Mr. Dorian Nicol reports

TOURNIGAN FORGES ALLIANCE WITH AREVA, ACQUIRES SCANDINAVIAN URANIUM ASSETS

Tournigan Energy Ltd. plans to conduct the following transactions:

• Tournigan to undertake an exclusive private placement of 14,285,714 units with Areva for proceeds of $1-million;
• Tournigan to enter into a technical services agreement with Areva whereby Areva will perform a work program comprising metallurgical and environmental testwork to be part of the Kuriskova feasibility study;
• Areva to nominate a representative to the Tournigan board;
• Tournigan to acquire all of Mawson Resources Ltd.'s right, title and interest in and to seven uranium exploration projects located in Sweden and Finland for total consideration of 53,639,848 common shares of Tournigan;
• Tournigan to change its name to European Uranium Resources Ltd. and to complete a consolidation of its shares on a one-new-for-five-old basis.

"Europe has 186 nuclear power plants in operation and 19 new plants under construction. At this time, there is only one operating uranium mine within the European Union, in the Czech Republic. Clearly, Europe has an urgent need to develop sustainable uranium production. European Uranium Resources will be the key uranium exploration company focused in Europe, the region with the world's largest per capita consumption of uranium," said Dorian L. (Dusty) Nicol, Tournigan's president and chief executive officer.

"On completion of these transactions, the company will have a greatly increased uranium portfolio throughout Europe and will have established a strong working relationship with Areva, ranked first in the global nuclear power industry and key player in uranium mining. This relationship will assist the company in the exploration and development of its properties, including the company's flagship Kuriskova uranium project in Slovakia, on which we plan to begin a feasibility study early next year."

The acquisition

Tournigan has signed a non-binding letter of intent with Mawson to purchase all of the issued shares of a Swedish corporation wholly owned by Mawson (Mawson Sweden) for total consideration of 53,639,848 common shares of Tournigan.

Mawson will agree to distribute the Tournigan shares on a pro rata basis to the Mawson shareholders at some point in the future, pursuant to a plan of arrangement. Until then, Mawson has agreed that the Tournigan shares will not have voting rights.

The private placement

The company has offered Areva, and Areva has agreed to complete, an exclusive non-brokered private placement to raise $1-million through the issuance of 14,285,714 units at a price of seven cents per unit. Each unit will consist of one common share and one non-transferable common share purchase warrant, with each warrant entitling Areva to purchase one additional common share in the capital of the company at a price of 20 cents for a period of three years.

The technical services agreement

The company will enter into a technical services agreement with Areva to perform a work program comprising metallurgical and environmental testwork to be part of the Kuriskova feasibility study.

Tournigan expects its prefeasibility study on the Kuriskova deposit, being prepared by Tetra Tech Inc. of Golden, Colo., to be completed early in 2012, and plans to begin work on the feasibility study shortly thereafter.

New director

Concurrent with the closing of the transactions with Areva, the company will increase its board to nine and will appoint Areva's nominee as a director. Areva will have the right to nominate one person that is acceptable to the company as management's nominees for election to the board of directors of the company until such time as Areva no longer holds that number of shares equal to the number of units purchased in the private placement.

Name change and consolidation

The company plans to change its name to European Uranium Resources Ltd. and consolidate its shares on a 1:5 basis.

Conditions of closing

The parties' obligations to complete the transactions are subject to TSX Venture Exchange approval of all elements of these transactions on terms acceptable to the parties, satisfactory results of due diligence and settlement of formal documentation.

The Scandinavian properties being acquired

Finland

Nuottijarvi project

The Nuottijarvi uranium deposit is located in north-central Finland, about 35 kilometres northeast of the town of Kajaani. The project area comprises one exploration licence covering an area of 96 hectares. Nuottijarvi was discovered in 1959 by Outokumpu Oy, which explored the property intermittently until 1969, conducting radiometric and magnetic surveys and electromagnetic surveys and geologic mapping. In total, 6,679 metres were drilled in 43 diamond drill holes. Outokumpu also extracted an 867-tonne bulk sample, which had an average grade of 0.05 per cent uranium oxideand 1.1 per cent phosphorus.

Uranium mineralization at Nuottijarvi occurs as uraninite associated with fluorapatite breccia, hosted by a carbonate-apatite horizon at the contact between quartzite and graphitic breccia. The mineralized body is approximately 40 metres thick, extends from surface to a vertical depth of 80 metres, trends over a strike length of 400 metres, and remains open along strike and at depth.

On Sept. 8, 2010, Mawson filed on its company profile on SEDAR a technical report dated Aug. 6, 2010, entitled "Report on the Geology, Mineralization and Resource Estimation of the Nuottijarvi Uranium-Phosphate Deposit, Central Finland," written by John Nebocat of PGS Pacific Geological Services and Geoff Reed of Reed Leyton Consultants. The authors prepared a resource estimate of the Nuottijarvi deposit on behalf of Mawson. This resource estimate comprises an inferred resource of two million tonnes averaging 0.074 per cent U3O8 and containing 3.27 million pounds of U3O8 using a cut-off of 0.03 per cent U3O8. The estimate was based on 43 diamond drill holes totalling 6,679 metres, drilled on a 50-metre-by-50-metre drill pattern. Tournigan considers this resource estimate to be relevant, but Tournigan has not independently verified the estimate. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, and Tournigan is not treating the historical estimate as a current mineral resource.

A program of metallurgical studies is recommended to determine what proportion of the uranium is contained in uraninite compared with apatite (a phosphorus-bearing mineral) and whether the uranium is separable from the phosphorus. In addition, further drilling should be done to test for lateral and depth extensions of the deposit. In due course after this work is completed, Tournigan may elect to verify and update the historical resource estimate.

Riutta project

The Riutta project is located in southeastern Finland, near the town of Joensuu. The project area comprises 10 exploration licences covering 790.2 hectares. Mineralization at the project area was discovered in 1958 by a prospector who identified mineralized boulders. Since then, exploration on the project has been performed by Atomienergia (1958 to 1959), Outokumpu Oy (1960 to 1963), the Geological Survey of Finland (1983 to 1988) and Areva (2008 to 2009). Over 500 mineralized boulders have been identified at Riutta, with more than 100 of these boulders giving assays over 1 per cent uranium. Trenching has exposed uranium mineralization occurring as veins and pockets of pitchblende.

Sixty-five drill holes (6,275 metres) have been drilled at Riutta. Drilling has been restricted to shallow holes separated by long time frames. The best drill results to date include 11.3 metres at 0.68 per cent U3O8 (including 3.7 metres at 1.53 per cent U3O8) beginning at a depth of 28.3 metres, 3.6 metres at 1.1 per cent U3O8 (including 0.35 metre at 9.79 per cent U3O8) beginning at a depth of 42 metres and one metre at 0.35 per cent U3O8 beginning at a depth of 63.3 metres. Several zones of mineralized trends remain untested by drilling. High uranium grades have been intersected within 450 metres of strike within a larger 3.6-kilometre trend.

Uranium mineralization at Riutta consists of pitchblende veins and infill in breccias within a quartz-sericite schist host rock. The bedrock comprises Archean gneisses overlain by Proterozoic quartzites. Mafic and ultramafic dikes cut across these. Alteration is extensive and includes epidote, chlorite, quartz, sericite, albite, potassium feldspar and carbonate.

Asento project

The Asento (or 10,000 Boulders) project is a new discovery that is located in north-central Finland. A large number of mineralized boulders have been identified, and the project area is considered prospective for vein-style hydrothermal uranium deposits within Archean granites. Applications have been filed for 37 exploration licences covering 3,556.6 hectares.

Sweden

Hotagen district

The Hotagen district comprises four exploration claims covering 6,693 hectares. The Hotagen district uranium deposits are located in the northeastern portion of a geologic province known as the Olden Window in west-central Sweden. It is so called because it is an isolated area of Proterozoic basement rocks exposed as an erosional window within younger late Precambrian to early Paleozoic sequences that form the Caledonide Mountains separating Sweden and Norway. Uranium mineralization occurs as veins and breccias (locally rich in fluorite) developed in a uranium-rich granite host rock.

The district includes the Klappibacken project. On Feb. 29, 2008, Mawson filed on its company profile on SEDAR a technical report dated Feb. 28, 2008, entitled "Technical Report on the Review of Three Uranium Properties in Northern Sweden: Klappibacken, Duobblon and Tassjo," written by Andrew Browne of GeoSynthesis Pty. Ltd. The author prepared a resource estimate on the Klappibacken deposit on behalf of Mawson. This resource estimate comprises an indicated resource of 1.28 million tonnes averaging 0.077 per cent U3O8 and containing 2.17 million pounds of U3O8. The estimate was based on 34 diamond drill holes totalling 4,220 metres. On July 16, 2008, Mawson issued a news release updating this resource estimate. The updated estimate was prepared by Mr. Browne and incorporated results from an additional 20 diamond drill holes completed after publication of the February, 2008, resource estimate. The updated resource estimate comprises a measured and indicated resource of 1.94 million tonnes averaging 0.08 per cent U3O8, containing 3.3 million pounds of U3O8, using a cut-off of 0.025 per cent U3O8. Tournigan considers these resource estimates to be relevant, but Tournigan has not independently verified the estimates. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, and Tournigan is not treating the historical estimate as a current mineral resource.

Other exploration results include discovery of 66 uranium-mineralized outcrops within the exploration claims over an area of eight kilometres by seven kilometres surrounding the Klappibacken project. Sampling results from these outcrops included 40 assays above 0.05 per cent U3O8, which ranged from 0.05 per cent U3O8 to 8.04 per cent U3O8 and averaged 0.79 per cent U3O8. The discovery of these uranium-mineralized outcrops is significant considering that outcropping rock accounts for less than 10 per cent of the surface area in the Hotagen district, with the remainder of the area blanketed under a thin one- to two-metre metre soil veneer.

To date, 155 shallow diamond drill holes have been drilled on three prospects within the project area: Klappibacken, Ravinen and Urban Hill. The best drill result is 56 metres at 0.1 per cent U3O8 beginning at a depth of 20 metres. New targets have been identified up to one kilometre along strike from the Klappibacken resource, and additional targets have been identified for drill testing.

Tournigan intends to continue exploration in the district by drill testing for extensions to the recognized mineralization and by identifying and drill testing new targets. In due course, Tournigan may elect to verify and update the historical resource estimates.

Duobblon project

The Duobblon project area, with exploration licences covering 1,524 hectares, is located in northwest Sweden. Uranium mineralization is associated with an acid volcanic (ignimbrite) and sedimentary sequence. On Feb. 29, 2008, Mawson filed on its company profile on SEDAR a technical report dated Feb. 28, 2008, entitled "Technical Report on the Review of Three uranium Properties in Northern Sweden: Klappibacken, Duobblon and Tassjo," written by Mr. Browne. The author prepared a resource estimate on the Duobblon project on behalf of Mawson. This resource estimate comprises an inferred resource of 13.8 million tonnes averaging 0.029 per cent U3O8, containing 8.75 million pounds of U3O8 using a cut-off of 0.01 per cent U3O8. This estimate was based on 55 diamond drill holes totalling 10,300 metres. Tournigan considers this resource estimate to be relevant, but Tournigan has not independently verified the estimate. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, and Tournigan is not treating the historical estimate as a current mineral resource.

Tournigan intends to conduct further drilling to upgrade confidence in the resource and test possibilities for expansion of the mineralization, together with initial metallurgical testwork. After this has been completed, Tournigan may elect to verify and update the historical resource estimate.

Kapell project

The Kapell project in central Sweden comprises a 15-kilometre trend with potential for roll-front-type sediment-hosted uranium mineralization. Exploration licences cover an area of 4,379 hectares. To date, three target areas have been identified:

• Aviken, where drill intercepts of 2.65 metres at 1.54 per cent eU3O8 (equivalent U3O8 based on radiometric logging) beginning at a depth of 21.8 metres and 2.65 metres at 1.05 per cent eU3O8 beginning at a depth of 3.2 metres have been reported;
• Solvbacktjarn, where a drill intercept of 1.55 metres at 2.38 per cent eU3O8 beginning at a depth of 8.35 metres has been reported;
• Tossassjon, where 18 mineralized outcrops and 392 mineralized boulders have been identified over a strike length of 1.6 kilometres.

Aronsjo project

The Aronsjo project is an early-stage property considered prospective for breccia-hosted uranium mineralization in sodium-metasomatized granites. Exploration licences cover an area of 1,844 hectares.

Qualified person

Dorian L. (Dusty) Nicol, RG, CPG, FAusIMM, Tournigan's president and CEO, is the company's designated qualified person for this news release, and has reviewed and validated that the information contained in the release is consistent with that provided by the qualified persons whose work is referenced.

We seek Safe Harbor.