Tournigan Energy Ltd. received a preliminary feasibility study ("PFS") on its flagship Kuriskova high-grade uranium deposit located in Slovakia from its independent consultant, Tetra Tech Inc. (Tt), in Golden, Colorado. Internal rate of return 30.8%; 1.9 year payback; $277 million, net present value (NPV) at an 8% discount rate (Pre-Tax, base case $68/lb U3O8, $15/lb Mo); 94% increase of Indicated Resource to 28.5 million pounds of U3O8 since the company's June 2009. Preliminary economic assessment ("PEA"); 92% uranium recovery in PFS, increased from 90% in the PEA; 62% increase in the uranium grade to the process plant to 0.408% U3O8 in the PFS from 0.252% U3O8 in PEA; 26% lower life of mine operating costs in the PFS compared to the PEA. The PFS estimates $22.98/lb U3O8 life of mine operating costs and $16.68/lb U3O8 during the first 4 years of production. These are net of a molybdenum credit of about $1.27 per pound of U3O8; 1.5 year decrease of preproduction construction period in PFS to 3 years compared to 4.5 years in the PEA; The project can be developed as an underground mine/processing facility with a very small surface footprint; Kuriskova would utilize Best Available Technologies in the mining and processing operations. The uranium can be extracted using conventional alkaline (non-acid) processing; and There are multiple exploration targets within the Kuriskova License area with the potential to expand the resource base and extend project life. Based on estimated Indicated Resources, mineral reserves (including dilution tonnage of 5% at a grade of 0.03% U) were estimated at 2.5 million tonnes at an average grade of 0.346% U which was determined to provide an underground mining rate of about 210,000 ore tonnes per year at an economic cutoff of 0.13% U(3) O(8) for approximately 13 years. The company is planning an exploration program to continue testing multiple uranium exploration targets within the Kuriskova license area. Exploration success would likely add resources that could be accessed from the planned Kuriskova infrastructure. The company will conduct further step-out exploration drilling where the high-grade mineralization is open along strike and at depth. The PFS states that the project would be best developed as an underground mine using conventional mining and processing methods. The mine plan is based on underhand drift and fill mining utilizing a roadheader as the primary production method and assuming an external dilution (over break) of 5% at a grade of 0.03% U. The project would be designed with an underground processing facility. As a result of the mining and processing facilities being underground, the project can be developed with a very small surface footprint. The uranium can be extracted using conventional alkaline (non-acid) processing. Kuriskova would utilize Best Available Technologies in the mining and processing operations. Metallurgical test results completed at Hazen Research in Golden, Colorado indicate that uranium and molybdenum recoveries can be achieved using conventional alkaline leaching and precipitation circuits producing separate uranium (yellowcake) and molybdenum concentrates. The average annual production of uranium as a U(3) O(8) concentrate would be approximately 786 tonnes and 84 tonnes of molybdenum in molybdenite with a life-of-mine U(3) O(8) production of 20.9 million pounds (9,500 tonnes). Metallurgical test results completed at Hazen Research in Golden, Colorado indicate that uranium and molybdenum recoveries of 92.0% and 86.8%, respectively, can be achieved using conventional alkaline leaching and precipitation circuits producing separate uranium (yellowcake) and molybdenum concentrates. The base case uses forward prices of $68/lb U(3) O(8) and $15/lb Mo respectively. Initial capital costs are $225 million (including owner's costs and a contingency of $31 million). During the life of mine there will be sustaining capital requirements of about $71 million. In addition to adding value to the Kuriskova project, molybdenum has been defined as a Class 2 strategic metal by the European Union. Royalties payable to the government in this base case will add about $2.89 per pound of U(3) O(8). The base case internal rate of return is estimated at 30.8% on a pre-tax basis with a 1.9 year payback after the start of production on an estimated initial capital cost of $225 million including owner's costs and a contingency of $31 million. At an 8% discount rate, the pre-tax NPV is estimated at $277 million. The project is financially sensitive to U(3) O(8) price and amount of uranium produced per year. This is directly related to the tonnage and grade mined and processed annually as well as to plant recovery.