Tournigan Gold Corporation

Tournigan Gold Corporation

November 17, 2005 16:51 ET

Tournigan Operational Update, November 2005

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 17, 2005) - Tournigan Gold Corporation (TSX VENTURE:TVC)(FWB:TGP) -


Dear Investor,

I want to take the opportunity to update you on Tournigan's progress with its portfolio of gold and uranium properties. I intend to send these periodic updates to you every four to eight weeks.

At the Kremnica gold project in Slovakia, the infill drilling has been completed. The purpose of this program is to move the entire gold and silver resource into a Measured and Indicated classification. Moving the resource into this higher classification has a double effect. First, it increases shareholder value as investors give a higher value to a resource with a higher classification. It also allows Tournigan to proceed with the Pre-Feasibility Study for Kremnica. A Pre-Feasibility Study can only be conducted on Measured and Indicated resources.

Beacon Hill Consultants based in Vancouver have been selected to carry out the Pre-Feasibility Study because of their technical competence and also because of their past history with the Kremnica project. They sent their team to Kremnica three weeks ago to conduct a site visit, a key prerequisite of the Pre-Feasibility Study. BH has requested additional drilling - four twin holes - in order to correlate the new reverse circulation drilling to the core drill holes conducted by the previous operator. This drilling is expected to be completed this week. What this means is our new National Instrument 43-101-compliant resource estimate is now expected to be published in early to mid December. The Pre-Feasibility Study is now scheduled for completion around the beginning of Q2 2006.

A draft of the proposed EIA (Environmental Impact Assessment) document has been compiled by our consultants Golder Associates and should be submitted to the Ministry of Environment of Slovakia by December 1st. This process has legislated response times, making it critical that we submit a straightforward document so as to not cause any undue delays. We are confident that our draft EIA proposal will be acceptable.

Golder Associates has also been commissioned for the Socio-Economics programme at Kremnica. The first town hall meetings have begun with approximately 8 meetings scheduled over a 2 week period. The purpose of these meetings is to present the Kremnica project to the local community and obtain feedback of concerns. We can then make necessary changes to the proposed facility early in the process.

At Jahodna, Tournigan's high grade uranium project in Slovakia, the Qualified Person from ACA Howe Consultants has been on site, reviewed the data, checked the procedures and protocols and now has the necessary information to upgrade the resource estimate to NI-43-101 compliance. He will be able to put the Technical Report together as soon as the validation drilling is complete. The drilling is expected to be finished by mid December but it is doubtful that the assays from the drilling will be available before late December. Due to the slowdown which occurs over the holiday season, we expect the Technical Report to be issued in January 2006.

Matters were slightly complicated by the first Jahodna hole veering off course and intersecting the ore zone 30 to 40 metres away from the targeted area. Gamma log readings indicate the presence of uranium in this drill hole, but assay results are necessary to confirm the grades. The second hole is down 300 metres out of a planned depth of 420 m. There are 2 additional verification holes planned as well as 4 step-out holes, although weather makes it doubtful if the step out holes will be drilled in 2005. Jahodna is at a higher elevation than Kremnica and the resulting deeper snow would make winter drilling more expensive.

In corporate matters, our updated 20FR US Registration application will be submitted for review once more by the Securities and Exchange Commission. If there are any comments, they may be expected 2-3 weeks following submission; if there are no further comments, we should be approved for registration. This registration gives US stockbrokers the ability to recommend TVC to their clients.

Our application for graduation to the main TSX exchange is nearing completion and is expected to be submitted with other required documents in December. We hope to have a full TSX listing before year end, which again provides investors with some comfort that Tournigan is becoming a significant company.

Since September, Cdn $5.75 million has been raised in private placements through the issue of 13.5 million shares in order to ensure there will be no lag in our scheduled work programs. Tournigan is now well-financed to build more value in all of its projects and communicate this progress to the investing public.

Tournigan will host a booth (#217) at the San Francisco Gold & Precious Metals conference November 27-28 and at the Vancouver Mineral Exploration Roundup January 23-26. A booth is also reserved at the Toronto PDAC conference to be held March 5-8.

Meetings with investors were held in Toronto and New York the week of November 7. Also scheduled are meetings in London before the San Francisco conference and in San Francisco and other major cities after the conference.

We note that 4.8 million Tournigan shares were traded in the month of October, in a range between $0.72 and $0.44 and hope that our efforts will continue to increase Tournigan's share price.

I look forward to continuing to report progress to you on all our projects. Please let us know if you have any questions and feel free to visit our website at


Jim Walchuck

President & CEO

Tournigan's QP, Dr. Kent Ausburn (VP Exploration), has reviewed the technical information in this letter.

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.

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