Tournigan clarifies Kremnica assessment

Vancouver — The TSX Venture Exchange has asked Tournigan Gold(TVC-T) to clarify certain aspects of a scoping study performed at its Kremnica project in the Slovak Republic.

The independent study focused on resources in the Sturec zone of the Kremnica deposit. Tournigan used the preliminary assessment contained therein to project average annual production of 89,324 oz. gold-equivalent over 10 years from the Sturec zone.

Tournigan says the terms “conceptual mineable resource” and “mineable ounces,” used in the study, do not comply with National Instrument 43-101. It therefore retracts the terms and notes that resources used in the preliminary assessment include “inferred” resources that are too speculative geologically to have economic considerations applied to them. As a result, the project is said to have an indicated resource of 6.5 million tonnes grading 1.86 grams gold per tonne, plus an inferred resource (within the proposed pit) of 8.7 million tonnes at the same grades.

Gary Stock, the company’s geologist, says different categories of resources were lumped together to determine the potential viability of the project. The company notes that the open pit is still at the conceptual stage and that more drilling is required before an economic evaluation can be made.