quote:20 March 2006
ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE
STRATEGIC ALLIANCE WITH AREVA NC
The Directors of Berkeley Resources Limited are pleased to advise that the Company has signed a Heads of Agreement with AREVA NC to form a Strategic Alliance to explore and develop Berkeley’s uranium projects in Spain.
Under the Agreement, Berkeley will acquire access to AREVA NC’s exploration database for the Iberian Peninsular and AREVA NC will become Berkeley’s Technical Partner for exploration and development of the Company’s projects in Spain.
Berkeley will also appoint AREVA NC as its marketing partner for any production arising from the Spanish projects, on normal commercial terms.
AREVA NC explored extensively in Spain in the early 1990’s, with its main focus on what are now Berkeley’s Caceres properties. AREVA NC generated a very substantial exploration database on these properties, including aerial and ground radiometrics and a significant amount of drilling. Access to this database will result in a material cost saving for Berkeley.
The Technical Partnership will augment Berkeley’s already strong team on the ground in Spain, with initial high level input in target generation from the existing database. AREVA NC’s world leadership in uranium exploration and development will also greatly assist Berkeley in exploring
ACN 052 468 569
Level 9, BGC Centre, 28 The Esplanade, Perth WA 6000
Tel: + 618 9322 6322, Fax: + 618 9322 6558
PO Box Z5083, Perth WA 6831, Australia
its other Spanish projects as well as potentially developing a new era of uranium mining in Spain.
Berkeley will issue AREVA NC 3.5 million fully paid shares (representing approximately 5.8% of current issued shares) and a further 10.6 million options to buy new Berkeley shares at 70 cents each, within 4 years. If these and all other Berkeley options on issue are exercised, AREVA NC would hold approximately 14% of the Company’s issued capital. AREVA NC will have a right to maintain its potential shareholding at that level.
AREVA‘s subsidiary, AREVA NC, based in France, is the world’s leading end to end uranium explorer, and producer, with annual mining production of 6,000t from mines in Canada, Africa and Kazakhstan. With manufacturing facilities in 40 countries and a sales network in more than 100, AREVA offers customers reliable technological solutions for CO2-free power generation and electricity transmission and distribution. AREVA is the world leader in nuclear power and the only company to cover all industrial activities in this field.
The Directors of Berkeley are very pleased to have negotiated an Agreement with AREVA NC which offers significant potential benefits to both parties. AREVA NC’s technical expertise, global network and exploration history in Spain make it the ideal partner to assist Berkeley to capitalise on its efforts in the region to date.
A General Meeting of Shareholders will be held to approve the transaction and a Notice of Meeting, including an Information Memorandum with further details, will be distributed in due course.
Enquiries - Managing Director: Matt Syme Telephone: (61 8) 9322 6322
Facsimile: (61 8) 9322 6558
Email:
info@berkeleyresources.com.au
Another Uranium Stock[BKY]
Reply With Quote
]
Bookmarks