SOURCE: Tournigan Gold Corporation

November 08, 2006 08:30 ET

Tournigan Extends Known Mineralization at Jahodna

VANCOUVER, BC -- (MARKET WIRE) -- November 8, 2006 -- Tournigan Gold Corporation (TSX-V: TVC) (FRANKFURT: TGP) is pleased to announce that it has received geochemical assay results from five drill holes of a planned eighteen-hole, 6200-metre diamond-drill program currently in progress at its Jahodna uranium project in the Republic of Slovakia. With these partial drill results, known uranium mineralization at Jahodna is now extended approximately 50 metres below (down-dip of) the deepest known mineralized drill hole and approximately 100 metres along strike to the southeast. In addition to exploring for extensions to the deposit, a number of in-fill holes were drilled to attempt to upgrade the reliability of the current inferred resource.(1) The deposit is open to depth and along strike.

"We are pleased with the initial Jahodna drill results as they indicate that the current mineralization extends down dip and along strike beyond its previous boundaries," said James Walchuck, President and CEO of Tournigan Gold Corporation. "This exploration drill program is just a small part of a regional exploration program planned on the 40-kilometre trend between the Jahodna and Novoveska Huta properties."

All drill holes indicated in this release have drill targets at total depths of between 380 metres and 596 metres. Assays received from the current Jahodna drill program are as follows:

                                          *Percent U3O8  Percent Molybdenum
Drill Hole Number  Interval (core length) Geochem assays     Geochem assays
KG-J-9             2.0 m (491.5 - 493.5 m)       0.56               0.072
Including          1.0 m (492.5 - 493.5 m)       0.88               0.081
Including          0.5 m (492.5 - 493.0 m)       1.36               0.081
KG-J-4             1.20 m (545.2 - 546.4 m)      0.20
                                                            Not significant
Including          0.8 m (545.2 - 546.0 m)       0.24
KG-J-10            1.0 m (375.8 - 376.8 m)       0.20       Not significant
KG-J-3             0.6 m (327.4 - 328.0 m)       0.12              0.080
KG-J-12            0.8 m (389.0 - 389.8 m)       0.05       Not significant

*All uranium analytical data are reported by the lab and received by Tournigan as ppm-U (uranium metal) and subsequently converted for presentation by Tournigan to %-U3O8 using a conversion factor of 1.17.

Drill Hole Interpretation

Of particular significance is drill hole KG-J-9, which revealed a new zone of high-grade uranium mineralization located approximately 150 metres southeast and 100 metres further down-dip of the previously known zone of high-grade mineralization (i.e. KG-J-1a which ran 10.33% U3O8 over 0.9 metres core length, and KG-J-2 which contained an intersection of 1.32% U3O8 over 1.1 metres).

Drill holes KG-J-3 and KG-J-12 contain mostly fault gouge and lower values of U3O8. It is believed that both these holes intercepted un-mineralized steeply-dipping faults at low angles and followed the fault gouge throughout much of the length of the holes. The Jahodna property contains a number of late brittle faults containing abundant fault gouge which is typically barren of mineralization.

Jahodna Inferred Resource

Tournigan owns 100% of the Jahodna exploration and mining licenses in eastern Slovakia. The Jahodna deposit currently hosts an inferred resource of 18.2 million lbs of uranium oxide (U3O8) at a grade of 0.656% U3O8 contained in 1,256,000 tonnes with a cut-off grade of 0.035% U3O8. An independent preliminary assessment(2) on Jahodna, prepared by ACA Howe International Ltd. and delivered to Tournigan in April, 2006, modeled an underground operation with a per annum production rate of 100,000 tonnes. Production costs were estimated at US$9.15 per pound for an estimated IRR of 44% using a US$35.00 uranium price.

The dimensions of the existing Jahodna resource block(1) are approximately 500 metres along strike and 500 metres down-dip and averaging about 2.5 metres thick. Results from the initial five drill holes reported here have filled some of the gaps in the existing resource block, therefore advancing the level of confidence regarding continuity of uranium mineralization within the known deposit. Pending assay results from completed drill holes and results from in-progress and planned drill holes are expected to further clarify the level of mineralization-continuity within the deposit and the dimensions of the deposit.

Uranium-molybdenum mineralization occurs at the Jahodna deposit as strata-bound lenses of uranium-oxide and copper-molybdenum sulfide minerals +/- ptygmatic-folded quartz-carbonate veins localized along the steep-to-moderate dipping contact of overlying meta-volcanic rocks (andesite flows and tuffs) and underlying meta-sedimentary rocks (slates and quartzites).

Additional Drilling

There are six drill holes currently awaiting geochemical analysis. Final geochemical analyses of these holes are expected in January. All holes in this program, both completed and planned, are illustrated in the attached schematic longitudinal vertical projection. In addition, there are six additional holes representing up to 1,400 metres of drilling which are expected to be completed by year-end.

For A Detailed Map Of The Planned Drill Program On The Jahodna Deposit, Click here.

The following map can be found on the Filing Services Canada website.

Notes on Methodology and QA/QC

Jahodna drill core are transported to the Kremnica site where geological logging, preliminary interpretation, and sample interval selection takes place. At Kremnica, selected sample intervals are sawn in half and 1/2 of the split-core is transported to an ALS Chemex sample preparation lab in Sweden, where they are crushed, pulverized and resultant pulps are prepared for transport to ALS Chemex lab in Vancouver, Canada for geochemical analysis. ALS Chemex's North Vancouver laboratory has ISO 9001:2000 registration. It has also received ISO 17025 accreditation from the Standards Council of Canada under CAN-P-1579 "Guidelines for Accreditation of Mineral Analysis Testing Laboratories." Half of the Jahodna split-core is stored at Kremnica. The Kremnica preparation lab has been audited by ALS Chemex and the sampling procedure has met ALS Chemex guidelines.

Dr. Kent Ausburn, VP Exploration, Tournigan Gold, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Drill hole planning, implementation and the quality control program for this Jahodna drill program are also supervised and approved by Dr. Ausburn.

(1) The Jahodna mineral resource estimate has been prepared by ACA Howe International Ltd. in a National Instrument 43-101 compliant technical report entitled "Jahodna Uranium Project, Slovakia," dated March 28, 2006. Mineral resources do not have demonstrated economic viability.

(2) Note that this preliminary assessment is by definition preliminary in nature and is based on an inferred resource that is currently considered too speculative geologically to have the economic considerations applied to it that would enable it to be categorized as a mineral reserve, according to Definition Standards of the Canadian Institute of Mining, Metallurgy and Petroleum. Generally, an economic evaluation would only be completed on measured and indicated Resources, and there is no certainty that this preliminary assessment will be realized.

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, as well as VMS projects in Slovakia and Northern Ireland.

On behalf of the Board of Directors of


"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.

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission ("SEC") permits mining companies in their filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as "inferred resource," that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure contained in our Form 20-F Registration Statement, File No. 000-50486. You can review and obtain copies of our filings from the SEC's website at

Contact Information

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