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Additional Information
Market:ASX AIM
Sector:General Mining
EPIC:BKY
Latest Price: 0.35  (-5.41% Descending)
52-week High:0.83
52-week Low:0.30
Market Cap:62.75M
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Berkeley Resources

Berkeley Resources (ASX: BKY) is an exploration and development group with a dominant land holding and advanced uranium exploration and development projects in Spain.

Berkeley's focus is on the successful completion of a Feasibility Study at its flagship Salamanca Uranium Project, incorporating the Spanish State Reserves and the Quercus Uranium Processing Plant. BKY is committed to aggressively pursuing the ongoing exploration, appraisal and potential development of this outstanding uranium Project in order to fulfill its strategic objective of becoming the next European uranium producer in the near-term.

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Berkeley Resources in pre-open pending ENUSA negotiations for Spanish uranium project

Monday, May 30, 2011 by John Phillips
Berkeley Resources in pre-open pending ENUSA negotiations for Spanish uranium project

Berkeley Resources (ASX: BKY) has been granted a trading halt by the ASX pending an announcement regarding an update on negotiations with Enusa Industrias Avanzadas S.A. (ENUSA) for the Salamanca Uranium project located in Spain, with the company's share placed in pre-open.

Regarding the Salamanca Uranium project, the most recent significant development has been the progress in implementing the Cooperation Agreement with ENUSA relating to that proportion of the project’s resource inventory within the State Reserves.

Under the terms of the agreement, Berkeley elected to make the decision to exploit the eligible Mineral Resources within the State Reserves in January this year.

This decision triggers the formation of a joint venture company, NEWCO, owned 90% by Berkeley and 10% by ENUSA, which will have the right to exploit uranium Mineral Resources within the State Reserves.

The formation of NEWCO does not impede Berkeley from also developing its 100% owned Mineral Resources and treating either mined material or concentrates through the Quercus Plant under a toll treatment arrangement provided for in the Co-operation Agreement.

Berkeley shares will remain in pre-open until the ENUSA negotiation announcement is made, or the commencement of trading on Thursday 2nd June.

 

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