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 and total Mineral Resources of 83.2 Mlbs (37.7 Kt) U3O8 (200 ppm cut-off).
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:
- Águila area deposits (State Reserves) with Mineral Resources of 22.2 Mlbs (10.1 Kt) at an average grade of 418 ppm U3O8 (200 ppm cut-off), including 22% Measured and 40% Indicated Resources;
- Alameda area deposits (State Reserves) with Mineral Resources of 24.4 Mlbs (11.0 Kt) at an average grade of 455 ppm U3O8 (200 ppm cut-off), including 75% Indicated Resources;
- Villar area deposits (State Reserves) with an Inferred Mineral Resource of 4.9 Mlbs (2.2 Kt) at an average grade of 446 ppm U3O8 (200 ppm cut-off);
- Retortillo area deposits (100% Berkeley) with Mineral Resources of 22.5 Mlbs (10.2 Kt) at an average grade of 512 ppm U3O8 (200 ppm cut-off), including 27% Indicated Resources;
- The right to use the Quercus Uranium Processing Plant (which currently lacks a comminution circuit), along with associated infrastructure, permitted to produce 2.1 Mlbs (0.95 Kt) pa 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 a Mineral Resource Estimate for the Salamanca I project (Retortillo and Santidad deposits) totaling 17.2 Mlbs (7.8 Kt) of U3O8 (200 ppm cut-off) at an average grade of 548 ppm with 35% Indicated Resources;
- 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 Mineral Resource Estimate for the Gambuta uranium deposit in the Caceres Province, of 9.2 Mlbs (4.2 Kt) of U3O8 (200 ppm cut-off) at an average grade of 371 ppm 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.