Tournigan adds 3.75 million pounds of M&I uranium resources from Novoveska Huta

Europe-focused uranium explorer Tournigan Energy (CVE:TVC)(FRANKFURT:TGP) Monday announced its first NI 43-101-compliant resource estimate for its Novoveska Huta uranium project in Slovakia.

At a cutoff grade of 0.06% uranium, Novoveska Huta had 3.75 million pounds of uranium in measured and indicated resources contained in 1.662 million tonnes grading 0.102% uranium, and an additional 12.738 million pounds of uranium in inferred resources, contained in 4.689 million tonnes grading 0.123% uranium.

Tournigan's president and CEO, Dorian L. Nicol, said: "We are excited to add these pounds of uranium to our 43-101 compliant resource inventory so close to Tournigan's flagship Kuriskova project. We look forward to growing and advancing both properties."

The Novoveska Huta uranium deposit is located near the town of Spisska Nova Ves, about 50 kilometres northwest of Tournigan's high-grade Kuriskova uranium deposit.

Tournigan's objective at Novoveska Huta was to verify historic data, which was collected during Slovakia's communist period, and to find additional resources.

Novoveska Huta's historical, non-NI 43-101 compliant P & Z3 resource estimate - Slovak resource classifications roughly analogous to Inferred - prepared by former operator Uranpres in 2005, reported 19,970,000 pounds of uranium contained in 12 million tonnes at an average grade of 0.075% uranium, at a cutoff grade of 0.015%.

Historical data at Novoveska Huta, which were compiled during Slovakia's communist period, comprise 106 surface drill holes (of which 38 were used in this resource estimate), 371 underground holes and 5.5 kilometres of underground development from which 2,081 radiometric channel samples were taken.

The western part of the deposit (currently comprising the measured and indicated resource) was known before the company acquired the property, but the data base had not been verified and underground sampling data had not been evaluated.

Tournigan said its work in the western part of the deposit verified the historical data. In addition, Tournigan included underground channel sample data in the new resource estimate.

In addition to historical drilling and underground sampling data that could be verified, the latest Novoveska Huta resource estimate incorporates 17 diamond drill holes totaling 8,897 metres drilled by Tournigan between 2006 and 2011.

Tournigan said that exploration drilling in the eastern part of the deposit has confirmed the extension of mineralization to the east and increased the exploration potential of the deposit. The eastern block is at a higher grade than the western block and remains open to the east and north, the company said.

At Tournigan's flagship Kuriskova deposit, the most recent estimate comprises an indicated resource of 28.5 million pounds uranium at a grade of 0.555% contained in 2.3 million tonnes, and an additional inferred resource of 12.7 million pounds uranium at a grade of 0.185% contained in 3.1 million tonnes, both at a cutoff of 0.05% uranium. A pre-feasibility study for Kuriskova is due by early 2012, Tournigan said.

Shares of the company were flat at 10 cents early Monday afternoon.