VANCOUVER, BRITISH COLUMBIA, Jun 26, 2003 (CCNMatthews via COMTEX) --
Tournigan Gold Corporation (TVC:TSX.V) has arranged a bridge debt facility with Quest Investment Corp. ('Quest') to facilitate the acquisition of the one million ounce Kremnica Gold Project in the Slovak Republic.
Subject to regulatory approval and closing, Quest will advance C$550,000 to Tournigan towards the purchase of Kremnica GOLD a.s. Repayment is due by December 31, 2003 and the facility bears interest at 12% per annum. Upon closing, Tournigan will also issue 250,000 shares to Quest as consideration and will welcome Michael Atkinson, Vice President of Quest to Tournigan's Board of Directors.
Also, Loeb Aron &Company Limited, a London, UK, based corporate finance company, has completed a research report on Tournigan Gold, which will be available on the Tournigan website shortly. Loeb Aron specializes in research and raising funds for mining and exploration companies worldwide. The research note will be available from Tournigan or from Loeb Aron &Co (info@loebaron.co.uk).
In 1998, the Kremnica resource was estimated by Western Services Engineering Inc. to be 22.3 million tonnes at a grade of 1.54 g/t gold and 12.5 g/t silver at a 0.5 g/t gold cut-off grade, or 1.1 million oz of gold and 9.0 million oz of silver (see Tournigan's March 19 press release). Kent Ausburn, VP Exploration, is Tournigan's qualified person for Kremnica and has reviewed the relevance and reliability of this resource. Dr. Ausburn holds a PhD in Geology, is a Registered Geologist in the State of California and has been a member in the Society of Economic Geologists for 23 years.
Tournigan Gold is a Canadian gold exploration and development company with a focus on Europe. The Company's Northern Ireland project consists of the Curraghinalt high grade gold resource with prospective exploration licences (or licences under application) covering over 2,000 km2. Tournigan is finalizing the acquisition of the Kremnica Gold Project in Slovakia, a substantial open-pit gold resource with excellent exploration potential. Visit www.tournigan.com for more information.
TOURNIGAN GOLD CORPORATION
Damien E. Reynolds, President and Director
QADSAN
und jetzt gute Nacht!