SOURCE: Tournigan Gold Corporation

January 17, 2007 09:00 ET

Tournigan Shows More High-Grade Uranium Mineralization at Jahodna

VANCOUVER, BC -- (MARKET WIRE) -- January 17, 2007 -- Tournigan Gold Corporation (TSX-V: TVC) (FRANKFURT: TGP) is pleased to announce that it has recently received uranium assay results from three additional drill holes of the fourteen-hole, 6200-metre diamond-drill program completed at its 100%-owned Jahodna uranium exploration license in Slovakia. Results received from holes KG-J-6, KG-J-7, and KG-J-8 bring the current number of Jahodna drill holes with completed assay results to eight.

"We are pleased with the results of this drill program, and in particular J-8 and J-9 which confirm that the high-grade mineralization at Jahodna continues at depth and along strike," said James Walchuck, President and CEO of Tournigan Gold Corporation. "The results from the remaining six holes will examine the Jahodna deposit near surface and along the strike of the deposit."

For a Schematic Longitudinal Projection Showing the Diamond Drill Holes, Click on or Paste, the following link into your browser. http://www.usetdas.com/maps/TourniganGold/TVC_JahodnaX-S_Press011707.jpg


Assays received from the 2006 Jahodna drill program are as follows:

Drill Hole Number      Interval        *Percent U3O8     Percent Molybdenum
                    (core length)       Geochem assays    Geochem assays
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KG-J-6        0.5 m (411.5 - 412.0 m)        0.61             0.007

KG-J-7        1.0 m (513.3 - 514.3 m)        0.23             0.055

KG-J-8        4.5 m (502.0 - 506.5 m)        0.46             0.011
Includes      2.2 m (502.0 - 504.2 m)        0.58
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Previously Announced Results
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KG-J-3        0.6 m (327.4 - 328.0 m)        0.12             0.080
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KG-J-4        1.20 m (545.2 - 546.4 m)       0.20          Not significant
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KG-J-9        2.0 m (491.5 - 493.5 m)        0.56             0.072
Includes      1.0 m (492.5 - 493.5 m)        0.88             0.081
Includes      0.5 m (492.5 - 493.0 m)        1.36             0.081
--------------------------------------------------------------------------
KG-J-10       1.0 m (375.8 - 376.8 m)        0.20          Not significant
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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

Interpretation of the drill results at Jahodna reveals the following:

1. Drill holes KG-J-4, KG-J-6, KG-J-7, KG-J-8, and KG-J-9 all contain moderate to significant mineralized intervals and indicate that the deposit remains open for expansion at depth.

2. Of note, is drill hole KG-J-8 which has a core-length intersection of 4.5 metres at 0.46% U3O8. It is anticipated that this hole will have a positive effect on an area previously thought to be low-grade.

3. Also of particular significance is drill hole KG-J-9, which revealed a significant new zone of high-grade uranium mineralization (2 metres of 0.56% U3O8) located approximately 150-200 metres southeast and 100 metres further down-dip of the previously known zone of high-grade mineralization.

4. Drill hole KG-J-10 contains 1 metre of 0.2% U3O8 and is located approximately 100 metres southeast of the currently defined deposit, effectively extending the strike length of the deposit an additional 100+ metres to the southeast.

5. 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.

Slovak Uranium Exploration Strategy for 2007

Tournigan is proposing a multiphase 2007 exploration program for its uranium deposits in Slovakia. A new resource calculation is planned for Jahodna after all the assay results are received.

As discussed, uranium mineralization is open at depth. Two or three deep (500-550 metres) holes are proposed to test potential continuation of uranium mineralization over an additional 100-150 metres down-dip. One additional deep drill hole reaching (approximately 550-600 metres in depth) is planned approximately 100-150 metres northwest of the known deposit to test for possible northwest down-plunge mineralization at depth.

Tournigan is tentatively planning a close-spaced in-fill drill program with the intention of defining a block of mineralization in the indicated resource category.

In addition to the planned work at the existing Jahodna deposit, a regional exploration program has been designed for the Jahodna-Novoveska Huta trend. This exploration program will include an airborne radiometrics and magnetics geophysical survey followed by ground geophysics and prospecting designed to generate priority drill targets.

Jahodna Inferred Resource

The Jahodna deposit currently hosts an inferred resource of 18.2 million pounds of uranium oxide (U3O8) at a grade of 0.66% U3O8 contained in 1,256,000 tonnes with a cut-off grade of 0.035% U3O8(1). 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 are approximately 500 metres along strike and 500 metres down-dip and average about 2.5 metres thick. Results from the initial eight drill holes reported above have filled some of the gaps in the existing resource block, and extended known significant uranium mineralization some 100 metres southeast, therefore advancing the level of confidence regarding continuity of uranium mineralization within the known deposit along strike to the southeast and down-dip. Pending assay results from completed drill holes are expected to further clarify the level of mineralization-continuity within the deposit and the possibly extended 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).

Pending Assays

There are six drill holes currently awaiting geochemical analysis. All holes completed as part of this program are illustrated in the attached schematic longitudinal vertical projection.

Notes on Methodology

Jahodna drill core are transported to the Kremnica site where geological logging, preliminary interpretation, and sample interval selection takes place. Selected sample intervals are sawn in half and one-half of the split-core is transported to an ALS Chemex sample preparation lab in Pitea Sweden, where it is crushed, pulverized and resultant pulps are transported to ALS Chemex lab in North 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."

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 technical report entitled "Technical Report of Jahodna Uranium Project, Slovakia," dated March 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.

Corporate Matters

Tournigan announces the grant of 200,000 stock options to an officer of the Company. The options will expire on January 19, 2012 and the exercise price will be the closing price of Tournigan stock on January 19, 2007.

In addition, Tournigan announces that 350,000 stock options that expire on September 21, 2010 have been amended to increase the exercise price from $0.40 per share to $0.50 per share. All other terms and conditions of the options remain unchanged.

Tournigan has built a portfolio of highly prospective uranium and gold properties in both Europe and North America. The Company intends to develop its best prospects. Tournigan has focused its efforts in countries that are economically and politically stable, have good infrastructure and an educated population.

On behalf of the Board of Directors of

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.

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

  • Contact:
    Patrick Soares
    Vice President, Investor Relations
    +1 (604) 683-8320
    or visit www.tournigan.com

    Tournigan Gold Corporation
    24th Floor, 1111 West Georgia Street
    Vancouver, BC
    Canada V6E 4M3
    Tel: (604) 683 8320
    Fax: (604) 683 8340
    Email: Email Contact


    2007-01