In October 2008, Fischer-Watt entered into an Agreement with Tournigan Energy Ltd. (TSX-V: TVC) to acquire its wholly-owned subsidiary, Tournigan USA Inc. (“T-USA”). Through T-USA, Fischer-Watt currently controls over an 18,000-acre portfolio of mineral claims and leases in Wyoming, South Dakota, and Arizona covering some of the best uranium-bearing geology in the United States.

All claims and leases are 100-percent controlled by Fischer-Watt and, other than the Agreement with Tournigan Energy, there are no further underlying agreements, payments or royalties other than statutory Federal, State and County fees and production royalties. Since 2005, more than $7-million has been spent on the properties, consisting of basic surveys and drilling within selected areas of the Wyoming and Arizona projects.

Nuclear energy generation and the demand for uranium is expected to continue increasing over the coming years as many countries, chiefly in Asia, strive to generate large-scale, stable, and economical electrical power with a low carbon footprint.

Fischer-Watt is focused on the largest and most advanced of its properties, located in the Cyclone Rim area of the Great Divide Basin of south-central Wyoming. The land position covers a 28-mile length of potential roll front mineralization and has been drill tested, with mineralized intercepts encountered on many of the 83 holes drilled to-date. Management believes that the mineralized intercepts represent portions of at least two shallow roll fronts which may be extractable by In-Situ Recovery Methods (ISR).

In exchange for the properties, Fischer-Watt has granted Tournigan Energy a 30-percent carried interest on each property up to the completion of a feasibility study for any project encompassing any of the properties. Tournigan Energy can then elect to convert its interest into a 30-percent contributing working interest or allow its interest to dilute to a 5-percent net profits interest.

The President and CEO of Fischer-Watt, Peter Bojtos, is also a director of Tournigan Energy.