TIDMBKY
RNS Number : 2898S
Berkeley Resources Limited
29 November 2012
BERKELEY RESOURCES LIMITED
AIM RELEASE | 29 November 2012 | ASX/AIM:BKY
POSITIVE SCOPING STUDY DEMONSTRATES POTENTIAL OF
SALAMANCA PROJECT
Highlights:
-- Positive Scoping Study confirms technical and economic viability of the Salamanca Project;
-- Initial mine life of 11 years, including 7 years steady state
operation, with strong potential to increase;
-- Steady state annual production of 3.2 million pounds U(3)
O(8) , with average annual production of 2.6 million pounds U(3)
O(8) over the life of mine;
-- Life of mine average operating costs of US$25.65 per pound of U(3) O(8) ;
-- Upfront capital cost of US$83.6 million to deliver initial
production. A further US$95.0 million, incurred in the second year
of production and largely funded from operating cashflow, to
achieve steady state operation; and
-- Pre-Feasibility Study to commence immediately, targeting completion in mid 2013.
Berkeley Resources Limited ('Berkeley' or 'the Company') is
pleased to announce that the Scoping Study for the Company's
flagship Salamanca Project (the 'Project') in Spain has confirmed
the technical and economic viability of the Project.
Using only the current Mineral Resource Estimates for Retortillo
and Alameda, which total 33.9 million pounds U(3) O(8) (35.9
million tonnes at 429 ppm; 200 ppm U(3) O(8) cut-off grade), as a
base case scenario, the Project can support an average annual
production of 3.2 million pounds of U(3) O(8) during the seven
years of steady state operation and 2.6 million pounds of U(3) O(8)
over a minimum eleven year mine life. There is strong potential to
increase the production profile and mine life through the
exploitation of additional resources held by the Company (totalling
27.1 million pounds U(3) O(8) ) and with ongoing exploration
work.
The Scoping Study is based on open pit mining, heap leaching, a
centralised process plant at Retortillo, and a remote ion exchange
operation at Alameda, with loaded resin trucked to the centralised
plant for final extraction and purification. The Company currently
favours a contractor mining scenario. The average annual ore
processing rate during steady state operation is 5.5 million
tonnes. Operating cost estimates average US$25.65 per pound U(3)
O(8) over the life of mine.
The initial capital cost (nominally +/- 30% accuracy) for the
Project is estimated at US$83.6 million. This cost is inclusive of
all mine, processing, infrastructure and indirect costs required to
develop and commence production at Retortillo. A further US$95.0
million of capital, incurred in the second year of production and
largely funded from operating cashflow, is required to develop
Alameda and achieve steady state operation. The Project's capital
cost reflects the excellent existing infrastructure, use of heap
leaching as the preferred processing route, and the favoured mining
contractor scenario (no mining fleet capital expenditure).
Berkeley will award and commence the Pre-Feasibility Study
('PFS') immediately and anticipates completion of the PFS in mid
2013. The Company will undertake a more detailed mine scheduling
and materials movement optimisation study, metallurgical testwork
program and infrastructure assessment during the PFS phase, with
the aim of identifying opportunities to further enhance the Project
economics through capital and operating cost reductions. Resource
infill and exploration drilling programs aimed at upgrading the
resource classification and increasing the overall resource base
are also underway.
The Directors are encouraged by the positive results of the
Scoping Study which clearly demonstrate the potential of the
integrated Salamanca Project to support a significant scale, long
life uranium mining operation. Accordingly, the Company will
continue to focus on pursuing the ongoing exploration, appraisal
and development of the Project in order to fulfil its strategic
objective of becoming the next European uranium producer.
Enquiries: Robert Behets Martin Eales
Berkeley Resources RBC Capital Markets
+61 8 9322 6322 +44 20 7029 7881
Introduction
Following the agreement with ENUSA in July 2012, Berkeley
Resources Limited ('Berkeley' or 'the Company') has focussed on the
advancement of its wholly owned flagship Salamanca Project ('the
Project'), which comprises the Retortillo, Alameda and Gambuta
deposits plus a number of other Satellite deposits located in
western Spain, through the development phase.
The results of a Preliminary Feasibility Study ('PFS') completed
in early 2012 confirmed the technical and economic viability of a
stand-alone project exploiting Retortillo, whilst Alameda formed
part of a separate Feasibility Study completed in 2011.
The Company has now completed an initial assessment of the
integrated development of Retortillo and Alameda and is pleased to
report the results of this Scoping Study ('the Study').
The Study has been managed by Berkeley with input from a number
of industry recognised specialist consultants covering the key
disciplines. The Study has incorporated all of the information
generated from the previous studies conducted on Retortillo and
Alameda, as well as new, more recently completed drilling and
metallurgical testwork data.
Scoping Study Parameters
The Scoping Study was completed using the following
parameters:
-- Life of Mine ('LOM') minimum 11 years, including 7 years of
steady state operation
-- Average Production 3.2 million pounds U(3) O(8) per annum
during steady state operation
-- Strip Ratio 1:2.0 (ore to waste) average LOM
-- Ore Processing Rate 5,500,000 tonnes per annum during steady state operation
-- Mining Cut-off Grade 98 parts per million (ppm) U(3) O(8)
-- Metallurgical Recovery 85%
-- Uranium Price US$65 per pound U(3) O(8)
-- Exchange Rate US$/EUR 1.25
The key considerations for the Study were preferred mining and
processing route, scale, throughput rate, mine life, as well as
development of the associated infrastructure taking due cognisance
of community and environmental impacts.
The Study, which has been based solely on the Mineral Resource
Estimates ('MRE') for Retortillo and Alameda, demonstrates the
Project has a minimum mine life of eleven years (including 7 years
of steady state operation). Given the significant additional
Mineral Resources and exploration upside associated with Gambuta
and other Satellite deposits within the Salamanca Province, the
potential exists to increase the mine life and accordingly, the
Study is considered as a base case scenario.
The basic conceptual approach to the development of Retortillo
and Alameda contemplated in the Study includes:
-- Open pit mining (transfer mining to facilitate continuous rehabilitation)
-- Heap leaching using on-off leach pads
-- Centralised solvent extraction ('SX') and ammonium diuranate
('ADU') precipitation plant, located at Retortillo
-- Remote ion exchange ('IX') operation at Alameda, with loaded
resin trucked to the centralised plant for final extraction and
purification
Mineral Resources
The Study has been based solely on the MRE's for Retortillo and
Alameda (Table 1). The MRE's were prepared by Berkeley and are
reported in accordance with the JORC Code (2004).
Updated MRE's for Retortillo and Alameda, based on a combination
of chemical assays and e-grades (down-hole gamma logging data
presented as "equivalent" U(3) O(8) grades or eU(3) O(8) ) from
historical drilling, supplemented by additional diamond and reverse
circulation ('RC') drilling by Berkeley with both chemical assays
and e-grades, were reported in July 2012. These MRE's were
developed by a team of in-house and consulting geologists who
undertook a rigorous program to verify the historical data and
create a validated database containing all historical and recent
data.
The MRE at Retortillo was based on data from approximately
20,000 metres of historical drilling and 42,000 metres of drilling
undertaken by Berkeley whilst the Alameda MRE was based on data
from 41,000 metres of historical drilling and 10,000 metres of
drilling undertaken by Berkeley. The drilling is a combination of
diamond and RC drilling.
Table 1 - Summary of Mineral Resource Estimates used as basis of
the Study
Retortillo and Alameda
Mineral Resource Estimates - July 2012
Reported at a lower cut-off grade of 200 ppm U(3) O(8)
--------------------------------------------------------------------------------
Category Tonnage Grade Contained U(3)
O(8)
(million tonnes) (U(3) O(8) (million pounds)
ppm)
------------ ------------ ------------------ ------------ ------------------
Retortillo Indicated 8.9 395 7.8
------------ ------------ ------------------ ------------ ------------------
Inferred 6.2 366 5.0
------------------------- ------------------ ------------ ------------------
Sub Total 15.2 383 12.8
------------------------- ------------------ ------------ ------------------
Alameda Indicated 20.0 455 20.1
------------ ------------ ------------------ ------------ ------------------
Inferred 0.7 657 1.0
------------------------- ------------------ ------------ ------------------
Sub Total 20.7 462 21.1
------------------------- ------------------ ------------ ------------------
Combined Indicated 29.0 437 27.9
------------ ------------ ------------------ ------------ ------------------
Inferred 6.9 396 6.0
------------------------- ------------------ ------------ ------------------
Total 35.9 429 33.9
------------------------- ------------------ ------------ ------------------
Retortillo and Alameda are both vein type deposits hosted in
meta-sedimentary sequences adjacent to granitic intrusives. At
Alameda, the uranium mineralisation occurs in a complex network of
moderately to steeply dipping brittle structures (veins, faults,
fractures and along bedding contacts) as a result of a low
temperature hydrothermal event. The mineralised zones commonly have
sharp boundaries, separating mineralised structures from poorly
mineralised host rock. At Retortillo, the mineralised envelope is
generally sub-horizontal and the mineralisation is contained within
a stockwork of veins. The uranium mineralisation appears to be
associated with the presence of sulphides within the partially
weathered zone and the base of mineralisation is associated with
the base of partial weathering which locally deepens along
structures.
Whilst the Retortillo and Alameda MRE's are reported at a 200
ppm U(3) O(8) lower cut-off grade, the grade tonnage curves
highlight the significant impact that the cut-off grade used has on
the resource estimate. At a 100 ppm U(3) O(8) lower cut-off grade,
which approximates the mining cut-off grade derived from the pit
optimisations undertaken in the Study, the resource estimates for
Retortillo and Alameda total 18.2 million pounds and 25.4 million
pounds contained U(3) O(8) respectively. This represents increases
of 42% and 20% in contained uranium at Retortillo and Alameda
respectively when compared with the MRE at the 200 ppm lower
cut-off grade.
Although the Study has been based solely on the Retortillo and
Alameda MRE's, the Company has a 100% interest in additional
Inferred Resources totalling 27.1 million pounds of contained U(3)
O(8) (28.5 million tonnes averaging 431 ppm U(3) O(8) , refer ASX
June 2012 Quarterly Report) at Gambuta and other Satellite
deposits, which are in close proximity to Retortillo and Alameda.
These additional resources have not been considered in the current
Study and their inclusion in subsequent studies has the potential
to increase the mine life and/or production scale of the
Project.
The Company is also planning drilling programs with the
objective of testing the numerous exploration targets within the
Project area.
Mining
The mining of both ore and waste is a conventional open pit
operation. Diesel-powered truck and shovel operations, in
combination with an effective drill and blast plan has been
considered for both deposits. As part of the Study, a series of
Whittle optimisations were completed on the Retortillo and Alameda
MRE's. Materials classified in the Indicated and Inferred
categories were used in the optimisation process. Pit designs,
waste dump designs and life of mine ('LOM') mining schedules were
then completed to determine the optimal long term mine plan.
The mining schedule is expected to be conducted over a period of
11 years. Initial mining activity is at Retortillo, with the first
of seven years of steady state operation being achieved in Year 3,
with the commencement of mining at Alameda.
The mine schedule averages 5.5 million tonnes per annum of
combined mine production during steady state operation (Retortillo
- 2.2 million tonnes per annum; Alameda - 3.3 million tonnes per
annum). At its peak, the mining schedule contemplates the movement
of a combined 16.9 million tonnes per annum (both waste and ore).
Strip ratios for the Project are low with the average LOM strip
ratio being 1:2.0 ore to waste (Retortillo - 1:2.6; Alameda 1:1.6).
The open pits are shallow with the maximum depths being 90 metres
at Retortillo and 135 metres at Alameda. The mined grade averages
291 ppm U(3) O(8) and 322 ppm U(3) O(8) at Retortillo and Alameda
respectively over the LOM.
The basic mining fleet will comprise standard truck and shovel
equipment, in the form of 7m(3) to 12m(3) hydraulic excavators
(Komatsu PC 1250 or 2000-8) and a fleet of 100 tonne capacity (CAT
777 or similar) rigid dump trucks. Mine support equipment will
include track mounted dozers, graders, water trucks and front end
loaders, the latter used predominantly to feed the crusher. The
graders will provide the majority of pit and road clean-up and
support to the excavators, whilst the dozers will carry out floor
level control and waste dump maintenance.
The mining method utilised will be 'transfer mining' which will
allow the open pits to be continuously backfilled, minimising waste
dump volumes and waste rehandling, whilst also facilitating a
continuous rehabilitation program that minimises environmental
impact. Typical mining bench heights of six metres will be employed
at both deposits. Blast hole drilling will be carried out in fresh
rock using diesel powered top-hammer rock drills, whilst the
Tertiary cover and weathered materials will be loaded without
blasting.
The mining cost estimates assume a contractor mining
scenario.
Processing
The results of extensive metallurgical testwork previously
carried out on an approximately 5 tonne representative sample of
the Alameda deposit at the SGS laboratories in Perth (including
tank leach and heap leach scenarios) and the recent metallurgical
testwork program undertaken on a 5.5 tonne bulk sample,
representative of the Retortillo deposit, at Mintek's mineral
processing facility in Johannesburg (heap leach scenario, refer ASX
September 2012 Quarterly Report) have been used to select the
preferred process route and design the flowsheet.
The process flowsheet comprises crushing, agglomeration,
stacking and heap leaching using on-off leach pads, followed by
uranium recovery and purification by direct solvent extraction
('SX'), ammonium diuranate ('ADU') precipitation and calcination at
a centralised plant, located at Retortillo. Pregnant liquor
solution ('PLS') from the heap leach process at Alameda will be
passed through an ion exchange ('IX') adsorption column, with the
loaded resin trucked to the centralised plant for final extraction
and purification.
Heap leach technology has been selected as the preferred
leaching option due to the high efficiency shown during testwork,
with high recoveries (ranging from 85% to 95% across both deposits
and comparable to the tank leaching testwork results) and good
leach kinetics. The uranium recoveries were achieved at relatively
coarse crush sizes of 40mm for Retortillo and 20mm for Alameda. In
addition, the spent ore from the on-off heap leach pads ('ripios')
can be backfilled to the open pits, removing the requirement for a
tailings storage facility.
Two stage crushing of run of mine ('ROM') ore will be undertaken
at Retortillo (target product size of 40mm) while three stage
crushing is contemplated at Alameda, to deliver a finer product
(20mm) to optimise the uranium recovery during heap leaching. The
primary stage of crushing will use a jaw crusher, while cone
crushers will be used for the secondary and tertiary stages.
Crushed ore will be agglomerated before stacking. The crushed
ore will be fed directly into a conventional drum where spray bars
will dose the ore with sulphuric acid and raffinate to produce
agglomerated ore. No polymer addition is required during the
agglomeration process. The agglomerates are conveyed via overland
conveyors to the heap leach pad.
The heap leach comprises an on-off pad subdivided into cells to
define areas for stacking, leaching, rinsing and reclaiming. The
heap leach facility is complete with ponds for makeup water,
barren, immediate leach solution, PLS, storm water and all
associated pumping and reagent storage facilities. The pad design
includes a triple insulation system including two high density
polyethylene ('HDPE') sheets and a clay layer.
The agglomerated material is stacked in 6 metre lifts and
irrigated with sulphuric acid using drip emitters. The testwork has
indicated a commercial leach cycle of 140 days. The ripios will be
backfilled into lined (HDPE and clay) and isolated areas previously
mined within the pits.
Acid consumption for the heap leach will range from 18 kg/t to
22 kg/t, inclusive of the addition of approximately 8 kg/t to 10
kg/t of acid in the agglomeration process. There is potential to
reduce the total acid consumption through further optimisation of
the acid addition in agglomeration. An external chemical oxidant is
not required in the process.
At Retortillo, the heap leach PLS will contain approximately 400
mg/l of U(3) O(8) which will feed directly into the SX facility.
The Alameda heap leach PLS will be loaded onto resin in an IX
adsorption column and the loaded resin transported a distance of
approximately 50 kilometres by road to the centralised plant at
Retortillo. Once the resin has been stripped, the eluate containing
uranium will be combined with the Retortillo PLS and fed into the
SX plant for further processing. The SX facility will be designed
with four extraction steps and three stages of scrub to produce a
raffinate of <1mg/l U(3) O(8) . Regenerated resin will be
returned to Alameda for re-use.
The purified enriched uranium solution from the SX plant is
treated to precipitate the uranium using anhydrous ammonia. The
solution is heated to a temperature of 30-40 degrees and ammonia is
injected into the solution, raising the ph to around 7 and
precipitating the uranium as ADU. The ADU slurry from the
precipitation is pumped into a thickener for dewatering. The
underflow is then further dewatered using centrifuges. The
centrifuge cake is finally calcined to produce U(3) O(8) which is
drummed and prepared for shipping.
Analytical data of the PLS obtained during the testwork programs
indicate that there are no impurities at levels that could
adversely impact the quality of the yellowcake to be produced.
Annual production averages 3.2 million pounds of U(3) O(8)
during the seven years of steady state operation, and 2.6 million
pounds of U(3) O(8) over the entire eleven year mine life.
Infrastructure
The total power requirements for the Project are low at an
estimated 3.7 MW and 3.5 MW of installed power for Retortillo and
Alameda respectively. Power will be supplied from the distribution
grid available in the area at a cost of US$0.10 per kilowatt hour
excluding capital.
Water is available from both adjacent water courses and on-site
sources derived from bores. Both Retortillo and Alameda are readily
accessible from the existing public road network, with only the
deviation of 4.5 kilometres of an existing road being required at
Retortillo and the upgrade of 6 kilometres of an existing road
necessary at Alameda.
Given the Project sites' proximity to the city of Salamanca and
local villages, on-site accommodation facilities are not
required.
Capital Costs
The initial capital cost for the mine, processing facilities and
associated infrastructure for Retortillo is estimated at US$83.6
million. This cost is inclusive of all infrastructure and indirect
costs required to develop and commence production at
Retortillo.
The capital cost for the mine, processing facilities and
associated infrastructure for Alameda is estimated at US$95.0
million. This cost, which will be incurred in the second year of
production, includes all infrastructure and indirect costs required
for the Project to achieve a steady state production profile
averaging 3.2 million pounds of U(3) O(8) per annum.
The indirect costs include the first fill of reagents, ECPM
(engineering, procurement and construction management) costs and a
15% contingency. No allowance has been made for the acquisition of
mining fleet (included in operating costs), as it is envisaged that
this activity will be outsourced to a specialist mining
contractor.
The engineering studies conducted to date, to support a capital
cost estimate for the Project, allow for a level of accuracy of
nominally +/- 30%. A summary of major capital costs is shown in
Tables 2 and 3.
Table 2 - Summary of Retortillo Capital Costs
(nominally +/- 30% accuracy)
Description Cost
(US$m)
-------------------------------- --------
Pre-Strip 3.1
Processing:
ROM Pad 0.2
Crushing 3.2
Agglomeration 2.5
Heap Leach 8.9
Water Treatment Plant 5.2
SX 7.2
Refinery 8.9
Reagents and Utilities 5.2
Infrastructure:
Power Supply 3.7
Road Diversion 1.4
Temporary/Waste Dumps, Water
Dams 10.2
Security 0.4
Land Acquisition 4.6
G & A 2.1
Indirect Costs 16.8
Mining Fleet (included in
Opex) 0
Total 83.6
================================ ========
Table 3 - Summary of Alameda Capital Costs
(nominally +/- 30% accuracy)
Description Cost
(US$m)
-------------------------------- --------
Pre-Strip 6.1
Processing:
ROM Pad 2.4
Crushing 7.3
Agglomeration 3.9
Heap Leach 17.9
Water Treatment Plant 4.9
IX 5.2
Reagents and Utilities 2.7
Infrastructure:
Power Supply 1.1
Road Diversion 2.0
Temporary/Waste Dumps, Water
Dams 15.3
Security 0.4
Land Acquisition 6.1
G & A 2.1
Indirect Costs 17.6
Mining Fleet (included in
Opex) 0
Total 95.0
================================ ========
An additional US$12.4 million of capital is required to develop
a second major pit at Retortillo in the fifth year of production.
Rehabilitation and Closure costs for the Project are estimated at
US$120 million over the LOM.
Operating Costs
The average LOM operating cost has been estimated at US$25.65
per pound of U(3) O(8) produced. The operating costs (C1 cash
costs) are defined as the direct operating costs including contract
mining, processing, ripios management, water treatment and general
and administration.
The operating costs were estimated in conjunction with the
Scoping Study process design criteria, block flow diagram,
mechanical equipment lists, metallurgical testwork results for
reagents, in-country labour cost data, in-country reagent and fuel
supply prices, and benchmarked local mining contractor rates.
Key operating cost data is summarised in Table 4.
Table 4 - Summary of LOM Operating Costs (nominally +/- 30%
accuracy)
Description Cost (US$/lb U(3)
O(8) )
-------------------------------
Retortillo Alameda
------------------------------- ----------- --------
Mining 13.15 9.31
Processing (including ripios
backfill) 15.89 11.51
General and Administration 1.65 1.65
------------------------------- ----------- --------
Subtotal by Area 30.70 22.47
=============================== =========== ========
Total Operating Costs 25.65
=============================== =====================
Marketing and transport costs of US$0.98/lb U(3) O(8) are in
addition to the operating costs.
A number of potential opportunities to reduce operating costs
have been identified, including ripios management, reagent
consumption, mining design and mine scheduling. Trade-off and
optimisation studies focussed on these key operating cost drivers
will be undertaken during the next phase of the Project.
Waste Management and Rehabilitation
Waste has been characterised and classified into four types:
-- Oxide waste ('inert waste') - an inert waste that can be handled as a typical mining waste;
-- Acid Rock Drainage ('ARD') - potential acid generator due to a marginal sulphide content;
-- Natural Occurring Radioactive Materials ('NORM') - rock
containing very low residual uranium below the mining cut-off
grade; and
-- Ripios - spent ore from the on-off heap leach pads which can
be considered equivalent to ARD and/or NORM waste due to its
similar physical and chemical characteristics.
As noted earlier, open pit mining will be undertaken using the
transfer mining method to allow continuous backfilling of the pits
with waste, thus minimising waste dump volumes and waste
rehandling, whilst also allowing for a continuous rehabilitation
program that minimises the environmental impact.
Inert waste will be managed using standard industry procedures,
placing the material on permanent waste dumps or backfilling the
material directly into mined areas within the pits.
Ripios, ARD and NORM waste will be placed onto temporary dumps
designed with the required isolation system (HDPE and clay) during
the initial years of operation and subsequently backfilled into
lined and isolated areas within the mined pits (once sufficient
space is available). The backfilling of ripios is prioritised over
ARD and NORM. At the end of the mine life, the whole volume of
ripios, ARD and NORM waste will be fully encapsulated within the
mined pits, and the surface rehabilitated as per the existing
profile and vegetation.
Community and Employment
Berkeley has worked closely with all stakeholders, including
local communities and relevant government authorities, in all
aspects of work conducted on the Project to date.
As part of this strategy, the Company has already signed
co-operation agreements with the three municipalities proximal to
Retortillo. These agreements are an important step in progressing
through the permitting phase to production. As part of the
agreements, the municipalities undertake to actively and promptly
contribute throughout the necessary administrative procedures
required for the Project to achieve both licensing and permitting.
Berkeley in turn commits to contribute to the economic and social
development of the municipalities.
Similar agreements are being negotiated with the relevant
municipalities proximal to Alameda.
The workforces required for the construction and operational
phases of the Project will be sourced from the local communities
whenever possible, in combination with a small number of highly
skilled professionals who will be recruited from elsewhere in Spain
or abroad. There is over thirty years of uranium mining experience
within the region that hosts the Project.
Permitting
The permitting of Retortillo and Alameda are independent
processes, with the process for Retortillo already well
advanced.
In October 2011, Berkeley initiated the licensing and permitting
process for the development of Retortillo with the submission of an
application for the conversion of the Pedreras Investigation Permit
(Exploration Permit) into an Exploitation Concession (Mining
Permit). The submission included a Scoping Environmental Impact
Assessment and was subjected to a consultation period. All comments
received from the consultation period were addressed and/or
incorporated into the Environmental Impact Assessment ('EIA')
submitted in March 2012.
Along with the EIA, the Company also submitted other key
documents for the permitting process in March, including the
Exploitation Plan, the Restoration and Closure Plans, the
Authorisation for the Use of Rural Land for Industrial Purposes,
and the Initial Authorisation for the Process Plant as a
Radioactive Facility.
The application was approved for public information in May and
the 30 day Public Information Period was completed in mid
September. The public comments were received in late September and
the Company submitted its responses to these comments in late
October. The Company's responses will be subject to clearance and
direction from the relevant authorities before they are
incorporated into the Declaration of Environmental Impact.
Ancillary permits, such as those associated with water and
roads, are also currently being advanced.
The permitting process for Alameda will follow same procedure as
for Retortillo however, reporting to Central Administration instead
of Regional Government. The process has commenced with the Company
submitting the Scoping Environmental Impact Assessment to the
relevant authorities in November.
Pre-Feasibility Study and Drilling
Berkeley will award and commence the PFS immediately and
anticipates it being completed in mid 2013. During the PFS phase,
the Company will undertake a more detailed mine scheduling and
materials movement optimisation study, metallurgical testwork
program and infrastructure assessment aimed at identifying
opportunities to further enhance the Project economics through
capital and operating cost reductions.
Resource infill and exploration drilling programs aimed at
upgrading the resource classification and increasing the overall
resource base are also underway. The drilling programs comprise
both diamond and RC drilling, with the diamond drilling planned to
give a better geological understanding of the structural controls
influencing the local distribution of uranium mineralisation, as
well as to supply drill core for further metallurgical
testwork.
Further optimisation of the mine schedule and materials movement
will be undertaken with a view to accelerating the ramp up to
steady state operation, and to minimising materials handling and
rehandling. Waste dump positioning will be detailed to reduce
haulage costs.
The planned metallurgical testwork program will include
additional column leach work which will generate more detailed
information relating to the geotechnical characterisation of the
heap, solution tenor and downstream precipitation options. The
findings from this testwork program will be used to finalise the
design of the process flowsheet and its associated
infrastructure.
All required infrastructure for the Project will be further
assessed and optimal site layout plans generated. The opportunity
to use local supply and rates will be investigated to further
enhance the Project's capital efficiency.
Competent Persons Statement
The information in this announcement that relates to Exploration
Results and Mineral Resources is based on information compiled by
Craig Gwatkin, who is a Member of The Australian Institute of
Mining and Metallurgy and is an 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'. Mr. Gwatkin consents to the inclusion
in the report of the matters based on his information in the form
and context in which it appears.
Forward Looking Statement
Statements regarding plans with respect to the Company's mineral
properties are forward-looking statements. There can be no
assurance that the Company's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that the Company will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of
the Company's mineral properties.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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