Quarterly Activities Report

RNS Number : 4572W

Berkeley Resources Limited

31 January 2012

 



Quarterly Activities Report - December 2011

HIGHLIGHTS 

·     Berkeley Resources Limited's ("Berkeley" or the "Company") 100% owned Salamanca I uranium project, continues to progress on schedule. The licensing and permitting process commenced during the quarter and a co-operation agreement was signed with the local municipalities. Construction is expected to commence mid-2013, with first production anticipated in 2014.

·     Discussions continue with Enusa Industria Avanzadas, S. A. ("Enusa") regarding the development of the State reserves (Enusa JV project). The completed Mining Domain Conceptual Basic Engineering Report (CBER) for the restricted Mining Domain Feasibility Study (MDFS) was compiled by Jacobs Engineering in early November and independently reviewed by Spanish international engineering company, Tecnicas Reunidas, before submission to Enusa. Berkeley has extended the deadline for the formation of Newco to February 29, 2012, following the recent change in government in Spain.

·     Steven Turner was appointed as Berkeley's Chief Financial Officer, effective December 12, 2011. Mr. Turner brings nearly 20 years of debt and equity markets experience in the natural resource sector.

·     Ian Stalker and Henry Horne both resigned as non-Executive Directors effective on November 29, 2011 and December 31, 2011 respectively.

·     The Company held cash balances of A$43M as at December 31, 2011.

OVERVIEW 

SALAMANCA I

Berkeley has continued to focus on delivering the stand alone Salamanca I project as a priority. On Tuesday October 11, 2011 Berkeley initiated the licensing and permitting processes for development of the Retortillo and Santidad deposits.  These deposits will be the first to be developed, and therefore are the first stage of the Salamanca I uranium project. 

On October 26, 2011, Berkeley and the municipalities of Retortillo and Villavieja de Yeltes, within the Salamanca Province, signed a co-operation agreement for the exploitation of the uranium deposits located in the municipalities of Retortillo and Villavieja de Yeltes.

As part of the agreement, the municipalities of Retortillo and Villavieja de Yeltes undertake to actively contribute throughout the necessary administrative process required for the project to achieve both licensing and permitting. Berkeley in turn commits to contribute to the economic and social development of the municipalities. Berkeley expects that the exploitation of the Retortillo and Santidad deposits will create 150 to 200 direct jobs (including permanent contractors). Berkeley has also requested the necessary permits to transfer its current offices, as well as its technical and administrative staff, to Retortillo.

After an initial scoping study, a Preliminary Feasibility Study for the first stage of the project (Retortillo and Santidad only) was prepared. It confirmed the strength of the project, as detailed below.

Preliminary Feasibility Study Results for Berkeley's 100% owned Salamanca 1 Project, Stage 1 (Retortillo & Santidad)

·     Production:

-  LoM: 10 years (in production)

-  U₃O₈ produced: 11.5 Mlbs (1.42 Mlbs/annum average during the first 6 years)

·     Financials:

-  CAPEX during LoM: 83.7 M€

-  Pre-operational CAPEX: 62.5 M€ (contingency included)

-  Total cash cost (Including Royalties): 30.3 USD/lb

Total production cost (including restoration): 33.93 USD/lb

-  NPV: 136.2 M$ (USD)*

-  IRR: 47%*

-  Payback: 1.9 year*
(* Assumes a US$:€ Conversion Rate of 1.32, US$65/lb Uranium Price, 8% Discount rate, 15% Capital Contingency)

This initial production rate, along with the project economics, are expected to grow over the next 12 months, as Berkeley's additional 100% resource areas are developed into the project.

The process will utilise on-off pad, biological heap leaching, which is particularly amenable to the ore type, and to the region and its climate.  Previous 40 day column test work has yielded recoveries in excess of 90%, though for the purpose of the Preliminary Feasibility Study, a more conservative 87.5% recovery was used. 

With the permitting process now underway, Berkeley forecasts that project construction will commence mid-2013.

ENUSA JV PROJECT

A Mining Domain Conceptual Basic Engineering Report ("CBER") was compiled by Jacobs Engineering in early November and independently reviewed by the Spanish international engineering company, Tecnicas Reunidas, before submission to Enusa. Berkeley has extended the deadline for the formation of Newco to February 29, 2012, following the recent change in government in Spain.

Berkeley is confident that the MDFS demonstrates compliance with technical, environmental, legal and economic aspects for the potential processing of uranium within the Mining Domain through the Quercus plant, to a standard validly accepted by international experts in mining.

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.

The MDFS is restricted to measured and indicated resources within the Mining Domain. These Resources total 34.2mlbs U₃O₈ at a grade of 445ppm, with an 89% resource conversion to achieve reserves of 30.3mlbs. Confidence levels have been raised to +/- 15% for capital estimates and to +/- 10% for operating costs. Resources included in the CBER for the restricted MDFS make up only approximately 44% of Berkeley's total resource base, or 69% of Enusa JV resources within the State Reserves.

As the CBER presented to ENUSA, is restricted to only Measured and Indicated Resources within the Mining Domain, the Company is cognisant of further potential project enhancements that can be achieved via the incorporation of synergies through parallel development of the 100%-owned Salamanca 1 project.

Results from the Conceptual Basic Engineering Report  for the Enusa JV Project Mining Domain Feasibility Study

·     Mining rate of 3.5 mtpa for recovery of 2.5mlbs per annum averaged over the life of mine by tank leaching

·     Cash Operating costs of US$34.7/lb* averaged over the life of mine

·     Construction capital costs of US$228 million*

(* Assumes a US$:€ Conversion rate of 1.38)

EXPLORATION

Key Points

·     Exploration at Retortillo and Santidad included a combined resource infill, near mine exploration and condemnation RC drill program. Drilling at Retortillo was completed in November, whilst drilling at Santidad is ongoing. The Retortillo resource estimate has been updated giving a new total resource at 200 ppm CoG of 11.5Mt at 397ppm U₃O₈ for 10.1Mlbs U₃O₈.

·     Data from the recent RC drilling in Alameda, Sageras and Palacios has been integrated into the existing models, and the resource estimates updated. Results are given in Appendix A.

·     An exploration program to be carried out over the coming year has been developed for the Salamanca 1 Satellite deposits and the Caceres region (including the Gambuta deposit) focussing on exploration to confirm and extend the known resources and to test new prospect areas.

Deposit	RC Q1 2011		RC Q2 2011		RC Q3 2011		RC Q4 2011		RC 2011 TOTAL
	Holes	Meters	Holes	Meters	Holes	Meters	Holes	Meters	Holes	Meters
Alameda South	5	404	39	2,157	10	419	-	-	54	2,980
Mimbre	-	-	-	-	6	426	-	-	6	426
Retortillo	3	205	9	599	115	6861	84	5,270	211	12,935
Santidad	-	-	-	-	-	-	27	1,369	27	1,369
Sageras	-	-	-	-	11	422	-	-	11	422
Total	8	609	48	2,756	142	8,128	111	6,639	309	18,132
Deposit	DDH Q1 2011		DDH Q2 2011		DDH Q3 2011		DDH Q4 2011		DDH 2011 TOTAL
	Holes	Meters	Holes	Meters	Holes	Meters	Holes	Meters	Holes	Meters
Alameda South	15	1,422	-	-	-	-	-	-	15	1,422
Retortillo	20	1,615	-	-	-	-	-	-	20	1,615
Sageras West	8	459	-	-	-	-	-	-	8	459
Total	43	3,496	0	0	0	0	0	0	43	3,496

Table 1: Drilling Summary

Retortillo and Santidad Resources (Salamanca 1 Project)

Resource infill, exploration and condemnation drilling has been completed at Retortillo with final assay results received in December. Drilling at Santidad is continuing and is planned to be completed in February.  Assays from Santidad are yet to be received.

The Retortillo drill campaign was completed in November with a total of 211 RC holes, for 12,935m being drilled. The drilling had four main objectives:

1.   More detailed confirmation of the historic data-set to generate a more detailed geological model;

2.   Infill drilling to upgrade Inferred resources to the Indicated category;

3.   Extension of existing resources through exploration drilling; and

4.   Condemnation drilling for mine and plant design purposes.

The drilling was successful in confirming known mineralisation, and extending the mineralisation in some areas where local fracture systems were found to be mineralised outside the previously defined resource. A summary of some of the better intersections is given in Table 2. A summary of all intersections is given in the Appendix B.

Deposit	Hole ID	From	To	Thickness	U3O8
		(m)	(m)	(m)	(ppm)
Retortillo	RTR-266	21	31	10	1,285
Retortillo	RTR-317	19	47	28	273
Retortillo	RTR-324	31	45	12	797
		83	97	12	738
Retortillo	RTR-327	18	32	14	624

Table 2: Significant Intersections (at 200ppm U₃O₈ cutoff)

A new resource block model was created using all available data. This data includes the historical data from ENUSA and the more recent Berkeley drill hole data. Both sets of data consist of chemical assays, e-grade assays and detailed geological logging data, including state of weathering. All data has been reviewed and validated. A geological wireframe was interpreted encompassing all the mineralisation and a block model generated within this wireframe. Ordinary kriging was used to estimate grade into the block model. The results of the resource estimate are given in Appendix A.

The resource estimate has resulted in a significant increase in the Indicated Resource category with 56% of the total resource in this category compared to 37% previously. However, and as previously stated,progress calculations based largely on e-grades and using the zoned block model method employed at the State reserve deposits (which combines kriging and inverse distance squared weightings) indicated that the original 2007 estimate (based on a recovered fraction with inverse distance methodology) overestimated the resource. After the completion of the new resource block model, total Berkeley 100% owned resources have been reduced by 9.5%, from 31.7Mlb to 28.7Mlb.

Alameda, Sageras and Palacios Resources (Enusa JV)

A small amount of RC drilling was completed last quarter at Alameda and Sageras. This drilling was incorporated into the existing resource models and the resources re-estimated. The results from these updates are shown in Appendix A.

The most significant change from previous resources was at Alameda where an additional 0.5Mt for 589t U₃O₈ was added to the global resource and an increased proportion was reported as Indicated Resource. At Sageras and Palacios the amount of resource reported as Measured and Indicated also increased.

Assessment of Other 100% Berkeley Projects

An exploration program to be carried out over the coming year has been developed for the Salamanca 1 Satellite deposits and the Caceres area, focussing on exploration to confirm and extend the known resources, and to test new prospect areas.

A review of the Salamanca 1 Satellite deposits showed many areas of good potential to extend the existing resources, as well as test new prospective exploration areas.

In the Villares East Prospect a review of the historic drilling has shown the potential for significant mineralisation to be defined in this area. Detailed drill planning is underway to test this and other projects including Zona 7, Las Carbas, Mina Cristina and Mina Caridad over the coming year.

In the Caceres Province an infill RC drilling has been designed for the Gambuta Resource with the aim of upgrading the geological model and current resource estimate, and to provide material for metallurgical testwork. The satellite prospects (e.g. El Zarzal, Ojaranzo, El Chorrero) and the granite-metasediment contact zone will also be investigated. Exploration techniques will utilise ground radiometrics, detailed geological mapping and drill testing.

Enquiries

Managing Director	Brendan James	Tel: [phone]
Chief Financial Officer	Steven Turner
RBC Capital Markets	Martin Eales	Tel: [phone]

The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Craig Gwatkin, who is a Member of The Australian Institute of Mining and Metallurgy and is an employee of Berkeley Resources Limited.  Mr. Gwatkin has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  Mr. Gwatkin consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Appendix A: Berkeley Mineral Resources as at 31 December 2011

Deposit	Resource	Tonnes	U3O8	U3O8	U3O8	Category	Berkeley	U3O8	U3O8
Name	Category	(Mt)	(ppm)	(t)	(Mlbs)	(%)	(%)	(Mlbs)	(t)
	Indicated	6.1	416	2,555	5.6	56%	100%	5.6	2,555
	Inferred	5.3	376	2,005	4.4	44%	100%	4.4	2,005
Retortillo	Total	11.5	397	4,560	10.1	100%	100%	10.1	4,560
	Indicated	1.4	394	552	1.2	29%	100%	1.2	552
	Inferred	3.2	417	1,334	2.9	71%	100%	2.9	1,334
Santidad	Total	4.6	410	1,886	4.2	100%	100%	4.2	1,886
Zona 7	Inferred	3.9	414	1,615	3.6	100%	100%	3.6	1,615
Las Carbas	Inferred	0.6	443	266	0.6	100%	100%	0.6	266
Cristina	Inferred	0.8	460	368	0.8	100%	100%	0.8	368
Caridad	Inferred	0.4	382	153	0.3	100%	100%	0.3	153
	Indicated	7.5	412	3,107	6.8	35%	100%	6.8	3,107
	Inferred	14.2	403	5,740	12.7	65%	100%	12.7	5,740
Retortillo Area	Total	21.8	406	8,847	19.5	100%	100%	19.5	8,847
Gambuta Area	Inferred	11.3	371	4,192	9.2	100%	100%	9.2	4,192
	Indicated	7.5	412	3,107	6.8	24%	100%	6.8	3,107
	Inferred	25.5	389	9,933	21.9	76%	100%	21.9	9,933
Salamanca 1 Uranium Project	Total	33.1	394	13,039	28.7	100%	100%	28.7	13,039

(Continued over page)

Appendix A (Continued): Berkeley Mineral Resources as at 31 December 2011

Deposit	Resource	Tonnes	U3O8	U3O8	U3O8	Category	Berkeley	U3O8	U3O8
Name	Category	(Mt)	(ppm)	(t)	(Mlbs)	(%)	(%)	(Mlbs)	(t)
	Measured	4.7	380	1,795	4.0	39%	90%	3.6	1,615
	Indicated	6.4	430	2,750	6.1	60%	90%	5.5	2,475
	Subtotal M+I	11.1	409	4,545	10.0	100%	90%	9.0	4,090
	Inferred	0.0	258	6	0.0	0%	90%	0.0	6
Sageras	Total	11.1	408	4,551	10.0	100%	90%	9.0	4,096
	Measured	1.0	497	483	1.1	24%	90%	1.0	434
	Indicated	2.8	495	1,401	3.1	70%	90%	2.8	1,261
	Subtotal M+I	3.8	496	1,883	4.2	94%	90%	3.7	1,695
	Inferred	0.5	258	117	0.3	6%	90%	0.2	105
Palacios North	Total	4.3	470	2,001	4.4	100%	90%	4.0	1,801
Palacios South	Inferred	2.2	328	722	1.6	100%	90%	1.4	649
Majuelos	Inferred	4.9	432	2,117	4.7	100%	90%	4.2	1,905
Majuelos East	Inferred	1.6	347	555	1.2	100%	90%	1.1	500
	Measured	5.7	400	2,277	5.0	23%	90%	4.5	2,050
	Indicated	9.2	450	4,151	9.2	42%	90%	8.2	3,736
	Subtotal M+I	14.9	431	6,428	14.2	65%	90%	12.8	5,785
	Inferred	9.2	383	3,517	7.8	35%	90%	7.0	3,165
Águila Area	Total	24.1	413	9,945	21.9	100%	90%	19.7	8,950
	Indicated	20.0	455	9,107	20.1	95%	90%	18.1	8,197
	Inferred	0.7	657	468	1.0	5%	90%	0.9	422
Alameda South	Total	20.7	462	9,576	21.1	100%	90%	19.0	8,618
Alameda North	Inferred	4.1	503	2,062	4.5	100%	90%	4.1	1,856
	Indicated	20.0	455	9,107	20.1	78%	90%	18.1	8,197
	Inferred	4.8	526	2,531	5.6	22%	90%	5.0	2,278
Alameda Area	Total	24.8	469	11,638	25.7	100%	90%	23.1	10,474
Villar Area	Inferred	5.0	446	2,239	4.9	100%	90%	4.4	2,015
	Measured	5.7	400	2,277	5.0	10%		4.5	2,050
	Indicated	29.2	453	13,258	29.2	56%		26.3	11,932
	Subtotal M+I	34.9	445	15,535	34.2	65%		30.8	13,982
	Inferred	19.0	436	8,287	18.3	35%		16.4	7,458
Enusa JV Uranium Project	Total	53.9	442	23,822	52.5	100%		47.3	21,440
	Measured	5.7	400	2,277	5.0	6%		4.5	2,050
	Indicated	36.8	445	16,365	36.1	44%		33.2	15,039
	Subtotal M+I	42.5	439	18,642	41.1	51%		37.7	17,089
	Inferred	44.5	409	18,219	40.2	49%		38.3	17,390
Berkeley	Total	87.0	424	36,861	81.3	100%		76.0	34,479

Appendix B: Drill Intersections from drilling completed during December Quarter (all intersections reported using a 200ppm U₃O₈ cutoff)

Retortillo RC Drilling

Hole ID	Easting	Northing	Elevation	Depth	Azimuth	Dip	From	To	Thickness	U3O8
	(m)	(m)	(m)	(m)	(º)	(º)	(m)	(m)	(m)	(ppm)
RTR-237	720337	4519515	759.3	103.0	0	-90	Not mineralized
RTR-238	720336	4519827	736.4	50.0	0	-90	Not mineralized
RTR-240	720304	4519555	756.8	115.0	0	-90	89	90	1	342
RTR-244	720092	4519683	753.0	91.0	0	-90	Not mineralized
RTR-246	719058	4520844	711.1	47.0	0	-90	Not mineralized
RTR-247	719052	4520934	710.9	64.0	0	-90	Not mineralized
RTR-249	719074	4520984	709.8	64.0	0	-90	12	13	1	936
RTR-250	719105	4521028	708.2	34.0	0	-90	Not mineralized
RTR-252	719144	4521006	709.9	64.0	0	-90	Not mineralized
RTR-254	719193	4520979	713.9	45.0	0	-90	Not mineralized
RTR-256	719886	4520348	727.9	60.0	0	-90	Not mineralized
RTR-257	718663	4520942	727.5	50.0	0	-90	6	10	4	206
							14	15	1	266
RTR-258	719918	4520334	730.2	60.0	0	-90	Not mineralized
RTR-259	718750	4520891	720.5	49.0	0	-90	Not mineralized
RTR-260	718913	4520977	721.1	76.0	0	-90	Not mineralized
RTR-261	720164	4520151	716.5	60.0	0	-90	Not mineralized
RTR-262	718936	4521028	721.7	76.0	0	-90	17	23	6	427
							27	35	8	256
							38	39	1	206
							45	46	1	408
							52	55	3	454
RTR-263	720254	4520100	720.1	60.0	0	-90	Not mineralized
RTR-264	718984	4521116	721.9	70.0	0	-90	Not mineralized
RTR-265	720216	4520121	718.7	60.0	0	-90	Not mineralized
RTR-266	718956	4521067	717.8	70.0	0	-90	17	18	1	1598
							21	31	10	1285
RTR-268	718934	4521361	746.9	88.0	0	-90	51	54	3	438
							69	70	1	237
							75	76	1	222
RTR-270	718780	4521498	744.8	85.0	0	-90	40	41	1	238
							53	54	1	277
RTR-271	718863	4521228	700.0	60.0	0	-90	Not mineralized
RTR-273	718887	4521273	746.6	60.0	0	-90	Not mineralized
RTR-275	718683	4521208	755.1	58.0	0	-90	24	29	5	300
RTR-277	718642	4521345	755.0	58.0	0	-90	Not mineralized
RTR-284	718705	4521249	755.6	60.0	0	-90	Not mineralized
RTR-286	718507	4520966	731.0	50.0	0	-90	17	19	2	222
RTR-293	720465	4519946	736.3	64.0	0	-90	42	44	2	260
RTR-295	720358	4519991	731.0	50.0	0	-90	Not mineralized
RTR-297	720498	4519696	747.4	61.0	0	-90	44	45	1	233
RTR-299	720397	4519739	743.5	52.0	0	-90	33	35	2	235
RTR-301	720290	4519624	751.6	190.0	0	-90	61	62	1	369
							86	88	2	290
							95	97	2	1067
							100	101	1	220
RTR-302	718986	4521000	710.4	74.0	0	-90	20	21	1	270
							65	66	1	645
RTR-303	718965	4520966	710.3	52.0	0	-90	Not mineralized
RTR-304	719021	4521058	711.6	52.0	0	-90	Not mineralized
RTR-305	718808	4521141	748.6	200.0	0	-90	42	43	1	204
RTR-306	719382	4520283	752.0	52.0	0	-90	34	35	1	387
RTR-307	719430	4520251	751.6	60.0	0	-90	36	37	1	235
							41	43	2	297
RTR-308	719435	4520364	753.0	64.0	0	-90	39	40	1	270
							43	45	2	301
							51	54	3	323
RTR-309	719410	4520652	744.5	45.0	0	-90	33	34	1	203
RTR-310	719381	4520390	751.2	94.0	0	-90	32	38	6	333
							45	46	1	687
							55	59	4	567
							66	67	1	378
							72	73	1	1645
							76	77	1	370
							81	82	1	238
RTR-311	719529	4520796	721.2	45.0	0	-90	4	12	8	240
RTR-312	719447	4520298	752.0	55.0	0	-90	41	43	2	331
RTR-313	719493	4520722	729.0	55.0	0	-90	Not mineralized
RTR-314	719535	4520252	746.0	51.0	0	-90	Not mineralized
RTR-315	719421	4520709	735.6	35.0	0	-90	Not mineralized
RTR-316	719390	4520611	747.1	73.0	0	-90	22	27	5	290
							35	36	1	327
RTR-317	719459	4520639	741.2	61.0	0	-90	19	47	28	273
RTR-318	719623	4520205	737.0	35.0	0	-90	Not mineralized
RTR-319	719607	4520501	746.7	65.0	0	-90	Not mineralized
RTR-320	719556	4520184	741.0	40.0	0	-90	Not mineralized
RTR-321	719525	4520540	745.6	70.0	0	-90	Not mineralized
RTR-322	719422	4520552	747.3	92.0	0	-90	Not mineralized
RTR-323	719484	4520563	743.8	70.0	0	-90	Not mineralized
RTR-324	719365	4520565	748.2	106.0	207	-60	31	45	12	797
							48	52	3	609
							56	62	5	600
							67	72	4	694
							83	97	12	738
RTR-325	719513	4520651	732.8	40.0	0	-90	Not mineralized
RTR-326	719334	4520412	748.7	64.0	0	-90	37	40	3	480
							47	48	1	317
RTR-327	719433	4520590	745.9	70.0	0	-90	18	32	14	624
RTR-329	719639	4520428	748.5	85.0	0	-90	30	37	7	272
							40	43	3	592
RTR-330	719694	4520337	741.1	90.0	207	-65	35	36	1	258
							47	48	1	282
							60	61	1	459
							71	74	3	630

Retortillo - Condemnation Drill Holes

Hole ID	Easting	Northing	Elevation	Depth	Azimuth	Dip	Comment
	(m)	(m)	(m)	(m)	(º)	(º)
RTR-239	718883	4520416	739.2	50.0	0	-90	Condemnation hole, not mineralized
RTR-241	718937	4520510	725.8	64.0	0	-90	Condemnation hole, not mineralized
RTR-242	718825	4520513	725.0	32.0	0	-90	Condemnation hole, not mineralized
RTR-243	718872	4520601	717.0	50.0	0	-90	Condemnation hole, not mineralized
RTR-245	718919	4520688	709.8	19.0	0	-90	Condemnation hole, not mineralized
RTR-248	719709	4519937	754.5	54.0	0	-90	Condemnation hole, not mineralized
RTR-251	719576	4520008	744.5	22.0	0	-90	Condemnation hole, not mineralized
RTR-253	719624	4520096	739.8	16.0	0	-90	Condemnation hole, not mineralized
RTR-255	719503	4520132	744.5	34.0	0	-90	Condemnation hole, not mineralized
RTR-267	720052	4520289	714.0	50.0	0	-90	Condemnation hole, not mineralized
RTR-269	720206	4520274	728.6	50.0	0	-90	Condemnation hole, not mineralized
RTR-272	719799	4520628	713.6	50.0	0	-90	Condemnation hole, not mineralized
RTR-274	719644	4520759	711.0	55.0	0	-90	Condemnation hole, not mineralized
RTR-276	719886	4520576	716.8	50.0	0	-90	Condemnation hole, not mineralized
RTR-278	720853	4519621	742.8	50.0	0	-90	Condemnation hole, not mineralized
RTR-279	718649	4521681	742.8	64.0	0	-90	Condemnation hole, not mineralized
RTR-280	718531	4521575	724.0	64.0	0	-90	Condemnation hole, not mineralized
RTR-281	721099	4519663	733.4	50.0	0	-90	Condemnation hole, not mineralized
RTR-282	718914	4521539	754.8	64.0	0	-90	Condemnation hole, not mineralized
RTR-283	720652	4519670	745.2	52.0	0	-90	Condemnation hole, not mineralized
RTR-285	721237	4519930	734.9	55.0	0	-90	Condemnation hole, not mineralized
RTR-287	720988	4519889	733.0	50.0	0	-90	Condemnation hole, not mineralized
RTR-288	718447	4521052	722.6	50.0	0	-90	Condemnation hole, not mineralized
RTR-289	720741	4519850	737.0	50.0	0	-90	Condemnation hole, not mineralized
RTR-290	718573	4520876	726.6	50.0	0	-90	Condemnation hole, not mineralized
RTR-291	718756	4521341	755.2	60.0	0	-90	Condemnation hole, not mineralized
RTR-292	720571	4519935	743.7	50.0	0	-90	Condemnation hole, not mineralized
RTR-294	718847	4521407	750.6	60.0	0	-90	Condemnation hole, not mineralized
RTR-296	718975	4521448	755.5	60.0	0	-90	Condemnation hole, not mineralized
RTR-298	718849	4521630	753.8	60.0	0	-90	Condemnation hole, not mineralized
RTR-300	718715	4521594	741.6	70.0	0	-90	Condemnation hole, not mineralized
RTR-328	719802	4520150	743.8	136.0	0	-90	Condemnation hole, not mineralized

 

END

 

 

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