Berkeley Resources Ltd: Projects

The Company will earn its interest in Rio Alagon by investing up to €1.5m in exploration over 3 years to earn an initial 51% and can then increase its interest up to 100% by spending a further €2m over 2 years.

All of the Rio Alagon projects have been extensively explored in the past by reputable uranium explorers – notably Areva NC (the worlds largest ore second largest uranium producer, depending on the measure used) and ENUSA (the Spanish national uranium company). As a result, a large volume of data is available, which Berkeley is in the process of acquiring and reviewing.

The Company has signed a Heads of Agreement (subject to shareholder approval) with Areva NC pursuant to which Berkeley will acquire access to Areva NC’s exploration database for the Iberian Peninsular and Areva NC will become Berkeley’s technical partner for exploration and development of the Company’s uranium projects in Spain. The Company will also appoint Areva NC as its marketing partner for any production arising from the Spanish projects, on normal commercial terms.

Berkeley has also made an application to the Spanish authorities for the lifting of a number of State Reserves which relate to substantial known uranium deposits within the Berkeley tenements. These will provide further targets for Berkeley to explore if and when these areas become available.

The Company also owns a number of exploration projects in Australia for gold, nickel and base metals.

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.