TIDMBKY
RNS Number : 7935D
Berkeley Energy Limited
29 October 2015
BERKELEY ENERGY LIMITED
AIM RELEASE | 29 OCTOBER 2015 | AIM/ASX:BKY
Quarterly Report for the period ending 30 September 2015
Following the gazetting of the approval from the Ministry of
Industry, Energy and Tourism the Company has now received all the
European Union, National, Regional and Provincial level approvals
required for the initial infrastructure development of the
Salamanca project.
The final stages of the local approvals are well advanced and
expected to be finalised well ahead of the target commencement date
of mid-2016.
Berkeley received more than 18,000 applications for the first
200 jobs the Salamanca project will be creating in a rural
community which has been hard-hit by inter-generational
unemployment.
A Mineral Resource Estimate for the Zona 7 deposit was reported,
resulting in a significant increase in resource grade, an increase
in resource pounds and with almost ninety percent of the resource
upgraded to the Indicated category. The Zona 7 deposit is located
within 10 kilometres of the approved location of the proposed
processing plant.
The inclusion of the important Zona 7 deposit is expected to
fundamentally improve the economics of the Salamanca project, even
at current Uranium prices, by significantly increasing the mine
life, the production rates and by reducing the operating costs from
the levels previously reported.
Metallurgical testwork results confirmed that the Zona 7 ore is
amenable to low cost heap leaching.
Work continued on a Pre-Feasibility Study (including the Zona 7
deposit) and will allow the overall economics of the project to be
reported for the first time.
Early indications from the study, which is expected to be
published in the December quarter, show that the project will have
lower capital costs than previously reported, benefitting from
favourable movements in exchange rates and due to the high grade,
low strip ratio and impressive metallurgy it is expected that
operating costs will reduce significantly.
Following the Board's decision to push ahead with the overall
development of the project and the recent positive announcements on
approvals, drill results and metallurgical test work, the Company
has received a number of approaches from potential financiers which
are now being advanced.
For further information contact:
Paul Atherley Hugo Schumann John Prior / Paul
Gillam
Managing Director Corporate Manager Numis Securities
Nomad & Broker
+44 207 478 3900 +44 207 478 3900 +44 207 260 1000
info@berkeleyenergy.com
Major permits in place for the Salamanca project
On 21 October Berkeley announced that a Ministerial Order was
signed by the Secretary of State for Energy and gazetted in
relation to the Initial Authorization for the treatment plant as a
radioactive facility.
With the Mining Licence and Environmental Licence already
obtained, the final approvals comprise the locally issued Urbanism
Licence and the Construction Authorisation by the Ministry of
Industry, Energy and Tourism.
A co-operation agreement with the relevant municipalities
supporting the grant of the Urbanism Licence has been signed and
the preparation of the documentation for the Construction
Authorisation is well advanced. Both approvals are expected to be
granted in advance of the expected commencement of site works in
mid-2016.
The Company has now received all the European Union, National,
Regional and Provincial level approvals required for the initial
infrastructure development of the Salamanca project.
Commencement of recruitment and training
Berkeley received over 18,000 applicants for the first 200 jobs
the Salamanca project will be creating in a rural community which
has been hard-hit by inter-generational unemployment.
The project is expected to generate over 450 direct jobs and the
University of Salamanca has estimated a further 2,300 indirect jobs
will be created, making Berkeley one of the largest employers in a
community which has suffered badly from the effects of rural
desertification.
The Company commenced with a skills training programs for
locals, some of whom have previously worked in the local uranium
mining operations.
The training program provided the Company with an intimate
insight into the benefits that the employment will bring to the
local community and has encouraged Berkeley to expand its training
programs into other areas.
Resource Upgrade
On 7 October an updated Mineral Resource Estimate, reported in
accordance with JORC Code (2012), for the Zona 7 deposit was
published and reported grades comparable to the world's highest
grade open pit mines in operation, with the bulk of the resource
lying within fifty metres of the surface.
Significantly, the Zona 7 deposit is located within 10km of the
approved location of the proposed processing plant.
The total Mineral Resource Estimate for Zona 7 now stands at
31.4 million pounds of U(3) O(8) (at a cut-off grade of 200 ppm)
including an Indicated resource of 17.1 million tonnes at 735 ppm
containing 27.8 million pounds of U(3) O(8) .
The overall Mineral Resource Estimate for the Salamanca Project
now stands at 89.5 million pounds of U(3) O(8) .
Managing Director Paul Atherley commented "With high grades,
good recoveries and the potential for some of the lowest costs in
the industry the Salamanca project is rapidly emerging as one of
the best new projects around."
Impressive metallurgical testwork results on Zona 7
Testwork on representative samples across a range of ore types
at Zona 7 indicated that recoveries of over 85% can be expected
with low acid consumption (12-18 kg/t) and at a coarse crush size.
The ore is easy to crush and has a low abrasion index. It also
exhibits good geotechnical properties, suitable for high lifts on
the heap leach pads.
The high recoveries were achieved very rapidly in less than
thirty days of leaching with virtually 100% of the soluble uranium
going into solution and therefore readily recoverable in the
proposed processing facilities.
These highly impressive metallurgical testwork results were
important as they enhance the economic significance of the Zona 7
deposit and support the Board's decision to rapidly incorporate the
deposit into the overall development plans of the Salamanca
Project.
Pre-Feasibility Study
Work continued on a Pre-Feasibility Study for the Salamanca
project with publication expected during the December quarter.
The study will include the Zona 7 deposit and will allow the
overall economics of the project to be reported for the first
time.
The inclusion of the important Zona 7 deposit is expected to
fundamentally improve the economics of the Salamanca project, even
at current Uranium prices, by significantly increasing the mine
life, the production rates and by reducing the operating costs from
the levels previously reported.
Corporate
Mr Dylan Browne has been appointed Company Secretary and Chief
Financial Officer of the Company following the resignation of Mr
Clint McGhie as a result of the Company's corporate management base
moving to the London office. Mr Browne is a Chartered Accountant
and Chartered Secretary who commenced his career at a large
international accounting firm and has since worked in the corporate
office of a number of listed companies that operate in the
resources sector.
The board would like to thank Mr McGhie for his excellent
service to the Company from the early stages of exploration of
Salamanca through to near term development of the project.
As of 30 September 2015 Berkeley was in a strong financial
position with cash reserves of A$11.1 million and no debt.
Competent Persons Statement
The information in this report that relates to the 2015 Mineral
Resources for Zona 7 is extracted from the report entitled
'Increase in Zona 7 grade' dated 7 October 2015 and is available to
view on Berkeley's website at www.berkeleyenergy.com. The
information in the original ASX Announcement is 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.
(MORE TO FOLLOW) Dow Jones Newswires
October 29, 2015 03:01 ET (07:01 GMT)
The information in this report that relates to the 2015
Metallurgical Testwork Results for Zona 7 is extracted from the
report entitled 'Impressive Metallurgical Testwork Results on Zona
7' dated 8 September 2015 and is available to view on Berkeley's
website at www.berkeleyenergy.com. The information in the original
ASX Announcements is based on information compiled by Mintek under
the supervision of Mr David Dodd, who is a Fellow of the Southern
African Institute of Mining and Metallurgy. Mr Dodd is independent
of Berkeley and is an independent consulting metallurgist
affiliated to MDM Engineering Limited an independent engineering
company based in South Africa. Mr Dodd has sufficient experience
which is relevant to metallurgical processing of 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. 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.
The information in this report that relates to the Mineral
Resources for Retortillo is extracted from the report entitled
'March 2015 Quarterly Report' dated 29 April 2015 and is available
to view on Berkeley's website at www.berkeleyenergy.com. The
information in the original ASX Announcement that relates to the
Mineral Resources for Retortillo 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.
The information in this report that relates to earlier Mineral
Resources (other than the Zona 7 and Retortillo deposits) (refer
ASX announcements dated 31 July 2012, 31 October 2012, 7 August
2013 and 26 September 2013) is based on information compiled by
Craig Gwatkin, who is a Member of The Australasian Institute of
Mining and Metallurgy and was an employee of Berkeley Energy
Limited at the time of initial disclosure. Mr Gwatkin 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'. Mr Gwatkin consents to the inclusion in the report of
the matters based on his information in the form and context in
which it appears. This information was prepared and first disclosed
under the JORC Code 2004. It has not been updated since to comply
with the JORC Code 2012 on the basis that the information has not
materially changed since it was last reported.
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.
Table 1: Zona 7 - Mineral Resource Estimate
Zona 7 - Mineral Resource Estimate as at 5
October 2015
Reported at a cut-off grade of 200 ppm U(3)
O(8)
--------------------------------------------------------------
Resource Tonnage Grade Contained U(3)
O(8)
Category (million tonnes) (U(3) O(8) (million pounds)
ppm)
----------------- ----------- -----------------
Indicated 17.1 735 27.8
----------------- ----------- -----------------
Inferred 4.9 333 3.6
----------------- ----------- -----------------
Total 22.1 645 31.4
----------------- ----------- -----------------
All figures are rounded to reflect appropriate levels of
confidence. Apparent differences occur due to rounding.
Table 2: Zona 7 - Grade Tonnage Table
Zona 7 - Mineral Resource Estimate as at 5 October 2015
Lower Cut-off Tonnage Grade Contained U(3)
Grade O(8)
(U(3) O(8) ppm) (million tonnes) (U(3) O(8) (million pounds)
ppm)
----------------- ----------- -----------------
100 35.6 455 35.7
----------------- ----------- -----------------
200 22.1 645 31.4
----------------- ----------- -----------------
300 15.4 819 27.8
----------------- ----------- -----------------
400 11.5 979 24.9
----------------- ----------- -----------------
500 9.0 1,132 22.3
----------------- ----------- -----------------
Table 3: Salamanca Project Global Mineral Resource Estimate
October 2015
----------------------------- -----------
Deposit Resource Tonnes U(3) U(3)
O(8) O(8)
Name Category (Mt) (ppm) (Mlbs)
----------- ------- ------- --------
Retortillo Measured 4.8 412 4.4
Indicated 11.7 349 9.0
Inferred 0.2 373 0.1
----------------------------------------- ------- ------- --------
Total 16.6 367 13.5
----------------------------------------- ------- ------- --------
Zona 7 Indicated 17.1 735 27.8
Inferred 4.9 333 3.6
----------------------------------------- ------- ------- --------
Total 22.1 645 31.4
----------------------------------------- ------- ------- --------
Las Carbas Inferred 0.6 443 0.6
Cristina Inferred 0.8 460 0.8
Caridad Inferred 0.4 382 0.4
Villares Inferred 0.7 672 1.1
Villares North Inferred 0.3 388 0.2
----------------------------- ----------- ------- ------- --------
Total Retortillo Satellites Inferred 2.8 492 3.0
----------------------------- ----------- ------- ------- --------
Alameda Indicated 20.0 455 20.1
Inferred 0.7 657 1.0
----------------------------------------- ------- ------- --------
Total 20.7 462 21.1
----------------------------------------- ------- ------- --------
Villar Inferred 5.0 446 4.9
Alameda Nth Zone 2 Inferred 1.2 472 1.3
Alameda Nth Zone 19 Inferred 1.1 492 1.2
Alameda Nth Zone 21 Inferred 1.8 531 2.1
----------------------------- ----------- ------- ------- --------
Total Alameda Satellites Inferred 9.1 472 9.5
----------------------------- ----------- ------- ------- --------
Gambuta Inferred 12.7 394 11.1
============================= =========== ======= ======= ========
Salamanca Project Measured 4.8 412 4.4
=============================
Indicated 48.8 528 56.8
Inferred 30.4 422 28.3
----------------------------------------- ------- ------- --------
Total 84.1 483 89.5
========================================= ======= ======= ========
All figures are rounded to reflect appropriate levels of
confidence. Apparent differences occur due to rounding.
Appendix 1: Summary of Mining Tenements
(MORE TO FOLLOW) Dow Jones Newswires
October 29, 2015 03:01 ET (07:01 GMT)
Berkeley Energia (LSE:BKY)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Berkeley Energia (LSE:BKY)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
