==================================================
Re: News Release - Tuesday, February 03, 2004
Tournigan to Secure Full Ownership of Northern Ireland Gold
Projects
==================================================
Tournigan Gold Corporation ("Tournigan") has signed a letter of intent
to purchase the Curraghinalt and Tyrone gold projects from Strongbow
Resources Inc. ("Strongbow"). Prior to this, TVC had the option to
earn into the projects over a 7 year period. This purchase agreement
accelerates the process to provide Tournigan with immediate full
ownership.
The Curraghinalt and Tyrone projects consist of 346 square kilometres
of exploration licences which cover numerous gold and base metal
occurrences, including the Curraghinalt deposit, historically estimated
to contain 468,097 grading 16.96 grams of gold per tonne, for a total
of 255,000 ounces. The licences are currently under option to
Tournigan with staged expenditures of $7 million to earn 60%, delivery
of feasibility studies to earn 75% and a NPV buyout option on the
remaining 25% interests.
To secure full ownership, the Company will issue 5 million Tournigan
shares to Strongbow upon completion of a definitive agreement and
another 5 million Tournigan shares on the date that Tournigan's Board
approves mine construction on the properties. The agreement involves
the purchase of Strongbow's wholly-owned subsidiary, Ulster Minerals
Limited, which holds both exploration licences on the Curraghinalt and
Tyrone projects. Strongbow will be entitled to name one representative
for appointment to Tournigan's Board of Directors. The 10 million
Tournigan shares will be subject to hold periods and may be subject to
escrow restrictions.
This transaction will give full ownership of the Curraghinalt deposit
to Tournigan and provide greater flexibility as Curraghinalt is
advanced expeditiously to production. Tournigan is very pleased to
welcome Strongbow as a cornerstone shareholder in the Company.
The agreement is subject to regulatory approval and successful due
diligence by both companies.
TOURNIGAN GOLD CORPORATION
"Damien Reynolds"
Damien Reynolds, President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements
in this press release other than purely historical information,
including statements relating to the Company's future plans and
objectives or expected results, constitute forward-looking statements.
Forward-looking statements are based on numerous assumptions and are
subject to all of the risks and uncertainties inherent in the Company's
business, including risks inherent in mineral exploration and
development. As a result, actual results may vary materially from
those described in the forward-looking statements.
For further information please contact:
Damien Reynolds, President Tel: (604) 683-8320
Garry Stock, Executive VP Tel: (604) 683-8320
==================================================
Copyright (c) 2004 TOURNIGAN GOLD CORPORATION (TSXV-TVC) All rights
reserved. For more information visit our website at
http://www.tournigan.com/ or send mailto:info@tournigan.com
Message sent on Tue Feb 3, 2004 at 7:32:24 AM Pacific Time
==================================================
|
