Berkeley Resources Limited ('Berkeley' or 'the Company') is a uranium exploration and development company with a quality resource base in Spain. The Company has a 100% interest in a total Mineral Resource estimated at 61.6 million pounds of contained U3O8 with an average grade of 427 ppm (at a cut-off grade of 200 ppm U3O8). Berkeley is dual listed on the Australian Securities Exchange ('ASX') and Alternative Investment Market of the London Stock Exchange ('AIM').
The Company is currently focused on advancing its wholly owned flagship Salamanca Project, which comprises the Retortillo and Alameda Deposits plus a number of other Satellite Deposits, through the development phase.
The results of a Pre-Feasibility Study completed in September 2013 confirmed the technical and economic viability of the Salamanca Project and its potential to support a significant scale, long life, low cost uranium operation.
Using only the current Mineral Resource Estimates for Retortillo and Alameda, which total 34.5 million pounds U3O8 as a base case scenario, the Salamanca Project can support an average annual production of 3.3 million pounds of U3O8 during the seven years of steady state operation and 2.7 million pounds of U3O8 over a minimum eleven year mine life. There is strong potential to increase the production profile and/or mine life through the exploitation of additional resources held by the Company (totalling 27.1 million pounds U3O8) and with ongoing exploration work.
The Project has now been advanced to the Definitive Feasibility Study ('DFS') stage and a number of work programs providing key inputs to the DFS, including hydrogeological studies and metallurgical testwork, commenced in the June 2014 Quarter.
The permitting process for the Salamanca Project has been progressed in parallel with the technical studies. Major permitting milestones have recently been achieved with the granting of the Environmental and Mining Licences for Retortillo (the first resource from which production is scheduled to commence) in October 2013 and April 2014 respectively.
Berkeley is focused on pursuing the ongoing exploration, appraisal and development of this outstanding uranium project in order to fulfil its vision of becoming a uranium producer in the near to medium term.
Spain offers an environment conducive to Berkeley's activities, with no prohibitions on uranium mining, good mining infrastructure, skills and power, a reliable legal and mining title jurisdiction and a local energy market which is 21% nuclear dependent (World Nuclear Association, September 2013).