Tournigan Finalizes Dalradian Gold Agreement in Northern Ireland
December 23 2008 - 8:00AM
Marketwired
Pursuant to the announcement by Tournigan Energy Ltd. ("Tournigan")
(TSX-V: TVC) (FRANKFURT: TGP) on October 2, 2008 that it had
arranged to sell its wholly-owned subsidiaries Dalradian Gold
Limited ("Dalradian Gold") and Tournigan USA Inc., Tournigan is now
pleased to announce that it has amended and closed the Dalradian
Gold transaction and is continuing to work toward closing the
Tournigan USA transaction.
Dalradian Gold Transaction
The Dalradian Gold transaction, which includes the company's
Curraghinalt Gold Project in Northern Ireland, has been amended and
finalized as an earn-in option agreement. In the agreement, C3
Resources, Inc. ("C3 Resources") will pay Tournigan a total of
C$9.25 million in four staged payments and C3 Resources will fund
100% of the project expenditures until the completion of a bankable
feasibility study for a 90% equity interest in Dalradian Gold. The
staged payments will be paid in the following earn-in phases:
(a) An upfront payment of C$1 million (C$375,000 of which has
been previously paid, C$450,000 which will be paid on receipt of
approval for the transaction from the TSX Venture Exchange and a
further C$175,000 on or before March 31, 2009);
(b) C$3.25 million upon the completion of an updated NI 43-101
compliant resource definition, on or before December 31, 2010;
(c) C$1.75 million upon completion of a NI 43-101 compliant
pre-feasibility report, on or before December 31, 2011; and
(d) C$3.25 million upon completion of a NI 43-101 compliant
bankable feasibility study, on or before June 30, 2013.
Upon completion of the updated NI 43-101 compliant resource
definition as outlined in phase (b) above, C3 Resources will have
the option to enter into a formal joint-venture agreement with
Tournigan and hold a 51% equity interest in Dalradian Gold. This
interest will increase with each earn-in phase until it reaches 90%
upon completion of phase (d) at which time Tournigan and C3
Resources will participate in Dalradian Gold on a pro-rata basis.
The parties have entered into a definitive option agreement,
effective as of December 19, 2008.
The Dalradian Gold transaction is still subject to approval by
the TSX Venture Exchange.
Tournigan USA Transaction
Tournigan continues to work toward closing the Tournigan USA
transaction with Fischer-Watt Gold Company, Inc. under the same
terms as outlined in the October 2, 2008 press release. Tournigan
USA holds claims in Wyoming, South Dakota and Arizona covering
approximately 55,000 acres of prospective uranium exploration
ground. Closing of the Tournigan USA transaction is planned for
mid-January.
The Curraghinalt Gold Project in Northern Ireland (Dalradian
Gold) and the uranium exploration licenses in the USA (Tournigan
USA) are non-core assets of Tournigan. The structures of the two
transactions allow Tournigan to continue participating in the
potential upside of the underlying assets, while allowing its
management and financial resources to be focused exclusively on the
development of its prospective mineral properties in Slovakia,
notably its Kuriskova Uranium Project.
About Tournigan Energy Ltd.
Tournigan Energy is a uranium and gold exploration and
development company that has built a portfolio of highly
prospective assets in Europe. The Company has focused its
development and obtained licences in Slovakia, a member of the
European Union since 2004. Slovakia is economically and politically
stable, has excellent infrastructure, an educated population and is
adopting the Euro currency on January 1, 2009. Tournigan Energy is
committed to safe and sustainable exploration and mine development
in Slovakia and its other operational jurisdictions.
On behalf of the Board of Directors of Tournigan Energy Ltd.
Dorian L. (Dusty) Nicol, President and CEO
Forward-looking statements: Certain of the statements made
herein, including any information as to the Company's future
financial or operating performance, may be forward-looking and
subject to important risk factors and uncertainties, many of which
are beyond the Corporation's ability to control or predict.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or release any revisions to forward-looking
statements to reflect events or circumstances after the date of
this document or to reflect the occurrence of unanticipated
events.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Distributed by Filing Services Canada and retransmitted by
Marketwire
For further information please contact: Knox Henderson Tournigan
Energy Investor Relations (604) 637-3563 www.tournigan.com 1200 -
570 Granville Street Vancouver BC Canada V6C 3P1 Tel: (604) 683
8320 Fax: (604) 683 8340 Email: Email Contact
Three Valley Copper (TSXV:TVC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Three Valley Copper (TSXV:TVC)
Historical Stock Chart
From Jul 2023 to Jul 2024