interest in each of the three projects by spending $1,000,000 in exploration on each project within five years to be vested in all three projects. Tournigan will pay AuEx $35,000 on signing and fund $100,000 of exploration in the first year of the option. Upon vesting an interest, Tournigan may then elect to earn an additional 9% interest (60% total) by spending an additional $1,000,000 within three years on each project vested and may earn an additional 10% interest (70% total) by funding all expenditures through completion of feasibility studies and by arranging project financing. At that point both parties will contribute financially to operations according to respective percent ownership.

This acquisition gives Tournigan a low-cost entry into a prolific gold-producing jurisdiction, with very accomplished and experienced partners. Ron Parratt, President and CEO of AuEx formerly headed exploration activities with Santa Fe Pacific Gold, while Richard Beddell, VP and a director of AuEx was a senior technical manager with Homestake Mining Company. Kent Ausburn, Tournigan's VP Exploration and Chief Geologist, also has over a decade of gold exploration experience in the western US. With Cowboy Exploration managing the initial exploration programs in Nevada, Tournigan can continue to focus on the completion of the Pre-feasibility Study for the Kremnica gold project and the uranium exploration drilling at Jahodna in the Slovak Republic, as well as exploration at the Curraghinalt gold project in Northern Ireland.

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

Dr. Kent Ausburn, VP Exploration, Tournigan Gold and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

TOURNIGAN GOLD CORPORATION

"James Walchuck"
James Walchuck, President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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.

Contact Information

  • Contact:
    Garry Stock
    Executive VP
    (604) 683-8320
    visit www.tournigan.com

    Suite 2400, 1111 West Georgia Street
    Vancouver BC Canada V6E 4M3
    Tel: (604) 683 8320
    Fax: (604) 683 8340
    Email: Email Contact