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Overview

Spain:

  Salamanca I
  Salamanca II
  Caceres I
  Caceres II
  Caceres III
  Caceres VI
  Guadalajara I

Australia:

  Miriam Bouchers

Projects
Berkeley Resources Limited has advanced uranium exploration projects in the Salamanca, Caceres, Badajoz, Guadalajara and Calaf provinces in Spain. The locations of Berkeley’s projects in Spain are shown in the map below:

Location map of Berkeley's projects

All of the Berkeley projects have been extensively explored in the past by reputable uranium explorers – notably Areva NC (the world’s largest ore producer or second largest uranium producer, depending on the measure used) and ENUSA (the Spanish national uranium company). As a result, a large volume of data was available, which Berkeley has purchased.

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;
  • Airborne 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 totaling 16.9m lbs of U3O8 at an average grade of 563ppm. Extensive drilling is ongoing to test a number of other attractive targets in the project area;
  • Calculation of an inferred resource for the Gambuta deposit within the Caceres VI Project totaling 9.23 Mlbs U3O8 at an average grade of 371ppm with a 200ppm U3O8 cuttoff;
  • 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.

Berkeley boasts an outstanding management team with considerable uranium and general mining experience around the world.  The Company has also entered a Strategic Alliance with Areva NC to explore and develop Berkeley’s uranium projects in Spain. Areva NC is part of the Areva Group, one of the world’s leaders in integrated nuclear energy solutions.

Spain is a country with a substantial domestic uranium demand and a recent uranium mining history.

 

The information in this section that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Peter Ellis, a Member of the Australasian Institute of Mining and Metallurgy. Mr Ellis is a consultant of Berkeley Resources Limited. Mr Ellis 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 Ellis consents to the inclusion in this section of the matters based on his information in the form and context in which it appears.


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