Further re Spanish Approval

RNS Number : 1888R

Berkeley Resources Limited

27 April 2009

 



27 April 2009

ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE

Council of ministers APPROVAL RECEIved 

for enusa agreement

The Directors of Berkeley Resources Limited are pleased to advise that the Spanish Council of Ministers on Friday approved the Co-operation Agreement with ENUSA Industrias Avanzadas SA (ENUSA), as set out in the announcement dated 9 December 2008.

Berkeley will now proceed to:

• Pay the initial deposit of €5m for the ENUSA assets;

• Acquire ENUSA's historical database for the Salamanca State Reserves and the Quercus uranium processing plant;

• Commence a feasibility study on the Salamanca Uranium Project, scheduled to take 18 months to complete; 

• Undertake the placements and rights issue set out in the announcement of 23 March 2009; and

• Appoint Mr Stephen Dattels to the Board upon completion of the placement to Polo Resources Ltd.

Berkeley is ideally placed to undertake the feasibility study, which includes an existing uranium processing plant and the substantial combined resource base of the two companies. Berkeley particularly looks forward to partnering with ENUSA to investigate the regeneration of uranium production in Spain. 

Enquiries -    Managing Director:            Matt Syme            Tel: [phone]     

                     RBC Capital Markets:         Martin Eales        Tel: [phone]

 

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