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