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Berkeley Resources Limited

Publié le 03 novembre 2015

PFS Results: Zona 7 transforms Salamanca project economics 04/11/2015 pdf 918 KB

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PFS Results: Zona 7 transforms Salamanca project economics 04/11/2015 pdf 918 KB

a8d974ad-0aba-41b3-b40d-28ec7ef09f3a.pdf


ASX RELEASE | 4 November 2015 | AIM/ASX: BKY

Zona 7 transforms Salamanca project economics


Inclusion of the high grade Zona 7 deposit into an updated Pre-Feasibility Study has transformed the economics of the Salamanca project.


The project now has a Net Present Value of US$871.3 million (£580.9 million) with an internal rate of return of 93% based on a discount rate of 8% and a long term uranium price of US$65 per pound.


This valuation represents around £3.22 per share on an undiluted and unfinanced basis compared with the current share price of around £0.22 per share.


Managing Director Paul Atherley commented:


'These outstanding results very much support the Board's decision to rapidly push ahead with the development of the project.


With the major approvals in place and discussions with potential financiers underway we are expecting to commence site works in mid-2016.'


As previously reported, Zona 7 is a shallow, high grade deposit with impressive metallurgical characteristics located within ten kilometres of the proposed processing plant.


Its inclusion in the updated Study has increased the mine life from eleven to eighteen years and reduced the operating costs from US$24.60 to US$15.60 per pound of uranium produced during steady state operations making it one of the lowest cost producers in the world once developed.


In addition to the reduction in operating cost, the capital cost to initial production has reduced from US$95.1 million to US$81.4 million due to the lower cost of developing the Zona 7 deposit and the benefits of currency depreciation.


Paul Atherley commented further:


'We believe that the potential exists for further discoveries of Zona 7 style deposits and are finalising an exploration programme to commence in the New Year which will follow up a number of near surface, high grade drill intersections, located within ten kilometres of the plant that have not yet been fully evaluated.'


For further information contact:

Paul Atherley Hugo Schumann

Managing Director Corporate Manager

+44 207 478 3900 +44 207 478 3900

[email protected]


Table 1 - Summary of Key Study Outputs


Pre-Feasibility Study Results (to a maximum accuracy variation +/- 20%)

Net Present Value (Post-tax @8%)

US$871.3m

Internal Rate of Return (Post-tax)

93.3%

Mine Life

18 years

Start of Construction

2016

First Production

2017

Annual Saleable Production (steady state operation)

4.3 Mlb of U3O8

Annual Saleable Production (life of mine)

3.0 Mlb of U3O8

C1 Cash Cost (steady state operation)

US$15.6 /lb

C1 Cash Cost (life of mine)

US$17.5 /lb

C2 Cash Cost (steady state operation)

US$18.0 /lb

C2 Cash Cost (life of mine)

US$19.8 /lb

Capital to first Production

US$81.4m

Stripping Ratio - Life of Mine (ore:waste)

1:1.8

Peak Annual EBITDA

US$261.8m


2


Introduction

This Pre-Feasibility Study (Study) has been managed internally utilizing inputs from a number of independent contractors.

Table 2 - Study Contractors



Consultant


Activity


SENET

Retortillo & Alameda:

  • Study Management

  • Process Plant

  • Infrastructure

  • Capital and Operating Costs

SRK

Retortillo & Alameda Mine Design and Scheduling

Golder Associates

Mining Waste Characterisation

Mintek

Metallurgical Testwork

ANSTO

Metallurgical Testwork

Randolph Scheffel

Metallurgical Testwork Design and Metallurgy

Knight Piésold

Heap Design

Jenike & Johanson

Retortillo and Alameda:

Ripios Material Flow Characterisation

FRASA/INGEMISA

Hydrogeology


URS

Retortillo & Alameda:

  • Environmental Management,

  • Radiological Protection

  • Permitting

Iberdrola

Retortillo & Alameda Radiological Protection

Duro Felguera

Retortillo & Alameda In-country Project Cost Estimation

March JLT

Insurance Cost Estimation

OHL

Zona 7 Design of facilities and CAPEX estimation


The Study incorporates the Zona 7 deposit into the previous Pre- Feasibility Study which was reported on 26 September 2013.

The Study considers the integrated development of the Retortillo, Zona 7 and Alameda deposits and is based on extracting 69.6 million tonnes of ore at an average grade of 396 ppm U3O8 to produce 51.6 million pounds of U3O8.

The Study reports on an initial mine schedule of 17.5 years producing on average 3 million pounds of uranium per year.

After an initial ramp up, production averages 4.3 million pounds per year during steady state operations.



3


Mineral Resource

The latest Mineral Resource Estimate (MRE) for the Salamanca project is

89.5 million pounds of U3O8 (refer to announcement 7 October 2015).

The Study was based solely on the Measured and Indicated MREs for the Retortillo, Zona 7 and Alameda deposits.

The Study did not incorporate any Inferred Mineral Resources from Retortillo, Zona 7 and Alameda (totaling 4.8 million pounds of U3O8) nor any Inferred Mineral Resources from the other satellite deposits contained within the overall MRE for the project (totaling 23.6 million pounds of U3O8)

Table 3 - Mineral Resource Estimates for Retortillo, Zona 7 and Alameda reported at a cut-off grade of 200 ppm U3O8


October 2015

Deposit Name

Resource Category

Tonnes (Mt)

U3O8

(ppm)

U3O8

(Mlbs)

Retortillo

Measured

4.8

412

4.4

Indicated

11.7

349

9.0

Inferred

0.2

373

0.1

Total

16.6

367

13.5

Zona 7

Indicated

17.1

735

27.8

Inferred

4.9

333

3.6

Total

22.1

645

31.4

Alameda

Indicated

20.0

455

20.1

Inferred

0.7

657

1.0

Total

20.7

462

21.1


Total

Measured

4.8

412

4.4

Indicated

48.8

528

56.8

Inferred

5.8

374

4.8

Total (*)

59.4

503

66.0

(*)All figures are rounded to reflect appropriate levels of confidence. Apparent differences occur due to rounding


Mining

Conventional open pit and transfer mining methods will be used for the mining of the three deposits.



4

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Berkeley Resources Limited

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CODE : BKY.AX
ISIN : AU000000BKY0
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Berkeley Res. est une société d’exploration minière d'or basée en Australie.

Berkeley Res. est en développement de projets d'or et d'uranium en Espagne, et détient divers projets d'exploration en Espagne.

Son principal projet en développement est SALAMANCA URANIUM en Espagne et ses principaux projets en exploration sont CÁCERES VI, CÁCERES III, GUADALAJARA I et QUERCUS MILL (SAELICES EL CHICO) en Espagne et CALAF en Australie.

Berkeley Res. est cotée au Royaume-Uni, aux Etats-Unis D'Amerique, en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 88,3 millions AU$ (63,7 millions US$, 55,8 millions €).

La valeur de son action a atteint son plus bas niveau récent le 13 mai 2005 à 0,09 AU$, et son plus haut niveau récent le 13 juillet 2007 à 2,18 AU$.

Berkeley Res. possède 254 490 000 actions en circulation.

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Projets de Berkeley Resources Limited
13/10/2011(AIM: BKY) announces an update at Salamanca 1 Uranium Projec...
Communiqués de Presse de Berkeley Resources Limited
03/11/2015PFS Results: Zona 7 transforms Salamanca project economics 0...
27/09/2015Outstanding Zona 7 intercepts expected to increase overall r...
25/09/20152015 Annual Financial Report 25/09/2015 pdf 2.3 MB
31/08/2015Drilling Confirms Broad High Grade Mineralisation at Zona 7 ...
31/07/2015Results of Shareholder Meeting and Change of Name 31/07/2015...
31/07/2015Change of Directors Interest Notice x 2 31/07/2015 pdf 374 K...
31/07/2015Major Permitting Milestone for Salamanca Project 20/07/2015 ...
10/11/2014Further Thick, High Grade Drill Intersections at Zona 7 10/1...
31/10/2014September 2014 Quarterly Report 31/10/2014 pdf 1.8 MB
24/10/2014Annual Report to shareholders 24/10/2014 pdf 4.6 MB
24/10/2014Notice of Annual General Meeting / Proxy Form 24/10/2014 pdf...
28/11/2013Results of Annual General Meeting
24/04/2012[AIM: BKY] shallow, high grade uranium mineralisation inters...
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