European Uranium Resources Ltd. (formerly Tournigan Energy Ltd.) is a dedicated European uranium exploration and development company that has built a portfolio of outstanding projects in Slovakia, Sweden and Finland at all stages of the exploration / development pipeline.  European Uranium 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 reactors and more under construction or planned, but  with only one currently operating uranium mine.  The Company’s Kuriskova deposit in Slovakia could be one of the world’s lowest cost uranium producers.  European Uranium has a strong base of supportive shareholders including AREVA, ranked first in the global nuclear power industry and a key player in uranium mining.

URANIUM

Kuriskova Uranium Deposit - Slovak Republic - 100% interest in licences



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. The current uranium resource at Kuriskova, announced in March, 2010 and reviewed, audited and approved byTetra Tech, Inc. comprises:

28.5 million pounds U3O8 Indicated Resource at an average grade of 0.555% U3O8; and
12.7 million pounds U3O8 Inferred Resource an average grade of 0.185% U3O8
(cut-off of 0.05%U, NI 43-101 compliant).

In June of 2009, Tournigan announced the results of a positive Preliminary Assessment of the Kuriskova deposit prepared by an independent consultant (Pincock Allen and Holt. The study concludes that the Kuriskova project has robust economic potential and could be developed using conventional mining and processing methods (see Preliminary Assessment summary table below).

Current Resource:

On April 26, 2011 Tournigan announced an updated resource estimate for the Kuriskova uranium deposit which increased the amount of uranium contained in the Indicated Resource by 39% and increased the overall size of the deposit. Tetra Tech, Inc., the firm that is conducting the ongoing Prefeasibility Study on Kuriskova, reviewed, audited and approved the updated resource estimate.

Highlights of the updated estimate include:

• About 7.9 million pounds of U3O8 have been added to the Indicated Resource category, increasing the Indicated Resource by 39% to 28.5 million pounds of U3O8;
• Overall the uranium oxide contained in the Kuriskova deposit has increased by 3.1 million pounds of U3O8 and now comprises 28.5 million pounds at 0.555% U3O8 in the Indicated Resource and an additional 12.7 million pounds in Inferred Resource at 0.185% U3O8; and
• Kuriskova remains one of the highest grade known uranium deposits in the world outside of Canada's Athabasca Basin.

A complete table of the new resource estimate prepared by Tournigan and reviewed, audited and approved by Tetra Tech, Inc., can be viewed on this link: http://www.tournigan.com/i/pdf/20110426-Appendix-A.pdf .

Changes in the resource boundaries since the previous resource estimate announce March 2010, are shown on this image:

The updated estimate incorporates the results of 18 diamond drill holes totaling 4,548 metres that were drilled since the last resource estimate previously disclosed in a news release dated March 24, 2010. The updated estimate also reflects enhanced understanding of Kuriskova geology which has allowed more detailed structural modeling than was done in the past.  The estimate was prepared by Ravi Sharma, Tournigan's manager of resources and reserves, and reviewed, audited and approved by Tetra Tech, Inc., who is preparing an independent NI 43-101 compliant Technical Report which will be filed on SEDAR within 45 days of the news release dated April 26, 2011. Mr. John W. Rozelle, P.G., is Tetra Tech, Inc.'s Qualified Person (QP) for this updated report and is an independent Qualified Person as defined by NI 43-101.

2009-2010 Exploration
The objective of Tournigan's 2009-2010 drilling program at Kuriskova has been to continue expanding the resource, to upgrade a significant portion of the inferred resource to the indicated category, to increase the overall grade of the deposit and to provide subsurface geotechnical and hydrogeological data to be used for engineering design. The March 24, 2010 resource estimate incorporates the results of 28 diamond drill holes totaling 7,548 metres that were drilled since the last resource estimate disclosed February 24, 2009. To complete the prefeasibility, Tournigan has planned for an additional 9,500 metre drill program for the balance of 2010.

2009-2010 Exploration Map




Location, Access and Infrastructure
The Kuriskova property consists of 32 km2 of mineral claims approximately 10 km northwest of the city of Košice, a regional industrial centre in eastern Slovakia. The property, which is easily accessible, lies close to the main road between Košice in the southeast and the town of Spišska Nová Ves in the northwest. The project is accessible off the main road along a network of minor, unsurfaced tracks that traverse the forest, and give access to the project area.

History
Tournigan acquired a 100% interest in the Kuriskova uranium deposit and surrounding claims in 2005. Uranium mineralization was originally discovered at Kuriskova in 1985. Up to the time of the demise of the Soviet Union in 1989, all uranium exploration and mining in Czechoslovakia was conducted by State-owned organizations. In 1993 the state of Czechoslovakia split into the countries of the Czech and Slovak Republics. Work on state funded projects such as the Kuriskova deposits stopped in 1996 when the country returned to a market economy system and the state was unable to keep funding its mining projects.

Geology
The Kuriskova uranium deposit is part of a belt of largely strata-bound uranium-molybdenum deposits hosted in a sequence of Permian-age meta-volcanic/sedimentary rocks in eastern Slovakia. The deposit has a northwest-southeast strike, and a variably steep-moderate southwest dip (60 degrees in the upper part, 47 degrees in the lower part). The overall dimensions of the main zone of the deposit established to date by drilling, start about 120 metres below the surface and extend to a depth of approximately 650 metres below surface. The deposit has been defined approximately 650 metres along strike by 530 metres down-dip by 2.5 metres thick.

Uranium and molybdenum mineralization is localized along the contact of overlying (younger) metamorphosed volcanic rocks and an underlying (older) unit of metamorphosed sediments (shales and quartzites) - see figure above. Most of the mineralization occurs within an andesitic volcanic unit and is only rarely observed in the underlying sediments.

On a regional scale, the volcanic-sedimentary package that hosts the Kuriskova resource is Permian in age and lies within a large regional syncline (u-shaped fold) that is further deformed by sets of thrust and reverse faults and high-angle normal faults. The mineralized horizon appears to have repeated several times by stacked thrust and/or faults.

Energy Policy of Slovakia
On October 15, 2008, the Slovakian government approved a Strategy of Energy Security for the Slovak Republic. This strategy emphasizes the continued use of nuclear generated power as part of the country's energy mix and states:

    "Legislative and economic support of efficient and rational use of domestic sources of uranium ores has the potential to decrease the country's considerable dependency on supplies of energy resources."

In 2007, approximately 55% of Slovakia's power production of 14,200 million kilowatt-hours was produced from nuclear power plants with a total capacity of 1,685 MW from four operating reactors. Slovakia is the world's third highest per capita consumer of nuclear generated power after France and Lithuania (World Nuclear Association, 2009). Slovakia's current uranium consumption is 313 tonnes per year. This does not include any future uranium requirements for reactors under construction or being proposed.

Qualified Persons
The Preliminary Assessment was prepared by an engineering team from Pincock, Allen & Holt (part of Runge Limited) of Lakewood, Colorado. Authors included Mr. Terry Laverty, a registered professional engineer, Mr. Tom Noyes, a registered professional engineer, and Mr. Ray Hyyppa, a registered professional engineer. Mr. Terry Laverty, the Independent Qualified Person under the standards of NI 43-101, was PAH's Project Manager.

Dorian L (Dusty) Nicol, B.Sc. Geo, M.A. Geo., Tournigan's President and CEO, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained on this website.

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Novoveska Huta Uranium Deposit - Slovak Republic - 100% interest in licenses

At the western end of the Carpathian uranium belt, approximately 65 kilometres west of Kuriskova, is the Novoveska Huta deposit. The deposit was a historical uranium producer with an open pit and underground workings. A historic resource, from drilling completed between 1975 and 1985 reported the following:



History
Tournigan acquired Novoveska Huta, consisting of 13 km² in a single exploration licence, in 2005. The property, once a producing mine with open pit and underground operations, was shut down in the early 1990's due to low uranium prices and the collapse of the former socialist economy. The previous owner completed underground development exceeding 5,500 metres on 5 vertical levels connected to an existing 600-metre deep shaft.

Geology
Uranium mineralization at Novoveska Huta is similar in style and character to that of Kuriskova, occurring along the contact of meta-volcanic rocks and underlying meta-sedimentary rocks. The mineralized horizon varies from 100-200 metres deep at the west, to 450-600 metres deep at the east.

(1) The Company has reviewed the above historical resource estimates and views them relevant. The historic exploitation of Slovak deposits in general and metallurgical test records acquired with the Company's deposits in particular suggests the reliability of the historical resource estimates. The Slovak category P & Z-3 is roughly analogous to the Canadian Institute of Mining, Metallurgy and Petroleum's definitions for Indicated and Inferred Resources, respectively. However, the Company has not done the work necessary to verify the classification of the resources and the resources are not classified according to CIM's Standards on Mineral Resources and Reserves Definitions. Investors are cautioned not to rely upon these estimates.

(2) Uranium metal (U) grades were converted to uranium oxide (U3O8) grades using a factor of 1.17924.

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Airborne Survey

In March, 2008 Tournigan announced the results of an airborne magnetic and radiometric survey on its uranium licences in eastern Slovakia. The survey was flown by McPhar Geosurveys Ltd. and identified 25 priority targets in addition to the known deposits within Tournigan's uranium licences.

The airborne survey consisted of 16,253 line kilometers. Flight lines were orientated almost north-south at a spacing of 100 metres and tie lines were orientated almost east-west at a spacing of 1,000 metres.

A follow up ground radiometric program will be initiated on these anomalies with the intention of establishing future drill targets. Detailed maps of the airborne survey are found below (to view these CLICK HERE)



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Board of Directors & Management

Dorian L. (Dusty) Nicol, B.Sc. Geo, M.A. Geo
President and CEO
Mr. Nicol has over 30 years of international experience in mineral exploration and mining. His past positions include Executive V.P. - Exploration with Yukon-Nevada Gold, President and CEO of Queenstake Resources, Latin America Manager for Canyon Resources, V.P. Exploration for Castle Exploration with programs in Central America and Africa, and exploration positions with Exxon Minerals and Renisson Gold Fields in Papua New Guinea. Among other achievements, his programs have led to the addition of over 1.5 million ounces of gold at Jerritt Canyon, Nevada, including the discovery of a new mine at Starvation Canyon. He is a member of the American Institute of Professional Geologists and a Fellow of the Society of Economic Geologists. He has a B.Sc. in geology from M.I.T. and a Master's Degree in Geology from Indiana University and is fluent in five languages.

Boris Bartalsky, Ing, PhD
Country Director, Slovakia
Mr. Bartalsky has been managing exploration of the uranium and gold deposits that are now part of Tournigan's licences since 1996. Prior to that, he was deputy director, applied geology, for the Geological Survey of Slovakia. Mr. Bartalsky is a graduate of the Technical University, Košice and holds a PhD in geology.

Alva L. Kuestermeyer, BSc, MS
Vice President Engineering / Environmental
Mr. Kuestermeyer has over 35 years of operational and consulting experience in the minerals industry specifically in project management, mineral processing, extractive metallurgy, market analysis and project economics. He joins Tournigan after spending four years at SRK Consulting (U.S.), Inc. in Denver, CO, as its Principal Metallurgical Engineer / Mineral Economist. His work has included numerous consulting assignments for uranium, base and precious metals, ferroalloys, non-ferrous and industrial mineral projects world-wide. Previously, he worked at ASARCO, Dames & Moore, Behre Dolbear, PAH and SRK. He has a B.S. in Metallurgical Engineering and an M.S. in Mineral Economics.

Ravi Sharma, MAusIMM
Manager, Resources and Reserves
Mr. Sharma has over 19 years experience as a mining and exploration geologist. Prior to joining Tournigan he worked as Chief Mine Geologist for Barrick Gold Corporation's Bulyanhulu Mine in Tanzania where he was responsible for mine geology and near mine exploration. He held the position of Chief Mine Geologist for Vedanta Resources, Zod Gold Mines in Armenia. Mr. Sharma is a member of AusIMM and a qualified person for NI 43-101 reporting purposes.

Doris Meyer, CGA
Chief Financial Officer and Corporate Secretary
Ms. Meyer is a member of the Association of the Certified General Accountants of British Columbia and Canada. She was vice president, finance of Queenstake Resources Ltd. from 1985 to 2003 and corporate secretary until 2004 where she led negotiations of joint venture and purchase agreements, equity financings, debt financings and capital purchases. In 1996 Ms. Meyer formed Golden Oak Corporate Services Ltd. Ms. Meyer acts as chief financial officer and/or corporate secretary of several publicly traded mining companies and her company provides those clients with administrative, accounting and compliance services.

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Share structure

Issued and outstanding 208,017,948

Options 9,000,000

Warrants 51,670,964

Fullly diluted 268,688,912

January 31, 2012