Kuriskova Uranium Deposit
Kuriskova Uranium Deposit - Slovak Republic - 100% interest in licenses
The Kuriskova property consists of 32 square kilometres of mineral licenses situated approximately 10 km northwest of the city of Kosice, a regional industrial centre in East-Central Slovakia.
On January 30, 2012, Tournigan announced the results of a positive preliminary feasibility study (PFS) on the Kuriskova Project (see the January 30, 2012 press release). The PFS was completed by Tetra Tech, inc. of Golden, Colorado and indicates that Kuriskova promises to be among the world's lowest cost uranium producers.
Highlights of the PFS for Kuriskova:
- Internal Rate of Return 30.8%; 1.9 year payback; $276 million Net Present Value (NPV) at an 8% discount rate (Pre-Tax, base case US$68/lb U3O8, US$15/lb Mo).
- Indicated Resource of 28.5 million pounds of U3O8 (2.3 million tonnes @ 0.555% U3O8) and an additional Inferred Resource of 12.7 million pounds of U3O8 (3.1 million tonnes @ 0.185% U3O8), using a cut-off of 0.05% U.
- 92% uranium recovery.
- Uranium grade to the process plant: 0.408% U3O8.
- Life of mine operating costs of US$22.98/lb U3O8, US$16.68/lb U3O8 during the first 4 years of production. These are net of a molybdenum credit of about US$1.27 per pound of U3O8.
- Preproduction construction period: 3 years.
- 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.
- There are multiple exploration targets within the Kuriskova License area, with the potential to expand the resource base and extend project life.
The PFS demonstrates that the Kuriskova project has the potential to be among the lowest cost uranium producers in the world and could supply Slovakia with a secure source of uranium for thirty years at its current consumption rate. The PFS not only illustrates the robust economics of the Kuriskova project but also the competitive advantages it has over other uranium projects as a result of its high-grade resource and relatively low operating cost estimates. The next step is, working with our strategic partner Areva, to begin a Feasibility Study and Environmental Assessment Study that will continue to define project parameters to a higher degree of confidence and allow the permitting of the project to begin.