Enusa JV Uranium Project Update (1358W)
25 Gennaio 2012 - 8:50AM
UK Regulatory
TIDMBKY
RNS Number : 1358W
Berkeley Resources Limited
25 January 2012
25 January 2012
Update on the Berkeley-Enusa JV Uranium Project
Further to the last announcement on 15 December 2011, Berkeley
Resources Limited ("Berkeley" or "Company") advises that it has
extended the time for Enusa Industria Avanzadas, S. A. ("Enusa"),
to form the joint venture company, NEWCO, in accord with the
Co-operation Agreement ("Agreement").
Berkeley has extended the deadline to 29 February 2012,
following the recent change in government in Spain.
Also, Berkeley and Enusa have jointly agreed to extend the
deadline for Enusa to inform Berkeley of its conclusions on the
Feasibility Study, to no later than 23 February 2012. This review
is in consideration of the Mining Domain Conceptual Basic
Engineering Report (CBER) delivered by Berkeley on 10 November
2011.
Once the agreed formalities and conditions have been fulfilled,
both companies will proceed to finalise the agreements and form
NEWCO.
The incorporation of NEWCO triggers the payment of EUR20M to
Enusa within 30 days of formation. NEWCO will be responsible for
exploitation of the uranium resources within the State Reserves
(Mining Domain) and shall be owned 90% by the Company. Berkeley has
received advice from its Spanish legal advisers, Herbert Smith,
that the Agreement continues to be enforceable according to its
terms.
Berkeley remains committed to developing the ENUSA Joint Venture
Project, which the company expects will be its second uranium
project development, closely following Berkeley's 100% owned
Salamanca 1 Project.
Enquiries - Managing Director: Brendan James Tel: +34 923 193903
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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