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Berkeley Resources Limited ("Berkeley") is an ASX and AIM listed exploration and development mining group with two world class uranium development projects in Spain with total gross combined Mineral Resources of 81.3 Mlbs (36.9 Kt) U3O8 (200 ppm cut-off) and net combined Mineral Resources of 76.0 Mlbs U3O8.
Berkeley's focus is on the advancement of two stand alone uranium mining projects, each offering near term production and significant shareholder value.
The Salamanca I Project, is 100% owned by Berkeley and Stage 1 (Retortillo and Santidad deposits) is expected to be commissioned in the second half of 2014 with an average production of 1.42Mlbs per annum during the first 6 years by way of an on-off biological heap leach pad. Further deposits in the immediate surrounding areas ("Satellite Deposits") and further afield ("Cáceres VI") have been identified as future feedstock to the processing plant to be constructed at Retortillo. These deposits will be further defined during a targeted drilling campaign in 2012 and will form Stage 2 of the Salamanca I Project. Total resources currently attributed to the Salamanca I Project amount to 28.7 Mlbs (13.0 Kt) U3O8 (200 ppm cut-off). The project is currently progressing through the permitting process and enjoys strong local and regional support.
The Enusa JV Project, is a redevelopment of previously mined State Reserves in collaboration with Enusa Industrias Avanzadas, S.A. ("Enusa"). The project will be developed through a joint venture company, "NewCo", in which Berkeley will hold a 90% beneficial interest and Enusa a 10% beneficial interest. Berkeley will carry the full costs of developing the project, including any costs to expand and modernise the existing Quercus Plant. The Enusa JV project encompasses the deposits within the Aguila area (Sageras, Palacios and Majuelos deposits), the Alameda Area and the Villar Area.
Total gross resources currently attributed to the Enusa JV Project amount to 52.5 Mlbs (23.8 Kt) U3O8 (200 ppm cut-off) and net resources of 47.3 Mlbs (21.4 Kt) U3O8 (200 ppm cut-off). The project is expected to be commissioned in late 2014. A Mining Domain Conceptual Engineering Report ("CBER") was compiled by Jacobs Engineering and independently reviewed by the Spanish international engineering company Tecnicas Reunidas before submission to Enusa in early November 2011 confirming the projects economic and technical feasibility and Berkeley is currently waiting on finalizing the documentation to form NewCo.
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 18% nuclear dependent (World Nuclear Association, February 2012).
Berkeley is committed to aggressively progressing the development of both projects and has recently strengthened its management team to bring in-house substantial uranium development expertise in order to fulfill its strategic objective of becoming the next European uranium producer.
