European Uranium Files Technical Report for Kuriskova Preliminary Feasibility Study

13.03.2012  |  Business Wire

European Uranium Resources Ltd. (EUU: TSX-V; TGPN: Frankfurt) (the
'Company?) has today filed a National Instrument 43-101 compliant
technical report regarding the Preliminary Feasibility Study ('PFS?) for
the Kuriskova Project, Eastern Slovakia as announced by press release on
January 30, 2012. The technical report was completed by Tetra Tech, Inc.
of Golden, Colorado.

The report titled 'NI 43-101 Technical Report, Kuriskova Uranium
Project? is dated effective March 13, 2012.

The highlights of the results of the PFS as announced on January 30,
2012 are:

• 
  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);
  
• 
  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 to0.408%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 US$22.98/lb U₃O₈ life of mine
  operating costs and 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 U₃O_8;
• 
  1.5 year decrease of pre-production 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.
  

The results demonstrate that the Kuriskova Project has the potential to
be among the lowest cost uranium producers in the world. 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 resources, relatively low installation and
operating cost estimates as well as its central European location.

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.

Qualified Person

This release has been reviewed and approved by Dr. Rex Bryan and Dr.
Richard W. Jolk, P.E. of Tetra Tech of Golden, Colorado both independent
Qualified Persons as defined in NI 43-101. This release has also been
reviewed and approved for the Company by Dorian L. Nicol, President and
CEO of the Company, and a Qualified Person as defined in NI 43-101.

About European Uranium Resources Ltd.

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 Project 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 and nuclear
operations on a world-wide basis.

EUROPEAN URANIUM RESOURCES LTD.

'Dusty Nicol'

Dorian L. (Dusty) Nicol, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement:

This news release contains forward-looking statements that are based on
the Corporation's current expectations and estimates. Forward-looking
statements are frequently characterized by words such as 'plan',
'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate',
'suggest', 'indicate' and other similar words or statements that certain
events or conditions 'may' or 'will' occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans to continue
to be refined; possible variations in ore grade or recovery rates;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing; and
fluctuations in metal prices. There may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable securities
laws, the Corporation disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are
not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty
therein.