Corporate Overview
Berkeley Resources Limited ("Berkeley") is the premier uranium explorer and developer in the Iberian peninsular with a dominant land holding and advanced uranium exploration and development projects.
Berkeley is an Australian incorporated company which listed on the Australian Securities Exchange in September 2003 and the AIM market of the London Stock Exchange in December 2006.
Berkeley's flagship Salamanca Uranium Project includes the Salamanca State Reserves (in which Berkeley has a right to acquire a 90% interest) as well as a large parcel of wholly owned permits. The Salamanca Uranium Project includes:
- Mina Fe area deposits (State Reserves) with exploration targets totaling 16.0-19.5mt at 400-500ppm ( for 14-21.5mlbs of U3O8) based on ENUSA's historical work (refer note 1);
- Alameda area deposits (State Reserves) with exploration targets of 25.5-29.0mt at 450-500ppm (approximately 28-29mlbs of U3O8) based on ENUSA's historical work (refer note 1);
- Retortillo area deposits (100% Berkeley) with Inferred JORC Resource of 16.9mlb at an average grade of 563ppm U3O8 (200ppm cut-off), including Indicated JORC Resources of 4.8mlb at an average grade of 581ppm U3O8 (200ppm cut-off);
- The right to use the Quercus Uranium Processing Plant (which currently lacks a comminution circuit), along with associated infrastructure, permitted to produce 950tpa of U3O8 per annum; and
- Substantial exploration potential in the State Reserves and Berkeley's wholly owned holding, including a number of less vigorously evaluated deposits.
Berkeley commenced a Feasibility Study in May 2009 which is expected to take up to 18 months.
Having completed a placement and rights issue in May/June 2009, Berkeley is well funded for the Feasibility Study period.
Berkeley has also acquired a number of wholly owned projects in Spain, covering all of the main historic uranium mining and exploration areas in the country.
Since acquiring these projects, Berkeley has undertaken a substantial exploration program, with highly encouraging progress, including:
- Compilation and interpretation of a very substantial database of historical exploration results throughout Spain;
- Undertaken aggressive drilling campaigns (RC and Diamond) at Salamanca I, Salamanca II, Caceres III and Caceres VI projects;
- Aerial radiometric and magnetic surveys have been flown over the Salamanca I, Salamanca II and Caceres VI projects highlighting the exploration potential of these tenements and generating a significant number of strong anomalies;
- Calculation of an inferred and indicated JORC resource for the Salamanca I project (Retortillo deposit) totaling 16.9m lbs of U3O8 at an average grade of 563ppm;
- Completion of a Scoping Study at the Salamanca I project confirming the potential economic viability of the project with forecast cash operating costs of US$25/lb and capital for a new process plant totaling US$109m;
- Calculation of an inferred JORC resource estimate for the Gambuta uranium deposit in the Caceres Province, of 9.23 m lbs of U3O8 at an average grade of 371ppm U3O8.
Berkeley boasts an outstanding management team with considerable uranium and general mining experience around the world.
Spain is a country with a substantial domestic uranium demand and a recent uranium mining history.
Note 1
The Mina Fe area and Alameda deposits have been extensively explored by ENUSA but do not presently have JORC compliant resources. Berkeley's targets are conceptual in nature and based on a review of the available data on the projects to date. As there has been insufficient exploration to define a JORC compliant Mineral Resource, it is uncertain whether further exploration will result in the determination of a Mineral Resource.