Berkeley Resources Limited Agreement with ENUSA (3325I)
24 Luglio 2012 - 8:33AM
UK Regulatory
TIDMBKY
RNS Number : 3325I
Berkeley Resources Limited
24 July 2012
24 July 2012
ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE
AGREEMENT WITH ENUSA FOR EXPLOITATION OF URANIUM RESOURCES
WITHIN STATE RESERVES
Berkeley Resources Limited ('Berkeley' or the 'the Company') is
pleased to announce that it has reached agreement with Enusa
Industrias Avanzadas S.A. ('ENUSA') on terms which provide the
Company with a 100% interest in select uranium resources within
State Reserves held by ENUSA.
Under the agreement, Berkeley holds a 100% interest in, and the
exploitation rights to, State Reserves 28 and 29 ('Addendum
Reserves') whilst waiving its rights to mine in State Reserves
where ENUSA has undertaken rehabilitation.
The Addendum Reserves include the substantial unmined Alameda
deposit, the Villar deposit and additional prospects. Total
resources for the Addendum Reserves are currently estimated at 30.6
million pounds of contained U(3) O(8) at an average grade of 465
ppm (at a lower cut-off grade of 200 ppm U(3) O(8) ).
The new agreement with ENUSA is in the form of an Addendum to
the Consortium Agreement signed with ENUSA in January 2009, and
subsequently approved by the Council of Ministers of the Spanish
Government in April 2009. The Addendum was signed and notarised in
Madrid on 23 July, 2012, and includes the following terms:
-- The Consortium now consists of State Reserves 28 and 29 ('Addendum Reserves');
-- Berkeley's stake in the Consortium has increased to 100%;
-- ENUSA will remain the owner of State Reserves 28 and 29,
however the exploitation rights have now been assigned to Berkeley,
together with authority to submit all applications for the
permitting process;
-- The Company is now the sole and exclusive operator in the
Addendum Reserves, with the right to exploit the contained uranium
resources and have full ownership of any uranium produced;
-- ENUSA will receive a production fee equivalent to 2.5% of the
net sale value (after marketing and transport costs) of any uranium
produced within the Addendum Reserves;
-- Berkeley has waived its rights to mining in State Reserves 2,
25, 30, 31, Hoja 528-1 and the Saelices El Chico Exploitation
Concession. These properties have combined resources estimated at
21.9 million pounds of U(3) O(8) (Berkeley's previous 90% interest
equated to 19.7 million pounds);
-- Berkeley has waived any rights to management of the Quercus plant;
-- The Co-operation Agreement with ENUSA, signed on 29 January 2009, has been terminated.
These outcomes have successfully resolved long standing
difficulties for all parties involved, including termination of the
arbitration proceeding between the Company and ENUSA. Berkeley will
now focus on integrating the evaluation and development of the
Alameda and Villar deposits with the more advanced Salamanca 1
Project. With a combined 100% owned resource base totalling 59.2
million pounds of contained U(3) O(8) at an average grade of 427
ppm (at a lower cut-off grade of 200 ppm U(3) O(8) ), the
Integrated Project has the potential to support a significant
annual production rate and mine life.
For further information, visit the Company's web site at
www.berkeleyresources.com.au or contact:
Berkeley Resources Jim Ross Deputy Chairman +61 404 949 334
RBC Capital Markets Martin Eales +44 20 7653 4000
Summary resource figures are based on detailed resource
information in Berkeley's December 2011 Quarterly Report.
The information in this announcement that relates to Mineral
Resources is based on information compiled by Mr Craig Gwatkin, who
is a Member of The Australian Institute of Mining and Metallurgy
and is a full-time employee of Berkeley Resources Limited. Mr
Gwatkin has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2004 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves ('The JORC Code'). Mr. Gwatkin consents to the inclusion
in the announcement of the matters based on his information in the
form and context in which it appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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