25 January 2012

ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE Update on the Berkeley-Enusa JV Uranium Project

Further to the last announcement on 15 December 2011, Berkeley Resources Limited ("Berkeley" or "Company") advises that it has extended the time for Enusa Industria Avanzadas, S. A. ("Enusa"), to form the joint venture company, NEWCO, in accord with the Co-operation Agreement ("Agreement").
Berkeley has extended the deadline to the 29th February 2012, following the recent change in government in Spain.
Also, Berkeley and Enusa have jointly agreed to extend the deadline for Enusa to inform
Berkeley of its conclusions on the Feasibility Study, to no later than the 23rd of February,
2012. This review is in consideration of the Mining Domain Conceptual Basic Engineering
Report (CBER) delivered by Berkeley on November 10th, 2011.
Once the agreed formalities and conditions have been fulfilled, both companies will proceed to finalise the agreements and form NEWCO.
The incorporation of NEWCO triggers the payment of €20M to Enusa within 30 days of formation. NEWCO will be responsible for exploitation of the uranium resources within the State Reserves (Mining Domain) and shall be owned 90% by the Company. Berkeley has received advice from its Spanish legal advisers, Herbert Smith, that the Agreements continue to be enforceable according to their terms.
Berkeley remains committed to developing the ENUSA Joint Venture Project, which the company expects will be its second uranium project developed, closely following Berkeley's
100% owned Salamanca 1 Project.

Enquiries -

Managing Director:

Brendan James

Tel: +34 923 193 903

Capital Markets:

Martin Eales

Tel: +44 20 7029 7881

1

distribué par

Ce noodl a été diffusé par Berkeley Resources Limited et initialement mise en ligne sur le site http://www.berkeleyresources.com.au. La version originale est disponible ici.

Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-25 01:02:46 AM et restera accessible depuis ce lien permanent.

Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité.

Documents associés
Update on Berkeley - Enusa JV Uranium Project 25/01/2012 pdf 25 KB