Prefeasibility Study Indicates Kuriskova Could Be Among World’s Lowest Cost Uranium Producers

According to a Preliminary Feasibility Study from its independent consultant, Tetra Tech, Inc. on Kuriskova, the Tournigan Energy Ltd. (TSXV:TVC,FWB:TGP) high-grade uranium deposit located in Slovakia could be among the world’s lowest cost uranium producers.

Highlights of the PFS for Kuriskova:

• Internal Rate of Return 30.8%; 1.9 year payback; $277 million Net Present Value (NPV) at an 8% discount rate (Pre-Tax, base case US$68/lb U3O8, US$15/lb Mo);
• 94% increase of Indicated Resource to 28.5 million pounds of U3O8 since Tournigan’s June 2009 Preliminary Economic Assessment (“PEA”);
• 92% uranium recovery in PFS, increased from 90% in the PEA;
• 62% increase in the uranium grade to the process plant to 0.408% U3O8 in the PFS from 0.252% U3O8 in PEA;
• 26% lower life of mine operating costs in the PFS compared to the PEA. The PFS estimates US$22.98/lb U3O8 life of mine operating costs and US$16.68/lb U3O8 during the first 4 years of production. These are net of a molybdenum credit of about US$1.27 per pound of U3O8;
• 1.5 year decrease of preproduction construction period in PFS to 3 years compared to 4.5 years in the PEA;
• The project can be developed as an underground mine/processing facility with a very small surface footprint;
• Kuriskova would utilize Best Available Technologies in the mining and processing operations. The uranium can be extracted using conventional alkaline (non-acid) processing; and
• There are multiple exploration targets within the Kuriskova License area, with the potential to expand the resource base and extend project life.

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