European Uranium Resources Ltd. 2012 Outlook
European Uranium Resources Ltd. (EUU: TSX-V; TGP: Frankfurt) (formerly
Tournigan Energy Ltd.) began trading as EUU this morning. The company is
well placed to become the key uranium exploration and development
company in Europe. Europe is the world′s largest per capita consumer of
uranium with 160 operating reactors and more under construction or
planned but with only one currently operating uranium mine, located in
the Czech Republic.
The company has assembled a portfolio of outstanding uranium projects in
Slovakia, Sweden and Finland at all stages of the exploration /
development pipeline. The flagship property is the high-grade Kuriskova
project in Slovakia. A recently completed prefeasibility study
demonstrates that Kuriskova could be one of the lowest cost uranium
producers in the world. European Uranium Resources Ltd. has a strong
base of supportive shareholders, including AREVA, ranked first in the
global nuclear power industry and a key player in uranium mining. The
company is well-funded, with $8.5 million cash at December 31, 2011.
Over the next twelve to eighteen months the Company expects to:
Advance the feasibility study and associated environmental impact
studies at the Kuriskova project;
Based on the outstanding results of the Kuriskova prefeasibility
study, explore the possibility of arranging a production off-take
agreement or joint venture to fund completion of the feasibility study;
Define the structure which allows uranium production from Kuriskova to
be developed for the benefit of Slovakia′s energy future. This could
be a production off-take arrangement with Slovakia or a partnership
with a Slovak entity;
Conduct exploration drilling on the Kuriskova project;
Conduct exploration programs on the other Slovak uranium prospects; and
Advance exploration on the newly acquired Swedish and Finland
prospects.
The development of the Kuriskova project can potentially provide
Slovakia, which is among the world′s highest per capita consumers of
nuclear power, a secure source of uranium for thirty years. There are
multiple exploration targets within the Kuriskova license area which
have the potential to expand the resource. In addition to Kuriskova,
European Uranium also has the Novoveska Huta deposit on which a resource
has been defined plus several exploration targets on other licenses in
Slovakia.
European Uranium acquired seven uranium properties located in Sweden and
Finland from Mawson Resources Ltd. on February 29 2012: the Hotagen,
Duobblon, Kapell and Aronsjö projects in Sweden and the Riutta, Asento
and Nuottijärvi projects in Finland. The potential of this portfolio of
projects is demonstrated by the results at the Riutta project announced
by Mawson on September 20, 2011. Mawson reported that best result from a
10 hole diamond drill program at the Riutta project totaling 1,065
metres comes from drill hole AREVA DH 1 which intersected 11.3 m at
0.68% uranium oxide ('U3O8') including 3.7 metres at 1.53% U3O8 from28.3 metres. The true thickness of the interval is estimed to be 8.6
m. Mawson reported that this is the best uranium drill result in
Finland's history and demonstrates the potential for high grade and near
surface uranium at the Riutta project. High grade uranium mineralization
has now been drilled over 450 m of strike within a larger 3.6 km trend.
The Riutta project is fully permitted for exploration; mineralization
remains open along strike and down dip, and European Uranium looks
forward to further testing the project's potential.
Qualified Person
The technical content of this release has also been reviewed and
approved for European Uranium by Dorian L. Nicol, President and CEO, and
a Qualified Person as defined in NI 43-101.
EUROPEAN URANIUM RESOURCES LTD.
'Dusty Nicol'
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Doris Meyer, at ?(604) 536-2711,
or visit www.euuranium.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement:
This news release contains forward-looking statements that are based on
the Corporation's current expectations and estimates. Forward-looking
statements are frequently characterized by words such as 'plan',
'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate',
'suggest', 'indicate' and other similar words or statements that certain
events or conditions 'may' or 'will' occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans to continue
to be refined; possible variations in ore grade or recovery rates;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing; and
fluctuations in metal prices. There may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable securities
laws, the Corporation disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are
not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty
therein.
European Uranium Resources Ltd.
Doris Meyer, 604-536-2711
www.euuranium.com
