Quarterly Report June 2015

RNS Number : 3732U

Berkeley Resources Limited

29 July 2015

 

BERKELEY RESOURCES LIMITED

AIM RELEASE  |  29 JULY 2015  of the Initial Authorisation of the proposed process plant as a radioactive facility - a significant milestone for the Project.

The overall approval process is now well advanced with the Environmental and Mining Licenses already granted.

Infill drilling is well advanced at the important Zona 7 deposit and is designed to upgrade the resource to the Indicated category and to test for extensions to the known mineralisation.

Initial drill results are due to be reported in mid-August with the final results and an upgraded Mineral Resource Estimate due to be reported in September.

Given the very positive impact the Zona 7 resource is expected to have on the project's overall economics the Board has decided to push ahead with the permitting required to rapidly incorporate this resource into the overall development plans.

An EGM has been called for 31 July 2015 to approve the change of name of the Company to Berkeley Energy Limited to reflect the transition of the Company from an explorer to a producer.

Experienced mining executive Paul Atherley was appointed Managing Director on July 1 to lead the financing and development of the Company's flagship Salamanca Project.

For further information contact:

Paul Atherley	Hugo Schumann	John Prior / Paul Gillam
Managing Director	Corporate Manager	Numis Securities
[phone]	[phone]	Nomad & Broker [phone]
[e-mail]

MAJOR PERMITTING MILESTONE

On 20 July 2015 the Company announced that the Nuclear Safety Council had issued a favourable report which is compulsory and binding on the Ministry of Industry, Energy and Tourism, for the grant of the Initial Authorisation.

The report is an official recognition of the purpose and selected location of the process plant, and represents a significant permitting milestone for the Company.

This authorisation allows the commencement of preliminary infrastructure works to access the plant, notwithstanding any other permits that may be required.

The favourable report also includes technical instructions to the Company for the application for the Authorisation for Construction, which is the second step in the overall three step process. The Company is well advanced in the preparation of the required documentation for this application and expects to make its submission shortly.

INFILL DRILLING AND COMMENCEMENT OF PERMITTING AT ZONA 7

An Infill drilling programme at the Zona 7 deposit commenced during the quarter and is now well advanced, with results expected to be released in mid-August followed by an upgraded mineral resource estimate in September.

The 101 hole 6,500 metre infill programme is designed to upgrade the Inferred Mineral Resource estimate (MRE) of 30.1 million pounds of U₃O₈ (23.2 million tonnes averaging 589 ppm at a cut-off grade of 200 ppm) to the Indicated category.

The programme is also testing for extensions to the mineralisation both along strike to the southwest and along the western boundary.

Recent studies have defined Zona 7 as a shallow, high grade deposit of significant scale located 10 km from the proposed processing facility. The incorporation of the Zona 7 resource into the Definitive Feasibility Study is well underway and will be completed once the upgraded MRE has been finalised.

Given the positive impact the Zona 7 resource is expected to have on the Salamanca Project's overall economics, the Company has decided to push ahead with the preparation of the core documents to start the permitting of Zona 7, which will be submitted in the fourth quarter of 2015.

The Salamanca Project permitting program is now well advanced, with the Mining Licence and the Environmental Licence already granted and the applications for the remaining permits lodged with the relevant authorities.

PROPOSED NAME CHANGE AND INCENTIVE PLANS

A meeting of shareholders of the Company has been called for 31 July 2015 to consider the change of name to Berkeley Energy Limited in order to reflect the Company's transition from an explorer to a producer.

The meeting will also consider the renewal of existing Performance Rights and award of new Performance Rights to the Executive team who will be responsible for bringing the Salamanca Project into production.

APPOINTMENT OF MANAGING DIRECTOR

Mr Paul Atherley was appointed as Managing Director of the Company based in London with effect from 1 July 2015. Mr Atherley is an accomplished mining executive with over 30 years resource industry experience in UK, Australia and China.

He is a Mining Engineer from Imperial College London and holds postgraduate qualifications including an MBA and has held numerous senior executive and board positions during his career.

He has completed a number of acquisitions and financings of resource projects in Australia, South East Asia, Africa and Western Europe, and has well-established relationships with European and Australian capital markets.

His immediate focus will be the integration of the high grade Zona 7 deposit into the project's development plans, thereby potentially increasing the scale of the project and to arrange the project's development finance.

He will also be marketing the Company to investors in Europe, Asia and Australia as well as to potential strategic and off-take partners.

Competent Persons Statement

The information in this report that relates to the Mineral Resources for Zona 7 is extracted from the report entitled 'Salamanca Project Total Resource increased by 43% to 88.2 Mlbs U₃O₈ following substantial increase in Zona 7 Resource' dated 26 November 2014 and is available to view on Berkeley's website at www.berkeleyresources.com.au. The information in the original ASX Announcement that relates to the Mineral Resources for Zona 7 was based on information compiled by Malcolm Titley, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Titley is employed by Maja Mining Limited, an independent consulting company. Mr Titley 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 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Forward Looking Statement

Statements regarding plans with respect to the Company's mineral properties are forward-looking statements. There can be no assurance that the Company's plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to confirm the presence of additional mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company's mineral properties.

Appendix 1: Summary of Mining Tenements

As at 30 June 2015, the Company had an interest in the following tenements:

Location	Tenement Name	Interest	Status
Spain
Salamanca	D.S.R Salamanca 28 (Alameda)	100%	Granted
	D.S.R Salamanca 29 (Villar) E.C Retortillo-Santidad	100% 100%	Granted Granted
	I.P. Abedules	100%	Granted
	I.P. Abetos	100%	Granted
	I.P. Alcornoques	100%	Granted
	I.P. Alisos	100%	Granted
	I.P. Bardal	100%	Granted
	I.P. Barquilla	100%	Granted
	I.P. Berzosa	100%	Granted
	I.P. Campillo	100%	Granted
	I.P. Castaños 2	100%	Granted
	I.P. Ciervo	100%	Granted
	I.P. Dehesa	100%	Granted
	I.P. El Águila	100%	Granted
	I.P. Espinera I.P. Halcón	100% 100%	Granted Granted
	I.P. Horcajada	100%	Granted
	I.P. Mailleras	100%	Granted
	I.P. Mimbre	100%	Granted
	I.P. Oñoro	100%	Granted
	I.P. Pedreras (1º,2º,3º,4º Fraction)	100%	Granted
	I.P. El Vaqueril	100%	Pending
	E.P. Herradura	100%	Pending
Cáceres	I.P. Almendro	100%	Granted
	I.P. Ibor	100%	Granted
	I.P. Olmos	100%	Granted
Badajoz	I.P Don Benito Este - U	100%	Granted
	I.P Don Benito Este - C	100%	Granted
	I.P Don Benito Oeste - U	100%	Granted
	I.P Don Benito Oeste - C	100%	Granted
Ciudad Real	I.P Damkina Fraccion 1	100%	Granted
	I.P Damkina Fraccion 2	100%	Granted
	I.P Damkina Fraccion 3	100%	Granted

Investigation Permit "Halcón" was granted during the quarter ended 30 June 2015. There were no changes to beneficial interest in any mining tenements due to Farm-in or Farm-out agreements. No beneficial interest in Farm-in or Farm-out agreements were acquired or disposed during the quarter.

 

END

 

 

MSCLIFEIDEIAFIE