Update on Enusa Negotiations

RNS Number : 4441Y

Berkeley Resources Limited

01 March 2012

 



1 March 2012

ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE 

Update on negotiations with Enusa

Pursuant to the announcement of the 24th February 2012, Berkeley Resources Ltd ('Berkeley Resources' or the 'Company') (ASX/AIM: BKY) wishes to advise the following developments in negotiations between the Company and Enusa Industries Avanzadas, S.A ("Enusa")

Key points:

·      Berkeley addressed all of the concerns, in detail, raised by Enusa regarding the Mining Domain Feasibility Study. This was completed and communicated to Enusa on 28 February 2012.

·      Enusa did not form Newco on the agreed date of 29th of February 2012. As a result, it is the opinion of Berkeley and its legal advisors in Spain that Enusa are now in default.

·      Following the default, the Company engaged in constructive discussions with Enusa and SEPI (majority owners of Enusa). The Company expects further developments as a result of these discussions, and anticipates the provision of an update to the market in the near term.

·      This outcome does not affect the independent development of Berkeley´s 100% owned Salamanca I project, which is continuing towards production in 2014.

For further information, visit the Company's web site at www.berkeleyresources.com.au or contact:

Berkeley Resources	Brendan James (MD)	[phone]
RBC Capital Markets	Martin Eales	[phone]
Tavistock Communications	Emily Fenton / Ed Portman	[phone]

 

END

 

 

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