Quarterly Report

Berkeley Resources Limited
31 January 2008




                           BERKELEY RESOURCES LIMITED


                          QUARTERLY ACTIVITIES REPORT
                             For the Quarter Ended
                                31 December 2007



KEY DEVELOPMENTS


•         Calculation of a revised JORC total inferred and indicated resource
for the Salamanca I project of 16.9m lb of U3O8 at an average grade of 563ppm -
an increase of 42%.


•         An initial indicated resource at Retortillo of 4.8m lb of U3O8 at
581ppm included in the above.


•         Drilling subsequent to the JORC resource calculation has extended the
known mineralisation at Santidad a further 800m in total.


•         An airborne geophysical survey was completed over key target areas,
with favourable initial indications.


•         AMC Consultants commenced a Scoping Study on the potential for mining
at the Salamanca I project.


•         Sipa Resources completed further drilling at the Miriam-Bouchers
project near Coolgardie.


Enquiries - Managing Director:  Matt Syme   Telephone: [phone]

                                            Email: [e-mail]



Salamanca I

Berkeley's drilling objectives in the December quarter were to generate
sufficient data to allow calculation of a revised resource for the Retortillo
deposit and an initial resource for the Santidad deposit, and also to continue
to test the potential extensions of the Retortillo-Santidad stratigraphy. Both
objectives were successfully completed and ongoing drilling continues to test
the potential for additional resources in the Salamanca I project area.



New Resource Estimates

Results from the new resource calculations were as follows:

At a 200ppm U3O8 cutoff, total inferred and indicated resources are:

                     Ore Tonnes            Grade (ppm   Contained (m lb U3O8) at
                                           U3O8)
                     (Mt)                               200ppm U3O8 cutoff
Retortillo           9.6                   615           13.0
Santidad             3.4                   382           2.9
Zona 7               0.6                   760           1.0
TOTAL                13.6                  563           16.9



including the following indicated resources:
                     Ore Tonnes            Grade (ppm   Contained (m lb U3O8) at
                                           U3O8)        200ppm U3O8 cutoff
                     (Mt)                               
Retortillo           3.8                   581           4.8



At a 100ppm cut-off the total inferred and indicated resources are:
                     Ore Tonnes            Grade (ppm   Contained (m lb U3O8) at
                                           U3O8)        100ppm U3O8 cutoff
                     (Mt)                               
Retortillo           15.6                  432           14.9
Santidad             6.7                   255           3.8
Zona 7*              0.6                   760           1.0
TOTAL                22.9                  389           19.6



* Zona 7 resources have been calculated at a 200ppm cut-off only.



including the following indicated resources:
                     Ore Tonnes            Grade (ppm   Contained (m lb U3O8) at
                      (Mt)                 U3O8)        100ppm U3O8 cutoff
                                                   
Retortillo           5.7                   431           5.4



Note - for comparative purposes - previously published resource targets at
Salamanca 1 (based on historic ENUSA estimates) included an additional 590,000
pounds of U3O8 in 3 small deposits which are excluded from the above
calculations because detailed work has not yet commenced.



These estimates are based on data from historical drilling campaigns by the
Junta de Energia Nuclear (JEN) and Empresa Nacional Uranio S.A. (ENUSA) in the
period from the late 1950's to the mid 1980's at Retortillo and Zona 7,
supplemented by Berkeley drilling of 72 diamond and RC holes at Retortillo, 87
RC and diamond holes at Santidad and 7 diamond holes at Zona 7. They have been
developed by a team of in-house and consulting geoscientists with calculations
based on block modeling methods (for Retortillo and Santidad) and the polygonal
method (for Zona 7).



Full details of the new resource calculation are included in the announcement
dated 19 November 2007.



Drilling Results

Drilling in the quarter comprised:

•         Retortillo - 12 diamond drill holes holes totalling 1167.9m

•         Santidad - 13 diamond drill holes totalling 948.4m and 70 reverse
circulation drill holes totalling 4041.0m

Full details of the drilling are set out in the Appendix. Notable intersections
(at a cut-off grade of 200ppm U3O8) include:

Retortillo
RTO-067                       3.0m @ 0.046% U3O8 from 33.0m
                              and 6.0m @ 0.058% U3O8 from 45.0m
RTO-068                       5.0m @ 0.038% U3O8 from 46.0m
                              and 13.0m @ 0.050% U3O8 from 68.0m
RTO-069                       18.0m @ 0.069% U3O8 from 32.0m
RTO-070                       43.0m @ 0.024% U3O8 from 39.0m
RTO-072                       10.0m @ 0.086% U3O8 from 28.0m
                              and 3.0m @ 0.044% U3O8 from 45.0m
RTO-075                       3.0m @ 0.060% U3O8 from 40.0m.

Santidad
SANR-047                     11.0m @ 0.031% U3O8 from 24.0m
SANR-052                     9.0m @ 0.066% U3O8 from 14.0m
                             and 5.0m @ 0.036% U3O8 from 33.0m
SANR-059                     13.0m @ 0.035% U3O8 from 33.0m
SANR-071                     14.0m @ 0.048% U3O8 from 3.0m
                             and 6.0m @ 0.037% U3O8 from 31.0m
SANR-077                     24.0m @ 0.026% U3O8 from 15.0m
                             and 7.0m @ 0.029% U3O8 from 49.0m
SANR-081                     16.0m @ 0.020% U3O8 from 10.0m
SAN-089                      6.0m @ 0.070% U3O8 from 16.0m
SANR-102                     10.0m @ 0.076% U3O8 from 9.0m
SANR-125                     9.0m @ 0.037% U3O8 from 14.0m
SANR-130                     10.0m @ 0.076% U3O8 from 3.0m
                             and 3.0m @ 0.024% U3O8 from 21.0m.


Subsequent to the calculation of the revised JORC inferred resource on 19
November 2007, ongoing drilling extended the known limits of the Santidad
mineralisation by approximately 550m to the North West and 250m to the South
East.



The Santidad mineralisation remains open along strike in both directions.
Drilling in the March quarter is aimed at testing for extensions to the North
West and also in the area immediately North of the Santidad deposit where two
positive holes were drilled in the September quarter and where a potential
parallel structure is interpreted. Land access is limited to the South East for
the time being due to quarantine issues with a cattle herd.



Drilling at Retortillo was focussed on upgrading resources and increasing
confidence in the geological, structural and mineralogical interpretations for
the new resource estimate.



The Santidad mineralisation occurs in the same sequence of greenschist facies
metamorphosed slates and shales as the Retortillo mineralisation. The Santidad
mineralisation is generally of a weaker tenor than that at Retortillo, probably
due to the lack of Tertiary cover and the eroded topography. These features
cause the Santidad mineralisation to be at exposed at the surface and to be
generally at shallow depth with low strip ratios.



The Retortillo diamond drilling and petrological studies on the resultant core
have led to a better understanding of the Retortillo mineralisation. Preliminary
interpretations of the petrology into a predictive geological model show the
uranium mineralisation is related to the weathering process with
cordierite-biotite-pyrrhotite being converted to pinnate-kaolinite-pyrite. This
process is affected by the presence or absence of Tertiary cover and may explain
the lower tenor of the Santidad mineralisation, relative to Retortillo.



The geological logging and petrology has also show the mineralisation to be
dominantly controlled by the host lithologies and the degree of the weathering
process. Continuing petrological work on these aspects will help to prioritise
drill targets as determined from the airborne surveys and geological
investigations.



AIRBORNE GEOPHYSICAL SURVEY

Aretech Solutions completed flying a 5,924 line kilometre, low level,
close-spaced airborne magnetic and radiometric survey in the quarter. The survey
covered Salamanca I, part of the Salamanca II, and the Caceres VI and Toledo II
areas.



The survey had two objectives:

1.       to better define controlling structures and host lithologies associated
with uranium mineralisation; and

2.       to provide direct and indirect criteria for targeting new areas with
potential for mineralisation, particularly in areas of partial or complete
cover.

Initial indications are that the survey has provided very good data for both
objectives. Compilation, processing and interpretation of data is ongoing and is
expected to be completed in coming weeks.



SALAMANCA REGIONAL TENEMENTS

A number of additional exploration permits were applied for in the quarter -
collectively known as the 'Salamanca Regional' project. This project comprises a
number of regional scale exploration permits with the potential for similar
lithologies to Santidad and Retortillo, including

•         potential extensions of the Retortillo-Santidad stratigraphy itself;

•         potential areas of similar carbonaceous shale stratigraphy, including
beneath Tertiary cover; and

•         areas of contact between carbonaceous shales and granites.

It is understood that little or no uranium exploration work has been undertaken
on most of the Salamanca Regional tenements. A review for any available
historical data is presently underway.



SALAMANCA I SCOPING STUDY

The successful increase in the resource base at Salamanca I, along with the
outstanding potential for additional resources, gave the Company impetus to
commence a scoping study on the potential for mining at Salamanca I. AMC
Consultants were engaged to prepare the study and substantial progress was made
in the quarter.



AMC expect to complete the study in early February.



COOLGARDIE GOLD PROJECT

(Sipa Resources Ltd earning 70% from Berkeley)

Eight Reverse Circulation holes for 858 metres were drilled at two Prospects at
Coolgardie in December.



Six holes on six sections were drilled at the Forest Gold Prospect adjacent to
the Burbanks Shear Zone to follow-up previous Sipa RAB intersections such as 10
metres at 2.5 g/t gold. A best result of 5 metres grading 8 g/t gold was
returned. Whilst all other holes returned zones of anomalous gold, no other
potentially ore-grade intercepts resulted, including from holes 50 metres north
and south along strike of the best result.



Two holes were drilled into a significant northerly trending soil anomaly 1.5
kilometres long known as the Comet Shear Prospect, located 5 kilometres
northwest of the Forest Gold Prospect. These holes were drilled scissored
towards each other. The hole drilled to the west returned 50 metres grading 0.2
g/t from 20 metres, whilst the hole drilled to the east (and probably down dip)
returned 83 metres at 0.3 g/t from 25 metres. Results are being evaluated and
more drilling may be required.



The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Mr Peter Ellis,
who is a Member of The Australian Institute of Geoscientists and an employee of
Berkeley Resources Limited. Mr Ellis 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 Ellis 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 - Drill results for December quarter
                               Santidad Drilling and Assay Summary (31.12.07)
HOLE ID     UTM     UTM North     RL    Inclination   End of       Minimum Intersections  > 200ppm U3O8
             East                                      Hole
                                                               FROM                       TO      M       %
SAN-043     716,535  4,522,807 753.044      -60       59.90   3.00                       4.00   1.00  0.0236
SAN-044     716,503  4,522,751 762.023      -60       70.00   No significant
                                                              mineralisation
SAN-045     716,480  4,522,709 769.894      -60       55.45   15                           23      8   0.035
                                                              33                           34      1   0.026
SAN-046     716,457  4,522,665 778.552      -60       56.70   32                           36      4   0.039
SANR-047    716,807  4,522,437 771.189      -90       60.00   24.00                     35.00  11.00  0.0306
SANR-048    716,891  4,522,606 756.408      -90       49.00   Not Sampled
SANR-049    716,873  4,522,571 759.828      -90       50.00   Not Sampled
SANR-050    716,780  4,522,616 752.113      -90       50.00   Not Sampled
SANR-051    716,715  4,522,704 752.366      -90       50.00   Not Sampled
SANR-052    716,385  4,522,821 764.067      -90       50.00   7.00                       8.00   1.00  0.0230
                                                              14.00                     23.00   9.00  0.0660
                                                              28.00                     29.00   1.00  0.0230
                                                              33.00                     38.00   5.00  0.0360
                                                              40.00                     41.00   1.00  0.0310
                                                              46.00                     47.00   1.00  0.0250
SANR-053    716,404  4,522,875 756.361      -90       50.00   9.00                      11.00   2.00  0.0538
SANR-054    716,432  4,522,913 753.921      -90       50.00   Not Sampled
SANR-055    716,151  4,522,943 763.648      -90       50.00   Not Sampled
SANR-056    716,177  4,522,984 758.133      -90       50.00   Not Sampled
SANR-057    716,332  4,522,726 783.321      -90       50.00   Not Sampled
SANR-058    716,347  4,522,779 772.324      -90       50.00   Not Sampled
SANR-059    716,601  4,522,478 786.337      -90       70.00   33.00                     46.00  13.00  0.0353
SANR-060    716,852  4,523,084 724.019      -90       50.00   3.00                       4.00   1.00  0.0381
SAN-061     716,534  4,522,704 762.468      -90       61.00   7.00                       8.00   1.00  0.0277
                                                              12.00                     13.00   1.00  0.0212
                                                              14.00                     15.00   1.00  0.0275
                                                              18.00                     20.00   2.00  0.0564
                                                              22.00                     24.00   2.00  0.0682
                                                              27.00                     29.00   2.00  0.0279
                                                              36.00                     37.00   1.00  0.0587
SANR-062    716,032  4,522,945 758.181      -90       60.00   7.00                       8.00   1.00  0.0230
SANR-063    716,085  4,523,030 748.174      -90       51.00   27.00                     28.00   1.00  0.0230
SANR-064    716,065  4,522,994 751.326      -90       69.00   42.50                     44.50   2.00  0.0330
SANR-065    716,111  4,523,079 747.346      -90       50.00   Not Sampled
SANR-066    716,123  4,523,124 743.157      -90       50.00   Not Sampled
SANR-067    716,156  4,523,165 740.104      -90       50.00   Not Sampled
SANR-068    716,244  4,523,119  743.56      -90       50.00   Not Sampled
SANR-069    716,223  4,523,073 748.839      -90       45.00   Not Sampled
SANR-070    716,191  4,523,028 753.491      -90       50.00   Not Sampled
SANR-071    715,857  4,523,286 738.937      -90       57.00   3.00                      17.00  14.00  0.0480
                                                              20.00                     22.00   2.00  0.0310
                                                              24.00                     25.00   1.00  0.0300
                                                              27.00                     29.00   2.00  0.0340
                                                              31.00                     37.00   6.00  0.0370
SANR-072    715,835  4,523,245  738.11      -90       50.00   No significant
                                                              mineralisation
SANR-073    715,880  4,523,330 738.504      -90       60.00   19.00                     20.00   1.00  0.0210
                                                              21.00                     22.00   1.00  0.0210
                                                              48.00                     49.00   1.00  0.0270
SANR-074    715,905  4,523,373  739.09      -90       50.00   Not Sampled
SANR-075    715,784  4,523,160 743.404      -90       50.00   3.00                       4.00   1.00  0.0240
                                                              5.00                       6.00   1.00  0.0210
SANR-076    715,808  4,523,200  740.36      -90       60.00   34.00                     37.00   3.00  0.0210
                                                              38.00                     39.00   1.00  0.0210
                                                              43.00                     44.00   1.00  0.0250
                                                              48.00                     51.00   3.00  0.0260
SANR-077    715,753  4,523,370 752.831      -90       75.00   15.00                     39.00  24.00  0.0260
                                                              49.00                     56.00   7.00  0.0290
SANR-078    715,741  4,523,325 755.282      -90       45.00   Not Sampled
SANR-079    716,007  4,523,072 735.036      -90       50.00   Not Sampled
SANR-080    715,962  4,522,992 743.486      -90       50.00   No significant
                                                              mineralisation
SANR-081    716,502  4,522,750 762.184      -90       48.00   10.00                     26.00  16.00  0.0200
                                                              35.00                     37.00   2.00  0.0200
SANR-082    716,761  4,522,393  778.73      -90       80.00   46.00                     47.00   1.00  0.0220
                                                              51.00                     53.00   2.00  0.0220
SANR-083    716,753  4,522,336 782.966      -90       60.00   Not Sampled
SANR-084    716,893  4,522,192 771.129      -90       50.00   Not Sampled
SANR-085    716,934  4,522,250 764.115      -90       50.00   Not Sampled
SANR-086    716,965  4,522,341 751.916      -90       51.00   Not Sampled
SANR-087    716,950  4,522,288 758.178      -90       50.00   Not Sampled
SANR-088    717,004  4,522,377 749.566      -90       60.00   No significant
                                                              mineralisation
SAN-089     716,688  4,522,550 767.259      -90       75.45   16.00                     22.00   6.00  0.0697
SANR-090    717,144  4,522,253 752.148      -90       54.00   Not Sampled
SAN-091     716,657  4,522,508 775.365      -90       75.20   41.00                     42.00   1.00  0.0206
SANR-092    716,679  4,522,439 781.027      -90       80.00   No significant
                                                              mineralisation
SANR-093    716,904  4,522,433 759.623      -90       57.00   3.00                       6.00   3.00  0.0210
SANR-094    716,880  4,522,392 758.691      -90       57.00   Not Sampled
SANR-095    716,925  4,522,481  767.32      -90       60.00   Not Sampled
SAN-096     716,705  4,522,590 761.535      -90       74.80   Not Sampled
SANR-097    717,012  4,522,442 754.492      -90       60.00   Not Sampled
SANR-098    716,865  4,522,325 768.433      -90       60.00   No significant
                                                              mineralisation
SANR-099    716,830  4,522,290 775.094      -90       60.00   Not Sampled
SANR-100    717,163  4,522,297  746.64      -90       60.00   Not Sampled
SANR-101    717,120  4,522,195 758.768      -90       60.00   Not Sampled
SANR-102    717,095  4,522,164 764.175      -90       60.00   9.00                      19.00  10.00  0.0755
SANR-103    717,067  4,522,122 766.748      -90       60.00   No significant
                                                              mineralisation
SANR-104    717,047  4,522,072 770.238      -90       60.00   Not Sampled
SANR-105    717,317  4,522,145 768.429      -90       60.00   Not Sampled
SANR-106    717,293  4,522,112 769.147      -90       60.00   Not Sampled
SAN-107     716,726  4,522,632 758.507      -90       66.30   13.00                     14.00   1.00  0.0200
                                                              23.00                     24.00   1.00  0.0238
SANR-108    717,189  4,522,110 770.678      -90       60.00   33.00                     34.00   1.00  0.0373
                                                              37.00                     38.00   1.00  0.0371
                                                              54.00                     55.00   1.00  0.0364
SANR-109    717,215  4,522,152 766.752      -90       69.00   Not Sampled
SANR-110    717,165  4,522,067 770.752      -90       75.00   24.00                     26.00   2.00  0.0303
SANR-111    717,230  4,522,195 759.747      -90       60.00   Not Sampled
SANR-112    717,054  4,522,295 748.102      -90       54.00   14.00                     15.00   1.00  0.0206
SAN-113     716,750  4,522,678 750.985      -90       74.70   Not Sampled
SANR-114    717,032  4,522,245 754.324      -90       60.00   5.00                       7.00   2.00  0.0218
                                                              8.00                       9.00   1.00  0.0210
SAN-115     716,642  4,522,462 784.137      -90       76.90   Not Sampled
SANR-116    717,061  4,522,327 744.838      -90       54.00   Not Sampled
SANR-117    717,091  4,522,383      743     -90       55.00   Not Sampled
SANR-118    717,015  4,522,206      757     -90       59.00   No significant
                                                              mineralisation
SANR-119    716,981  4,522,160      761     -90       60.00   No significant
                                                              mineralisation
SAN-120     717,130  4,522,150      764     -60       81.40   Not Sampled
SANR-121    716,564  4,522,439      788     -90       87.00   Not Sampled
SANR-122    715,648  4,523,599      751     -90       59.00   Not Sampled
SANR-123    715,625  4,523,556      756     -90       60.00   11.00                     12.00   1.00  0.0320
                                                              17.00                     19.00   2.00  0.0210
SANR-124    715,596  4,523,506      762     -90       69.00   Not Sampled
SANR-125    715,585  4,523,463      770     -90       60.00   14.00                     23.00   9.00  0.0370
                                                              29.00                     30.00   1.00  0.0220
SAN-126     716,624  4,522,646      763     -60       84.60   Awaiting Assays
SANR-127    715,550  4,523,416      778     -90       60.00   48.00                     50.00   2.00  0.1690
SAN-128     716,771  4,522,523      763     -60       81.35   Not Sampled
SANR-129    715,769  4,523,413      752     -90       60.00   Not Sampled
SANR-130    715,615  4,523,551      756     -90       30.00   3.00                      13.00  10.00  0.0760
                                                              14.00                     15.00   1.00  0.0210
                                                              21.00                     24.00   3.00  0.0240
SANR-131    715,798  4,523,450      750     -90       62.00   37.00                     38.00   1.00  0.0220
SANR-132    715,398  4,523,554      782     -90       60.00   Not Sampled
SANR-133    715,418  4,523,603      776     -90       60.00   Not Sampled
SANR-134    715,440  4,523,650      769     -90       52.00   Not Sampled
SANR-135    715,463  4,523,691      762     -90       40.00   Not Sampled
SANR-136    715,249  4,523,687      789     -90       60.00   Awaiting Assays
SANR-137    715,283  4,523,727      781     -90       55.00   Not Sampled
SAN-138     715,846  4,523,285      739     -90       84.55   Awaiting Assays
SANR-139    715,300  4,523,775      774     -90       62.00   Awaiting Assays
SANR-140    715,661  4,523,371      767     -90       60.00   Awaiting Assays
SANR-141    715,678  4,523,412      762     -90       60.00   Awaiting Assays



                           Retortillo Drilling and Assay Summary (31.12.07)
HOLE ID   UTM   East    UTM North       RL    Inclination   End of    Minimum Intersections  > 200ppm
                                                             Hole                  U3O8
RTO-064   720,139.652  4,519,883.908 741.945      -90       79.50   41.50           44.50  3.00  0.0260
RTO-065   720,220.074  4,519,842.163 740.263      -90       98.20   Not Sampled
RTO-066   719,754.591  4,520,345.004 731.621      -60       93.00   Not Sampled
RTO-067   720,050.696  4,519,927.986 741.746      -90       80.00   33.00           36.00  3.00  0.0460
                                                                    45.00           51.00  6.00  0.0580
RTO-068   719,445.021  4,520,541.961 746.567      -60       119.15  46.00           51.00  5.00  0.0380
                                                                    68.00           81.00 13.00  0.0498
RTO-069   720,009.677  4,519,952.072 743.474      -90       93.20   32.00           50.00 18.00  0.0690
RTO-070   720,050.907  4,519,815.984 748.271      -90       96.30   39.00           82.00 43.00  0.0240
RTO-071   719,882.643  4,520,240.221 742.883      -60       110.40  Not Sampled
RTO-072   719,457.880  4,520,408.368 751.575      -90       101.50  25.00           26.00  1.00  0.0776
                                                                    28.00           38.00 10.00  0.0859
                                                                    40.00           42.00  2.00  0.0382
                                                                    43.00           44.00  1.00  0.0712
                                                                    45.00           48.00  3.00  0.0442
                                                                    50.00           51.00  1.00  0.0448
                                                                    53.00           55.00  2.00  0.0443
RTO-073   719,369.405  4,520,343.385 750.572      -90       95.30   No significant
                                                                    mineralisation
RTO-074   720,319.199  4,519,678.652 747.248      -90       101.30  48.00           49.00  1.00  0.0630
                                                                    56.00           58.00  2.00  0.0293
                                                                    78.00           79.00  1.00  0.0303
RTO-075   720,425.228  4,519,671.746 748.135      -90       100.00  40.00           43.00  3.00  0.0600
                                                                    45.00           46.00  1.00  0.0231





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