TIDMBKY
RNS Number : 3732U
Berkeley Resources Limited
29 July 2015
BERKELEY RESOURCES LIMITED
AIM RELEASE | 29 JULY 2015 | ASX/AIM:BKY
QUARTERLY REPORT
JUNE 2015
The Nuclear Safety Council issued a favourable report for the
grant 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 Corporate Numis Securities
Director Manager
Nomad & Broker
+44 207 478 +44 207 478 +44 207 260
3900 3900 1000
info@berkeleyresources.com.au
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 U(3) O(8) (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
U(3) O(8) 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 100% Granted
28 (Alameda)
D.S.R Salamanca 100% Granted
29 (Villar)
E.C Retortillo-Santidad 100% 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 100% Granted
2
I.P. Ciervo 100% Granted
I.P. Dehesa 100% Granted
I.P. El Águila 100% Granted
I.P. Espinera 100% Granted
I.P. Halcón 100% Granted
I.P. Horcajada 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Oñoro 100% Granted
I.P. Pedreras 100% Granted
(1 ,2 ,3 ,4 Fraction)
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 100% Granted
Este - U
I.P Don Benito 100% Granted
Este - C
I.P Don Benito 100% Granted
Oeste - U
I.P Don Benito 100% Granted
Oeste - C
Ciudad I.P Damkina Fraccion 100% Granted
Real 1
I.P Damkina Fraccion 100% Granted
2
I.P Damkina Fraccion 100% Granted
3
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Berkeley Energia (LSE:BKY)
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