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Berkeley Resources receives ASX speeding ticket after 22% price spike

Last updated: 10:48 14 Nov 2011 AEDT, First published: 09:48 14 Nov 2011 AEDT

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Berkeley Resources (ASX: BEK) has received a price and volume speeding ticket from the ASX after the company's shares hit an intra-day high of $0.44 on Friday 11 November - up 22% from the close of $0.36 a day earlier.

Berkeley said that the company is not aware of any material information that has not been released to the market that may explain the sudden investor interest.

The company did however state back to the ASX:

'The company does note however, that the company has recently announced the initiation of licensing and permitting on the Salamanca 1 Uranium project, and the signing of a co-operation agreement with the Spanish Municipalities of Retortillo and Villavieja de Yeltes, which are significant in the development of the company's operations in Spain.'

As part of the agreement, the municipalities of Retortillo and Villavieja de Yeltes undertake to actively contribute throughout the necessary administrative procedures required for the project to achieve both licensing and permitting.

With the permitting process now underway, Berkeley forecast that project construction will commence during 2013.

 

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