25 May 2012

Berkeley seeks uranium permits

13/10/2011 Robert Tyerman

Spanish uranium play Berkeley Resources (BKY) has started the licensing and permitting process for two deposits in Salamanca. Based in Western Australia and quoted on AIM, the company has set the process in train for two deposits, Retortillo and Santidad, within its Salamanca 1 project.

Berkeley, steered by managing director Brendan James, says it is developing Salamanca 1 independently of its joint venture with Spain's state-owned nuclear group ENUSA and reports initial discussions with the Regional Government of Castilla y Leon 'indicate strong support for the project.' The company adds it expects its 2007 resource estimate of 31.7 million lbs of uranium oxide U3O8 to fall by 12 per cent and awaits a preliminary feasibility study by the end of this year.

Berkeley's tightly-held shares have fallen a long way from their 12-month high of 120.5p, though at 27.75p they have risen by 4.25p this morning. Valuing the company at £48.4 million, they offer speculative recovery possibilities.

Tags: AIM market, Brendan James, ENUSA, Salamanca 1 project, Uranium

Sector: Mining

Companies: Berkeley Resources

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