SOURCE: Tournigan Gold Corporation

March 06, 2006 14:04 ET

Tournigan Releases Two New Resource Estimates

VANCOUVER, BC -- (MARKET WIRE) -- March 6, 2006 -- Tournigan Gold Corporation (TSX-V: TVC) is pleased to announce new resource estimates for the Kremnica gold project and the Jahodna uranium project in Slovakia. These new resource estimates demonstrate the basis for Tournigan's asset value. For the Sturec gold deposit at Kremnica, the new resource estimate represents a significant upgrade in resource categories, as well as an increase in overall contained gold and silver. At Jahodna, the new uranium resource estimate provides confirmation of historical resources at a significantly higher uranium grade and provides a basis for preliminary economic modeling, currently in progress. Technical Reports supporting both these estimates will be filed shortly on SEDAR.

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                              Sturec Gold Deposit, Kremnica
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                            Gold
Cut-off    Gold    Silver   equiv.                                 Ounces,
Grade     Grade,   Grade    Grade,               Ounces,   Ounces,  Gold
(g/t)     (g/t)    (g/t)    (g/t)      Tonnes     Gold     Silver   Equiv
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                                Measured Resources
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0.75       1.75    14.24     1.96   7,293,000  410,300  33,338,90  459,600
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                               Indicated Resources
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0.75       1.48    11.86     1.66  11,514,000  547,900  4,390,400  614,500
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                    Total Measured and Indicated Resources
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0.75       1.59    12.78     1.78  18,807,000  958,200  7,729,300 1,074,100
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                               Inferred Resources
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0.75       1.32     7.42     1.44   6,398,000  271,500  1,526,300  296,200
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Note: Gold equivalent calculated from gold/silver ratio of 66:1 

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                                Jahodna Uranium Deposit
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                                     Uranium        Tonnes       Uranium
  Cut-off Grade (% U3O8 )            % U3O8                      lbs U3O8
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                                  Inferred Resources
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        0.035%                         0.66        1,256,088    18,184,125
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A detailed description of both above resource estimates follows, starting with the Kremnica project.

Kremnica Gold Project

Kremnica is a historical gold mining district located in central Slovakia, where gold mineralization is part of a Tertiary-aged epithermal gold/ silver system. Tournigan purchased 100% interest in the Kremnica project, including the Kremnica Mining Licence, in 2003. Beacon Hill Consultants (1988) Ltd was commissioned to produce an upgraded National Instrument 43-101 compliant resource estimate for the Sturec deposit at Kremnica as part of their on-going Pre-Feasibility Study. The estimate included the results of 41 in-fill reverse circulation drill holes completed by Tournigan in the middle of 2005 as well as 79 historical diamond drill holes and 3,148 historic underground samples. Drill-hole spacing was reduced from approximately 100 metres by 100 m to 50 m by 50 m during the 2005 in-fill drilling program at Sturec.

The Kremnica resource was estimated using MINESIGHT™ software to produce a block model, with block sizes of 5 m by 10 m by 5 m. Search ellipsoid dimensions were reduced from earlier resource estimates, providing an even more tightly constrained and robust estimate. The cut-off grade of 0.75 g/t gold is similar to the effective open-pit grade cutoff from the 2004 Sturec Preliminary Assessment completed by Beacon Hill. Additional QA/QC work was completed, including the twinning of 5 historic drill holes, the re-assaying of 600 historical sample pulps, more detailed specific gravity measurements and extensive documentation and re-logging of historical drill core.

A geotechnical program is underway at Kremnica, designed to assist in the mine and mill design of the Pre-Feasibility Study. Beacon Hill is currently optimizing the open-pit design for the Sturec deposit, the results of which will be published when completed.

Jahodna Uranium Project

Jahodna is a high-grade uranium deposit in eastern Slovakia, discovered by the former Socialist government in 1985. Tournigan acquired Jahodna by applying for an exploration licence covering the deposit, which was granted in June 2005. ACA Howe International Ltd. was commissioned to produce a 43-101-compliant resource estimate for the Jahodna uranium project, as a prelude to completing a Preliminary Assessment of the potential economics. The estimate included results from the 3 confirmatory diamond holes drilled by Tournigan in late 2005 and 13 relevant holes of the 52 historical diamond drill holes drilled by previous government operators.

ACA Howe utilized MicroMine™ software to produce a Polygonal Wireframe Resource Estimate for Jahodna, utilising the same cut-off grade of 0.030% uranium metal (equivalent to 0.035% uranium oxide) as was used to calculate the higher-grade portion of the historical resource estimate. Geochemical analyses of Tournigan drill core confirmed historic and current radiometric drill logging results, which, in conjunction with general agreement of historic and current resource estimates confirms historical results, in the opinion of ACA Howe.

The Jahodna uranium deposit is part of a belt of largely stratabound uranium-molybdenum deposits and occurrences hosted in a sequence of Permian-age meta-volcanic/sedimentary rocks in eastern Slovakia. The Jahodna deposit is blind and is covered by thick soils and extensive forest cover. The deposit has a NW-SE strike, and a variably steep-moderate SW dip (60 deg. in the upper part, 47 deg. in the lower part). The overall dimensions of the main deposit established to date by drilling are approximately 500 metres along strike by 500 metres down-dip by 2.5 metres thick.

The Preliminary Assessment underway for Jahodna will focus on an underground mining plan, for both financial and environmental reasons. The Assessment should be completed within the next month. Further in-fill and step-out drilling at Jahodna is scheduled to begin as soon as possible.

Tournigan Gold is focused on developing advanced 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 Wyoming and South Dakota, as well as VMS projects in Slovakia and Northern Ireland.

TOURNIGAN GOLD CORPORATION

"James Walchuck"

James Walchuck, President and CEO

Dr. Kent Ausburn, VP Exploration, Tournigan Gold, is the Qualified Person for both the Jahodna uranium project and the Kremnica gold project and approved the technical information herein.

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

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 http://www.sec.gov/edgar.shtml.

Contact Information

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

    Tournigan Gold Corporation
    Suite 301, 700
    West Pender Street
    Vancouver BC Canada
    V6C 1G8
    Tel: (604) 683 8320
    Fax: (604) 683 8340
    Email: Email Contact