Major Milestones in Salamanca Uranium Project (7150Z)
19 Gennaio 2011 - 9:21AM
UK Regulatory
TIDMBKY
RNS Number : 7150Z
Berkeley Resources Limited
19 January 2011
19th January 2011
MAJOR MILESTONES IN THE DEVELOPMENT OF THE SALAMANCA URANIUM
PROJECT
Berkeley Resources Ltd ("Berkeley" or the "Company") is pleased
to advise of two major milestones in the development of the
Salamanca Uranium Project ("The Project").
As provided for in the Collaboration Agreement between Berkeley
and Enusa Industrias Avanzades S.A. ("ENUSA") dated 29 January 2009
("Collaboration Agreement"), the Board has approved the decision to
progress to the exploitation phase.
In addition, the Company has arranged a fully underwritten
capital raising of A$55 million, at A$1.70 per share, of which A$26
million is subject to shareholder approval.
The decision to exploit follows the submission of the
Exploitation Plan to ENUSA on 18 November 2010 (refer to the ASX
Announcement of 14 December 2010). Under the Collaboration
Agreement, this decision triggers a sequence of actions essential
to the development of the Salamanca Uranium Project:
-- Incorporation of a new joint venture company ("Newco") within
60 days (90% Berkeley with ENUSA retaining a 10% free carried
interest) which will own and operate the Salamanca Uranium
Project;
-- Submission of the Exploitation Plan to the Central Government
of Spain;
-- Payment of EUR20 million (approximately A$26 million) to
ENUSA within 90 days, in exchange for the transfer into Newco of
the ENUSA owned elements of the Salamanca Uranium Project (the
State Reserve Licences).
The Company has also entered into agreements with RBC Capital
Markets ("RBC"), BMO Capital Markets ("BMO") and Dundee Securities
Corporation whereby RBC and BMO have agreed to jointly underwrite
an equity raising of A$55 million at a price of A$1.70 per share,
via a placement to institutional investors (a separate announcement
with further details on the placement has been released). These
funds will be utilised to meet the cost of the EUR20 million
payment to ENUSA, fund further feasibility steps that will include
a 1,200 hour pilot plant operation, enable exploration drilling of
high quality targets within the State Reserves and adjacent
Berkeley tenements.
Acting Managing Director, Henry Horne said "These milestones are
seminal events in the development of the Salamanca Uranium Project.
They accelerate the permitting process, enable further optimisation
including the commissioning of a pilot plant and provide the
funding capacity to explore a new generation of exploration
targets."
Enquiries - Acting Managing Director: Henry Horne Tel: +34 673
497 712
RBC Capital Markets: Martin Eales Tel: +44 20 7029 7881
This information is provided by RNS
The company news service from the London Stock Exchange
END
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