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Tournigan Ventures Corporation changed its name to Tournigan Gold Corporation share for share on December 3, 2002. Its present focus is building gold mines in Europe, not Mexico.

Tournigan Gold Corporation   TVC   (TSX-V)

Mercedes Gold Project, Sonora. Optioned from Meridian The Mercedes Project consists of mineral leases covering approximately 2,738 hectares of ground on which occurs a series of epithermal veins containing high-grade gold and silver mineralization within a package of altered Tertiary age volcanic rocks of the Sierra Madre Occidental. Multiple targets occur within three erosion "windows" in the Upper Volcanic Sequence (UVS) exposing mineralization in the Lower Volcanic Sequence (LVS) rocks. Work by Meridian, including extensive surface and underground mapping and sampling, and three phases of drilling, has identified a number of styles of precious
metal mineralization including veining, stockwork zones and pervasive silicification within these three "windows". Some of the veins can be traced for up to 2 kilometers on surface and many have been mined by local small miners.

Meridian has conducted two phases of drilling on one such structure known as the Mercedes vein. This work has identified a zone some 800 meters in strike length, between 1 to 2 meters wide, currently indicating a potential for 200,000 ounces of gold equivalent at an average grade of approximately 16 g/t gold equivalent (0.5 oz/t). In the view of Tournigan management potential
exists to expand this to 500,000 ounces of gold equivalent from this one structure with further drilling. Approximately two kilometers north of the Mercedes a second "window" through the UVS exposes another structure called the Klondike vein containing high-grade gold mineralization in an envelope of lower grade mineralization. Meridian's drilling showed grades of up to 30 g/t gold over 1.9 meters in this vein. Surface sampling has shown the envelope of mineralization to have gold grades between 2 to 4 g/t. Based on current and historical data, Tournigan believes this zone is amenable to low cost surface mining. A number of other gold and silver targets have been identified but not fully tested on the Mercedes property. In addition Tournigan management believes that there is the potential of discovery of a larger mineralized system beneath the UVS between the "windows" of exposure. The Mercedes Project is located in northern Sonora State, and has excellent logistics for production, with power, water and security readily available. The property is easily accessible being one hour by road from the nearby town of Magdalena, which is a two and one half-hour drive from Tucson, Arizona.

The terms of the Letter Agreement give the Company the right to acquire a 51% interest in the Mercedes Project by spending US$500,000 per year for the first two years on exploration and project maintenance. The Company will issue 100,000 common shares to Meridian on receipt of Exchange acceptance of the transaction and a further 100,000 shares on August 8, 2003. Provided
US$250,000 has been expended within the first six months, the Company will have the right to terminate the option with no further commitments other than to maintain the project by payment of taxes and payments under the underlying agreements until August 8, 2003. Upon completion of the U.S. $1,000,000 expenditures and issuance of 200,000 shares, Tournigan will have further election to acquire the remaining 49% of the Mercedes Project by completing a positive bankable feasibility
study. Should Tournigan choose not to complete the feasibility study, Tournigan and Meridian will enter into a joint venture for the further exploration development of the Project with Tournigan acting as operator. Failure to participate by either party to the joint venture will result in dilution on a straight-line basis. Tournigan has agreed to use its reasonable commercial best efforts to commence commercial production from the Mercedes Project within five years. A further 100,000 shares to Meridian is issuable to Meridian on commencement of production or five years from the date of the Letter Agreement, whichever comes first. On production, Meridian will retain a 2 1/2% net smelter royalty capped at U.S. $5,000,000. The Company anticipates that acceptance of this transaction by the Exchange will result in lifting of the Company's current inactive status. A qualifying report is being prepared to verify the findings of Meridian. The transaction will remain subject to regulatory approval. A finders fee is payable to an arms length party in conjunction with the transaction.

Press Release 8Aug02