Novoveska Huta

At the western end of the Carpathian uranium belt, about 50 kilometres northwest of Kuriskova and near the town of Spisska Nova Ves, is the Novoveska Huta uranium deposit. Tournigan acquired the deposit, consisting of a mining license over one square kilometre and a surrounding fifteen square kilometre exploration license, in 2005. Novoveska Huta was a historical copper producer which also saw some limited uranium extraction during Slovakia's communist era.

43-101 Resource

In October 2011, Tetra Tech, Inc. completed a 43-101 compliant resource estimate for Novoveska Huta (see news release dated October 17, 2011). This resource estimate is based on historical data which could be verified (including surface and underground drill data and underground channel sampling) and on 17 drill holes drilled by Tournigan between 2006 and 2011.

Tetra Tech, Inc. is preparing a 43-101 compliant Technical Report which will be made available on this web page when completed.

The following table summarizes the Novoveska Huta resource estimate:

*Novoveska Huta Resource Estimate October 2011 - Cutoff 0.06%U**
	Tonnes (000s)	% U	% U₃O₈	U₃O₈	Tonnes (000s)	% Mo	Mo lbs (000s)
Measured	837	0.091	0.108	1,988
Indicated	825	0.082	0.097	1,762
Measured + Indicated	1,662	0.087	0.102	3,750

Inferred	4,689	0.104	0.123	12,738	6,138**	0.021	2,885

*The resource estimate includes radiometric gamma for historic holes and underground development data and chemical assays for Tournigan drilling. Molybdenum resource numbers represent molybdenum associated with uranium resource blocks above a 0.06% U cutoff.

**All of the molybdenum resource is classified as Inferred because of the absence of molybdenum assays in historical data. For this same reason, not every uranium block in the resource is included in the molybdenum resource and therefore uranium and molybdenum resource tonnages do not correspond.

The following graphic shows the underground workings and outline of resource zones at Novoveska Huta:

Click to Enlarge

Uranium mineralization at Novoveska Huta is similar in style and character to that of Kuriskova, occurring at the contact of meta-volcanic rocks with underlying meta-sedimentary rocks. The deposit remains open to the east and to the north.

Cross section of drill Hole LH-NH-4 with 7.6m @ 0.399% e U₃0₈
(uranium mineralization shown in red)

Click to Enlarge

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.