Berkeley Eng Regulatory News (BKY)

17 Nov 2009 08:22



17 November 2009

BERKELEY RESOURCES LIMITED

Mr Ian Stalker appointed Managing Director

The Board of Berkeley Resources Limited is pleased to advise that it has engaged Mr Ian Stalker to become Managing Director and Chief Executive Officer of the Company, to lead Berkeley through completion of the feasibility study and eventual development of the Salamanca Uranium Project. 

Mr Stalker is a chemical engineer, with an outstanding history in developing and managing a number of mining projects around the world over the past 35 years. He has considerable experience in the uranium sector and in mining operations in Spain and has successfully managed eight mining projects throughout the world through feasibility study, development and construction phases. 

He has worked in senior executive roles at Zambia Consolidated Copper Mines Ltd, AGC Ltd (Ashanti Goldmines), Caledonia Mining Corporation, Gold Fields Limited and was Chief Executive of Uramin Inc from late 2005 until it was acquired by Areva for US$2.5bn in late 2007. He has also been a senior metallurgical consultant for Lycopodium, the Australian based engineering company.

Berkeley is presently completing its scoping study on the Salamanca Uranium Project. As the Company embarks on a bankable feasibility study and eventually development of the Project, it is vital that the Chief Executive is a very experienced mine operator with a substantial technical background. Mr Stalker's excellent skills base and experience ideally suit these requirements.

Mr Stalker will be based in Europe and will assume his role in late November 2009. After a hand over process expected to take 2-3 months, the present Managing Director, Matt Syme, will continue as a non-executive Director and consultant to the Company.

The Board is very pleased that Mr Stalker's appointment now largely completes the team required to take Berkeley to production in the next few years. Mr Stalker's commitment to Berkeley not only reflects the outstanding potential of the Company's assets in Spain, but substantially enhances our ability to realise that potential.

EMPLOYMENT HISTORY

Mr Stalker was the Chief Executive Officer of UraMin, a London and Toronto listed uranium company from July 2005 until its acquisition by Areva in August 2007 for US$2.5 billion. He has over 30 years of mining experience in Europe, Africa and Australia and has worked his way up from operational roles in base and precious metals companies to senior project development and director positions with some of the largest mining companies in the world.

Prior to joining UraMin, Mr Stalker was at Gold Fields Ltd, the world's fourth largest gold producer. At Gold Fields, he managed the company's PGE project in Finland starting in 2001 and eventually became a Vice President and responsible for all of the company's projects in Australia and Europe in 2004.

Prior to Gold Fields, he worked at Lycopodium, an engineering, mining, and metallurgical consultancy company, where he was responsible for new business in Africa and also managed projects around the world. From 1998 to 2000, Mr Stalker worked as a consultant on various projects located in Africa, including the Langer Heinrich uranium project in Namibia.

He also worked as a managing director at Ashanti Goldfields Company Limited from 1996 to 1998, where he was responsible for implementation of all the company's large-scale projects in Africa. Mr Stalker has been employed by Caledonia Mining Corporation (1995 to 1996), AGC Ltd (1987 to 1995) and Zambia Consolidated Copper Mines Ltd (1974 to 1987).

He holds a BSc in chemical engineering.

Mr Stalker is a non-executive director Niger Uranium Limited and Vatukoula Gold Mines plc, both of which are listed on the AIM market of the London Stock Exchange, and UrAmerica Limited, a private company with uranium exploration projects in Argentina, Paraguay and Columbia.

REMUNERATION

Mr Stalker will receive a base salary of £160,000, plus 10% superannuation contributions. Bonuses will be paid at the discretion of the Board, based on performance against a number of key performance indicators. 

Mr Stalker will also be granted - subject to the necessary approvals - 3,000,000 options to acquire new shares at $1.25 each, to vest in 3 equal tranches on the next 3 anniversaries of his appointment. 

In the event of a change of control of the Company, all options will vest immediately. If the position becomes redundant within 12 months of a change of control, then 12 months remuneration becomes payable. Otherwise, the notice period is 3 months.