BERKELEY RESOURCES LIMITED - ASX: BKY

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Description

Berkeley Resources Limited is an ASX and AIM listed exploration and development group with a dominant land holding and advanced uranium exploration and development projects in Spain.

Berkeley's focus is on the successful completion of a Feasibility Study at its flagship Salamanca Uranium Project, incorporating the Spanish State Reserves and the Quercus Uranium Processing Plant.

The Salamanca Uranium Project has a number of identified uranium deposits, including an inferred JORC Resource, significant exploration targets based on historical information and substantial exploration upside. 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.

Berkeley's right to use the Quercus Uranium Processing Plant (along with associated infrastructure, in its current state) has the potential to save Berkeley significant upfront capital costs upon the decision to proceed to mining. The plant (which currently lacks a comminution circuit), along with associated infrastructure, is permitted to produce 950tpa of U3O8 per annum.

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.

Mine For

uranium

Location of operation(s)

Spain

Address

Level 9, BGC Centre , 28 The Esplanade
PERTH, WA, AUSTRALIA

Phone

61 8 9322 6322

Email

Website

http://www.berkeleyresources.com.au

Last Updated

30/04/2010