Overview

Tournigan Energy established its operations in Slovakia in 2003 and has since advanced one of Europe’s most significant uranium deposits, Kuriskova. Slovakia, an EU member since 2004, has four operating nuclear reactors providing more than 50% of its current energy requirements making it the third largest per capita user of nuclear power in the world. The country is adding two new reactors by 2013.

Tournigan holds 100% interest in six uranium licences covering 151.8 km² within the 60-kilometre strike length of the Slovak Carpathian uranium belt. The licences are located approximately 350 kilometres northeast of the capital city of Bratislava and have excellent infrastructure nearby. The company is committed to safe and sustainable exploration and mine development in Slovakia.

Chief Properties

Kuriskova Uranium Deposit, Slovakia

Tournigan’s flagship property is located approximately 10 km northwest of Košice. An NI 43-101 compliant resource estimate announced March, 2010, reported the following:

Kuriskova Resource Estimate (Tetra Tech, March 2010)
– Cut-off Grade 0.05%U

Molybdenum:

2.8 mm lbs at 0.080% Mo in 1.6 mm tonnes indicated;and
2.4 mm lbs at 0.032% Mo in 3.2 mm tonnes inferred.

Highlights of the March 2010 Resource Estimate

- 5.9 million pounds of U₃O₈ added to the Indicated resource category, bringing the Indicated resource to over 20.5 million pounds of U₃O₈

- Average grade of the Indicated resource has increased from 0.558% to 0.571% U₃O₈

- Overall the uranium oxide contained in the Kuriskova deposit increased by 5.5 million pounds of U₃O₈

- New “Zone 45” of high grade uranium mineralization discovered with average grade of 0.677% U₃O₈

- Zone 45 remains open along strike and has potential to add significant amounts of high grade uranium mineralization with further drilling

In June of 2009, Tournigan announced the results of a positive Preliminary Assessment of the Kuriskova deposit prepared by an independent consultant. The study revealed that the Kuriskova project has robust economic potential and could be developed using conventional mining and processing methods (see PA summary table below).

Tournigan acquired the Kuriskova property in June 2005. The uranium deposit is part of a belt of largely strata-bound uranium-molybdenum deposits hosted in a sequence of Permian-age meta-volcanic/sedimentary rocks in eastern Slovakia. The deposit has a northwest-southeast strike, and a variably steep-moderate southwest dip (60 degrees in the upper part, 47 degrees in the lower part). The overall dimensions of the Main Zone of the deposit, established to date by drilling, start about 120 metres below the surface and extend to a depth of approximately 650 metres below surface with an average thickness of 2 to 8 metres along a strike length of 650 metres.

2009-2010 Exploration

The objective of the 2009-2010 drilling program at Kuriskova is to continue expanding the resource, to upgrade a significant portion of the inferred resource to the indicated category, to increase the overall grade of the deposit and to provide subsurface geotechnical and hydrogeological data to be used for engineering design.

The March 24, 2010 resource estimate incorporates the results of 28 diamond drill holes totaling 7,548 metres that were drilled since the last resource estimate disclosed February 24, 2009. To complete the prefeasibility, Tournigan has planned for an additional 9,500 metre drill program for the balance of 2010.

In July of 2009, Tournigan announced the results of a Preliminary Assessment of the Kuriskova uranium deposit prepared by independent consultant, Pincock, Allen & Holt. The results are summarized in the following table:

Project Upside
Tournigan Energy believes that the Kuriskova property has excellent upside potential for expanding the size and overall grade of the deposit through continuing exploration.

Other areas of upside for the project include: (1) reducing the project’s preproduction period and possibly construction capital cost, and (2) optimizing the process plant flowsheet and associated operating costs.

Qualified Persons

The March, 2010 resource estimate was prepared by Ravi Sharma, Tournigan’s manager of resources and reserves, and reviewed, audited and approved by Tetra Tech, Inc. (Denver, CO).

The Preliminary Assessment was prepared by an engineering team from Pincock, Allen & Holt (part of Runge Limited) of Lakewood, Colorado. Authors included Mr. Terry Laverty, a registered professional engineer, Mr. Tom Noyes, a registered professional engineer, and Mr. Ray Hyyppa, a registered professional engineer. Mr. Terry Laverty, the Independent Qualified Person under the standards of NI 43-101, was PAH’s Project Manager.

Dorian L (Dusty) Nicol, B.Sc. Geo, M.A. Geo., Tournigan’s President and CEO, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained on this website.

Management

Dorian L. (Dusty) Nicol, B.Sc. Geo, M.A. Geo – President and CEO
Mr. Nicol has over 30 years of international experience in mineral exploration and mining. His past positions include Executive V.P. – Exploration with Yukon-Nevada Gold, President and CEO of Queenstake Resources, Latin America Manager for Canyon Resources, V.P. Exploration for Castle Exploration with programs in Central America and Africa, and exploration positions with Exxon Minerals and Renisson Gold Fields in Papua New Guinea. Among other achievements, his programs have led to the addition of over 1.5 million ounces of gold at Jerritt Canyon, Nevada, including the discovery of a new mine at Starvation Canyon. He is a member of the American Institute of Professional Geologists and a Fellow of the Society of Economic Geologists. He has a B.Sc. in geology from M.I.T. and a Master’s Degree in Geology from Indiana University.

Boris Bartalsky, Ing, PhD – Country Director, SlovakiaMr. Bartalsky has been managing exploration of the uranium and gold deposits that are now part of Tournigan’s licences since 1996. Prior to that, he was deputy director, applied geology, for the Geological Survey of Slovakia. Mr. Bartalsky is a graduate of the Technical University, Košice and holds a PhD in geology.

Alva L. Kuestermeyer, BSc, MS – Vice President Engineering / Environmental
Mr. Kuestermeyer has over 35 years of operational and consulting experience in the minerals industry specifically in project management, mineral processing, extractive metallurgy, market analysis and project economics. He joins Tournigan after spending four years at SRK Consulting (U.S.), Inc. in Denver, CO, as its Principal Metallurgical Engineer / Mineral Economist. His work has included numerous consulting assignments for uranium, base and precious metals, ferroalloys, non-ferrous and industrial mineral projects world-wide. Previously, he worked at ASARCO, Dames & Moore, Behre Dolbear, PAH and SRK. He has a B.S. in Metallurgical Engineering and an M.S. in Mineral Economics.

Ravi Sharma, MAusIMM – Manager, Resources and Reserves
Mr. Sharma has over 19 years experience as a mining and exploration geologist. Prior to joining Tournigan he worked as Chief Mine Geologist for Barrick Gold Corporation’s Bulyanhulu Mine in Tanzania where he was responsible for mine geology and near mine exploration. He held the position of Chief Mine Geologist for Vedanta Resources, Zod Gold Mines in Armenia. Mr. Sharma is a member of AusIMM and a qualified person for NI 43-101 reporting purposes.

Doris Meyer, CGA – Chief Financial Officer and Corporate Secretary
Ms. Meyer is a member of the Association of the Certified General Accountants of British Columbia and Canada. She was vice president, finance of Queenstake Resources Ltd. from 1985 to 2003 and corporate secretary until 2004 where she led negotiations of joint venture and purchase agreements, equity financings, debt financings and capital purchases. In 1996 Ms. Meyer formed Golden Oak Corporate Services Ltd. Ms. Meyer acts as chief financial officer and/or corporate secretary of several publicly traded mining companies and her company provides those clients with administrative, accounting and compliance services.

Knox Henderson – Director, Corporate Communications
Mr. Henderson brings more than 15 years experience in investor relations and corporate communications, the most recent five years working for Vancouver-based exploration companies. A former licensed securities trader on the Canadian equities markets, he is also a graduate in journalism.

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Kuriskova Exploration 2009-2010

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