Exploitation Plan for Salamanca Uranium Project (8971X)
14 Dicembre 2010 - 9:49AM
UK Regulatory
TIDMBKY
RNS Number : 8971X
Berkeley Resources Limited
14 December 2010
BERKELEY RESOURCES LIMITED
EXPLOITATION PLAN FOR THE SALAMANCA URANIUM PROJECT
Berkeley Resources Ltd ("Berkeley" or the "Company") advises
that Enusa Industrias Avanzadas S.A. (ENUSA) has acknowledged
receipt of the Exploitation Plan in respect of the Definitive State
Reserves of the Salamanca Uranium Project, which was submitted by
Berkeley to ENUSA on 18 November 2010.
Berkeley has notified ENUSA on 27 November 2010 that the
Feasibility Study incorporated in the Exploitation Plan fulfils the
definition set forth in the Collaboration Agreement between
Berkeley and ENUSA dated 29 January 2009 ("Collaboration
Agreement"). In response, ENUSA has notified Berkeley officially,
dated 01 December 2010, that it should communicate in writing to
ENUSA on or before 18 January 2011 its decision of whether to
exploit the Salamanca Uranium Project.
The Exploitation Plan and other regulatory documentations are
required under the Spanish Mining Regulations and are the first
step to initiating the process for applying for the necessary
permits and will be submitted to the mining authorities. The
Exploitation Plan supports the feasibility of the Salamanca Uranium
Project and encompasses radiological, processing/metallurgical,
mining, water treatment, reclamation and closure, social impact
assessments, health and safety, and financial studies.
Pursuant to the Collaboration Agreement, any decision by
Berkeley to exploit the Salamanca Uranium Project is required to be
undertaken in the following order:
(a) Berkeley providing ENUSA with a formal notice in writing of
its decision to exploit the Salamanca Uranium Project on or before
18 January 2010;
(b) the incorporation of a new joint venture company (NEWCO)
which will undertake the exploitation of the Salamanca Uranium
Project. Berkeley and ENUSA will have interests in the share
capital of this new joint venture company of 90% and 10%
respectively; and
(c) payment of EUR20 million by Berkeley to ENUSA, payable
earliest mid April 2011.
In addition, the Company is finalizing a further 'Exploitation
Plan' in relation to the Retortillo Deposit (100% owned by
Berkeley) which will be presented to the Castilla y Leon regional
authorities shortly.
Enquiries - Managing Director: Ian Stalker Tel: +34 608 221
497
RBC Capital Markets: Martin Eales Tel: +44 20 7029 7881
A full version of this announcement including images can be
downloaded from Berkeley's website at
www.berkeleyresources.com.au.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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