Quarterly Report
29 4월 2009 - 4:29PM
UK Regulatory
TIDMBKY
RNS Number : 3448R
Berkeley Resources Limited
29 April 2009
Quarterly Activities Report
For the Quarter Ended
31st March 2009
Key Developments
Corporate
* Shareholders approved the Co-operation Agreement with ENUSA, which was then
submitted to the Spanish Council of Ministers for approval.
* A placement of 10m shares and 5m options to Polo Resources Limited was agreed.
Mr Stephen Dattels will join Berkeley's board at completion.
* A parallel placement to major institutional shareholders and a 1:20 rights issue
to shareholders, on the same terms, will potentially bring the total funds
raised to around A$10m, sufficient to fund the ENUSA deposit and feasibility
study.
Exploration
* A revision of Berkeley's exploration ground holdings was completed, with an
overall reduction of about 40% by area.
* A representative sample of mineralised drill core from Retortillo was subject to
a range of metallurgical and processing testwork, including size distribution,
comminution, radiometric sorting and column leaching. Results were generally
encouraging for ongoing testwork.
Enquiries - Managing Director: Matt Syme Tel: +61 417 906 717
RBC Capital Markets: Martin Eales Tel: +44 20 7029 7881
Corporate
Shareholder Meeting
On 19 January, shareholders of the Company approved the Co-operation Agreement
with ENUSA, as set out in the announcement of 10 December 2008. The Agreement
was then submitted to the Spanish Consejo de Ministros (Council of Ministers)
for approval.
Share Placements and Rights Issue
On 23 March 2009, Berkeley advised that it had reached agreement on 2 placements
of new securities to raise approximately A$7m, along with a proposed rights
issue to raise a further A$3m, as follows:
1. A placement to Polo Resources Limited of 10m shares at A$0.50 each, along with
5m free attaching options, exercisable within 4 years at $0.75 each. Polo's
Chairman, Mr Stephen Dattels, will be invited to join the Berkeley Board at
completion. Mr Dattels was a founder of Uramin Inc, a uranium exploration and
development company which was sold to Areva for US$2.5bn in 2007;
2. A placement of 4m shares and 2m options on the same terms to existing major
shareholders; and
3. A 1 for 20 rights issue to shareholders on the same terms, representing up to
5,879,584 shares and 2,939,792 options.
The issues are subject to the approval of the Spanish Council of Ministers to
the Co-operation Agreement, which was received on 24 April 2009. They also
require partial approval of shareholders at a meeting to be held on 6 May 2009.
The capital raisings secure Berkeley's funding for the deposit payable to ENUSA
(EUR5m) and also the costs of the feasibility study which Berkeley will undertake.
Exploration
The principal focus this quarter has been initial planning and preparation for
the evaluation drilling phase of the impending feasibility study on the
Salamanca Uranium Project. Historic information held by Berkeley, and generated
exclusively by the Spanish State during intermittent exploration and evaluation
campaigns between the 1950's and late 1990's, has been compiled and
interrogated. This process has been assisted by the experience of assessing
equivalent data for Berkeley's Retortillo, Cristina and Caridad deposits during
the last two years.
In addition, an extensive review of the Company's exploration tenements,
described in the December quarter, was completed. It resulted in a reduction of
about 40% by area with the number of granted licenses and licenses under
application being reduced from 71 to 52, totalling 296,162 hectares.
This reduction process included ground radiometric screening of extensive areas
with little or no historic data and geological assessment of resulting
anomalies. As a result some anomalies resulting from sources other than uranium
mineralisation were downgraded and the areas relinquished.
Metallurgical Testwork: Retortillo
In December 2008 two representative samples of mineralization from the
Retortillo deposit, totaling 800kg, were sent to SGS Lakeside Oretest Pty Ltd in
Perth, with the aim of determining a variety of work indexes, and assessing the
potential for establishing a heap leaching operation. In addition, 84 individual
core samples of mineralization and host rock, in the size range 20-50mm were
sent to Ultrasort Pty Ltd in Australia to determine the potential for
radiometric sorting of Retortillo mineralisation.
The two representative samples were selected from 7 diamond drill holes and
divided into two composites, "Top" and "Bottom" on the basis of weathering and
clay content. At the end of March, the following test work had been completed
and the results are reported below:
1. Uranium Distribution by Size.
2. Comminution Tests
3. Bottle Roll Tests
4. Agglomeration and Percolation Tests
Following the successful outcome of the agglomeration and percolation tests a
leach column was established for each composite. The 60 day leaching tests are
based on 4m columns, 100mm in diameter, with each containing 60 kg of
mineralization crushed to 80% passing 10mm.
1. Uranium Distribution by Size
The material as received was crushed to -50mm, sized and Uranium analysis
completed on each size fraction. Results from the "Bottom" composite material
indicated that the + 25mm fraction contained 30.5% of the Uranium in 44.6% of
the mass; In contrast, the more friable "Top" composite contained only 2.5% of
the mass in the >25mm fraction and 0.7% of the Uranium.
2. Comminution Testwork
This crushing and grinding testwork included:-
* Apparent Relative Density (ARD)
* Uniaxial Compressive Strength (UCS)
* Bond Rod Mill Work Index (BRMWi)
* Bond Ball Mill Work Index (BBRMWi)
* Bond Abrasion Index (Ai)
* Bond Impact Crusher Work Index (ICWi)
The results are summarized below:
Table 1: Top and Bottom Composite Results
+------------------------------+--------+--------+--------+--------+--------+
| Test Description | Units | Top Composite | Bottom |
| | | | Composite |
+ + +-----------------+-----------------+
| | | Sample No | Sample No |
+ + +---------------------------------------+-----------------+
| | | 1 | 2 | 1 | 2 |
+------------------------------+--------+------------------------------+--------+--------+--------+
| Apparent Relative Density | kg/m3 | 2,142 | 2,008 | 2,660 | 2,467 |
| (ARD) | | | | | |
+------------------------------+--------+--------+--------+--------+--------+
| Uniaxial Compressive | Mpa | 5.9 | 6 | 8.2 | 22.3 |
| Strength (UCS) | | | | | |
+------------------------------+--------+--------+--------+--------+--------+
| Bond Rod Mill Work Index | kWh/t | 7.14 | - | 12.97 | - |
| (BRMWi) | | | | | |
+------------------------------+--------+--------+--------+--------+--------+
| Bond Mill Work Index (BBMWi) | kWh/t | 10.2 | - | 13.1 | - |
+------------------------------+--------+--------+--------+--------+--------+
| Bond Abrasion Index (Ai) | - | 0.037 | - | 0.037 | - |
+------------------------------+--------+--------+--------+--------+--------+
| Bond Impact Crusher Work | kWh/t | 2.8 | - | 7.4 | - |
| Index (IC wi) | | | | | |
+------------------------------+--------+--------+--------+--------+--------+
The results are encouraging and indicate that the Retortillo
mineralisation requires relatively low energy to crush and grind and will be
amenable to a standard crushing and grinding circuit.
3. Bottle Roll Tests
Forty eight hour bottle roll tests were carried out on three size ranges for
each composite, -50mm, -25mm and -10mm, using 1 -2 g/l H2S04 and 2 -3 g/t Fe
3+. Results for the "Top" composite samples indicated Uranium extractions
in the range 95 -97%, whereas extraction from the "Bottom" composite samples
ranged between 80 - 90%.
These results indicated that the levels of Uranium extraction under relatively
mild conditions were sufficiently encouraging to justify leach column testwork.
4. Agglomeration and Percolation Tests
Agglomeration tests indicated satisfactory results with simple acid addition for
the "Bottom" composite. The finer sized and more friable "Top" composite
required the addition of a small amount of binder, in addition to acid, to
achieve acceptable agglomeration. The subsequent percolation tests indicated
that satisfactory percolation rates would be achieved in a leaching column.
5.Progress Results From the Leaching Columns
Column leaching commenced on 9 March and at the end of the quarter recoveries
were in the range of 43-46% for the two samples. This encouraging progress has
continued and by mid April recoveries have increased to about 83% for the "Top"
composite and 80% for the "Bottom" composite. It should be noted that Uranium
extraction is only indicative at this stage and that accurate calculation of
recoveries will require completion of the 60 day tests, dismantling of the
columns, analysis of the residue, and determination of the mass balances. It
will also require satisfactory recovery of the dissolved Uranium from the
pregnant liquor, following additional test work.
Both columns exhibit minimal slump, and encouraging levels of acid consumption
(in the range of 11-12 kg/tonne at mid April).
6. Radiometric Sorting
The 84 core samples were individually assessed for their radiometric
characteristics on the Ultrasort test rig then returned to SGS in Perth for
individual analysis for Uranium.
The combined results were then incorporated into the Ultrasort assessment model,
which simulates the algorithm used by the radiometric sorters. Although there is
significant scatter in the correlation between grade and radiometric response,
which would result in some accept material being rejected and vice versa, the
algorithm used in the model indicates good potential for upgrading with minimal
losses of Uranium to the waste stream. More detailed test work is justified.
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr James Ross, who is a Fellow of The Australian Institute of Mining and Metallurgy and a consultant to Berkeley Resources Limited. Dr Ross 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'. Dr Ross consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. |
+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
Appendix 1: Berkeley Tenements - Spain
+---------------+---------------------+---------------------+------------------+------------+
| Province | License Type | Tenement Name | Status (31st | Hectares |
| | | | March 2009) | |
+---------------+---------------------+---------------------+------------------+------------+
| GUADALAJARA | P.I. | POBO | SUBMITTED | 5,237 |
+ +---------------------+---------------------+------------------+------------+
| | P.I. | COBETA | SUBMITTED | 2,367 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | ARAGONCILLO 1 | SUBMITTED | 4,932 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | ARAGONCILLO 2 | SUBMITTED | 7,532 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | PINARES 1 | PENDING | 3,112 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | PINARES 2 | PENDING | 2,538 |
+---------------+---------------+---------------------+---------------------+------------------+
| | P.E. | BERKELEY 3 | SUBMITTED | 14,325 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.E. | BERKELEY 5 | SUBMITTED | 12,787 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.E. | BERKELEY 6 | SUBMITTED | 13,054 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.E. | BERKELEY 7 | SUBMITTED | 10,953 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.E. | BERKELEY 8 | SUBMITTED | 14,630 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.E. | BERKELEY 9 | SUBMITTED | 13,058 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.E. | BERKELEY 10 | SUBMITTED | 13,057 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.E. | BERKELEY 11 | SUBMITTED | 13,063 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.E. | BERKELEY 15 | SUBMITTED | 13,090 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.E. | BERKELEY 16 | SUBMITTED | 14,656 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.E. | BERKELEY 17 | SUBMITTED | 12,561 |
+---------------+---------------------+---------------------+------------------+------------+
| SALAMANCA I | P.I. | CASTAÑOS 2 | GRANTED | 2,895 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | PEDRERAS | GRANTED | 2,722 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | ABEDULES | GRANTED | 2,893 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | ALISOS | GRANTED | 2,894 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | ALCORNOQUES | GRANTED | 2,835 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | BARDAL | PENDING | 3,709 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | BERZOSA | PENDING | 2,864 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | HERRADA | PENDING | 3,301 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | LASANTA | PENDING | 781 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | SANTALUCÍA | PENDING | 2,025 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | TRES CUARTOS | SUBMITTED | 2,602 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | ESPINERA | SUBMITTED | 2,977 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | LAS ERAS | SUBMITTED | 2,083 |
+---------------+---------------------+---------------------+------------------+------------+
| | P.I. | BOGAJO | SUBMITTED | 2,747 |
+---------------+---------------------+---------------------+------------------+------------+
| SALAMANCA II | P.I. | BARQUILLA | GRANTED | 2,988 |
+ +---------------------+---------------------+------------------+------------+
| | P.I. | CIERVO | PENDING | 3,454 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | DEHESA | PENDING | 3,399 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | HORCAJADA | PENDING | 3,483 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | MIMBRE | PENDING | 4,097 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | OÑORO | PENDING | 3,574 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | ABETOS | SUBMITTED | 1,479 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | FUENTEGUINALDO | PENDING | 2,913 |
+---------------+---------------+---------------------+---------------------+------------------+
| SALAMANCA V | P.I. | MAILLERAS | SUBMITTED | 2,794 |
+ +---------------------+---------------------+------------------+------------+
| | P.I. | EL ÁGUILA | SUBMITTED | 2,879 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | CAMPILLO | SUBMITTED | 2,792 |
+---------------+---------------+---------------------+---------------------+------------------+
| CÁCERES III | P.I. | OLMOS 1 | GRANTED | 8,373 |
+ +---------------------+---------------------+------------------+------------+
| | P.I. | OLMOS 2 | SUBMITTED | 1,386 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | OLMOS 3 | SUBMITTED | 2,389 |
+ +---------------+---------------------+---------------------+------------------+
| | P.I. | ZAFRILLA | SUBMITTED | 5,017 |
+---------------+---------------+---------------------+---------------------+------------------+
| CÁCERES VI | P.I. | IBOR | SUBMITTED | 4,702 |
+ +---------------------+---------------------+------------------+------------+
| | P.I. | ALMENDRO | GRANTED | 8,635 |
+---------------+---------------+---------------------+---------------------+------------------+
| TOLEDO | P.I. | LUCENA | PENDING | 4,025 |
+---------------+---------------------+---------------------+------------------+------------+
| CÁCERES VII | P.I. | TIÉTAR | SUBMITTED | 5,948 |
+---------------+---------------------+---------------------+------------------+------------+
| BARCELONA | P.I. | SOL | SUBMITTED | 6,779 |
+ +---------------------+---------------------+------------------+------------+
| | P.I. | LUNA | SUBMITTED | 6,779 |
+---------------+---------------+---------------------+---------------------+------------------+
| | | | | 296,162 |
+---------------+---------------------+---------------------+------------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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