Berkeley Eng Regulatory News (BKY)

Hole No.

Down Hole Intercept

From Depth

(Down Hole)

Z7R-346

48m @ 1,018 ppm U3O8

1m @ 1,444 ppm U3O8

3m

195m

Z7R-347

19m @ 1,753 ppm U3O8

11m

10m @ 719 ppm U3O8

61m

2m @ 944 ppm U3O8

11m @ 1,105 ppm U3O8

124m

130m

Z7R-348

6m @ 3,247 ppm U3O8

60m

4m @ 1,598 ppm U3O8

14m @ 4,481 ppm U3O8

7m @ 1,438 ppm U3O8

81m

193m

210m

Zona 7 - Mineral Resource Estimate - October 2015

Reported at a cut-off grade of 200 ppm U3O8

Resource

Tonnage

Grade

Contained U3O8

Category

(million tonnes)

(U3O8 ppm)

(million pounds)

Indicated

17.1

735

27.8

Inferred

4.9

333

3.6

Total

22.1

645

31.4

Z7R-346

714017

4527638

750

360

-90

220

3

51

48

1,018

incl.

4

14

10

1,025

incl.

16

25

9

1,969

incl.

27

29

2

2,429

incl.

38

39

1

3,891

incl.

43

45

2

1,166

159

162

3

393

195

196

1

1,444

202

203

1

233

217

218

1

210

Z7R-347

713895

4527458

755

360

-90

220

11

30

19

1,753

incl.

11

16

5

1,351

incl.

26

28

2

10,452

34

35

1

281

38

40

2

443

45

56

11

511

incl.

47

48

1

1,061

61

71

10

719

incl.

61

63

2

1,925

75

78

3

744

incl.

77

78

1

1,527

84

86

2

842

incl.

84

85

1

1,368

91

96

5

254

112

118

6

466

124

126

2

944

incl.

125

126

1

1,191

130

141

11

1,105

incl.

130

132

2

4,109

159

165

6

245

169

174

5

435

177

178

1

476

190

191

1

380

199

200

1

233

Z7R-348

713944

4527090

765

360

-90

220

43

44

1

1,197

60

66

6

3,274

incl.

60

65

5

3,769

81

85

4

1,598

incl.

81

83

2

2,753

185

186

1

531

193

207

14

4,481

incl.

194

199

5

11,913

210

217

7

1,438

incl.

211

216

5

1,894

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

All results reported are from Reverse Circulation (RC) drill samples collected over one metre (1m) intervals. Multiple methods were used to determine uranium mineralisation intervals including down hole gamma analysis, hand held scintillometer measurements and portable XRF analysis. Intervals containing uranium mineralisation were selected and submitted for laboratory assay analysis.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Standards and blanks are inserted into the sample stream to assess the accuracy, precision and methodology of the external laboratories used. In addition, field duplicate samples are inserted to assess the variability of the uranium mineralisation. Approximately 15-20% of all samples relate to quality control. In addition, the laboratories undertake their own duplicate sampling as part of their internal QA/QC processes. Examination of the QA/QC sample data indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy.

Drill hole collar locations are surveyed by qualified surveyors (Cubica Ingeniería Metrica S.L) using standard differential GPS (DGPS) equipment achieving sub decimetre accuracy in horizontal and vertical position. Down-hole surveys are undertaken using a Geovista down-hole deviation probe. Measurements are taken every 1cm down hole and averaged every 10m. No strongly magnetic rocks are present within the deposit which may affect magnetic based readings.

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

RC drill samples are collected over 1m intervals, manually homogenised before being split on site using a three tier riffle splitter to provide an approximate 3-5kg sample. In rare cases, wet samples are split using a cone and quarter method.

Scintillometer measurements are taken on all samples and this data is used to select the samples to be sent to external laboratories for sample preparation and analysis. Indicative mineralised intervals are determined from this data and the sampling extended up and down hole by at least 2-5m.

Samples are further split in the core shed using a scoop such that 0.7-1kg samples are sent to the preparation laboratories of ALS and AGQ (Seville, Spain) and analytical laboratory of ALS (Loughrea, Ireland). Samples are dried, fine crushed down to 70% below 2mm, split to obtain 250g and pulverised with at least 85% of the sample passing 75µm. 10g of sample is used for uranium analysis by pressed powder X-ray fluorescence (XRF) method.

Drilling techniques

Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Drilling was by the RC method drilling using a 140mm diameter face sampling hammer.

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

RC drill samples are collected over 1m intervals through a cyclone. Plastic sample bags are strapped to the cyclone to maximise sample recovery. Individual sample bags are not weighed to assess sample recovery but a visual inspection is made by the Company geologist to ensure all samples are of approximately equivalent size.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

The RC drilling rigs utilised suitably sized compressors to ensure dry samples where possible. Plastic sample bags are strapped to the cyclone to maximise sample recovery. Sample logs record whether the sample is dry, moist or wet.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

There is no known relationship between sample recovery and grade. The RC sample recoveries are of an acceptable level and no bias is expected from any sample losses.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Geological logging of RC chip samples includes recording descriptions of lithology, weathering, alteration and mineralisation. A scintillometer reading of counts per second (cps) is recorded for each 1m sample (quantitative).

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

Geological logging is qualitative in nature. RC samples and chip trays are photographed.

The total length and percentage of the relevant intersections logged.

All RC drill holes are logged in full by Company geologists.

Sub-sampling techniques

If core, whether cut or sawn and whether quarter, half or all core taken.

Not Applicable - RC drilling only.

and sample preparation

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

RC drill samples are collected at 1m intervals. RC intervals are sampled by splitting dry samples in the field to 3-5kg using a three tier riffle splitter and further split in the core shed to 0.7-1kg using a scoop. Where samples are wet they are dried prior to spitting. In rare cases, wet samples are split using a cone and quarter method.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Samples are sent to ALS and AGQ laboratories for preparation. Samples are dried, fine crushed down to 70% below 2mm and pulverised with at least 85% of the sample passing 75µm. 10g of sample is used for uranium analysis by pressed powder XRF method. This is considered appropriate for this style of uranium mineralisation.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Previous field tests have determined that the sample size and method of sampling produce representative RC samples. QA/QC procedures involve the use of standards, duplicates and blanks which are inserted into sample batches at a frequency of approximately 15-20%.

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

Duplicate splits of RC samples are taken every 10m down hole within the sampled intervals. The results from these duplicates generally show acceptable repeatability.

Whether sample sizes are appropriate to the grain size of the material being sampled.

The uranium is typically very fine grained. Previous test work carried out by Berkeley using different sample sizes has demonstrated that the selected sample size is appropriate.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

Uranium analysis by pressed powder XRF method. This analytical method reports total uranium content.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Down-hole gamma logging is undertaken for all probe accessible drill holes to provide eU3O8 ("equivalent" U3O8 grade) data however, it is not currently considered of sufficient quality to replace chemical assay data for the purposes of reporting drilling results at Zona 7. The drill intersections reported in this release are calculated using only chemical assay data.

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

Standards, blanks and duplicates are regularly inserted into the sample stream with approximately 15-20% of all samples related to quality control. The external laboratories used also maintain their own process of QA/QC utilising standards, pulp repeats, sample duplicates and blanks.

Review of the Berkeley quality control samples, as well as the external laboratory quality QA/QC reports, has shown no sample preparation issues, acceptable levels of accuracy and precision and no bias in the analytical datasets.

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

Reported significant intersections have been checked and verified by Senior Geological management.

The use of twinned holes.

No twinned holes were drilled in the current RC drilling program.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

All primary data is recorded in templates designed by Berkeley. Assay data from the external laboratory is received in spreadsheets and downloaded directly into an Access Database managed by the Company. Data is entered into controlled excel templates for validation. The validated data is then loaded into a password secured relational database by a designated Company geologist. Daily backups of all digital data are undertaken. These procedures are documented in the Berkeley Technical Procedures and Protocols manual.

Discuss any adjustment to assay data.

Uranium (ppm) assays received from the external laboratory are converted to U3O8 (ppm) using the stoichiometric factor of 1.179.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Drill hole collar locations are surveyed by qualified surveyors (Cubica Ingeniería Metrica S.L) using standard differential GPS (DGPS) equipment achieving sub decimetre accuracy in horizontal and vertical position.

Down-hole surveys are undertaken using a Geovista down-hole deviation probe. Measurements are taken every 1cm down hole and averaged every 10m. No strongly magnetic rocks are present within the deposit which may affect magnetic based readings.

Specification of the grid system used.

The grid system is ETRS 1989 UTM Zone 29N.

Quality and adequacy of topographic control.

Topographic control is based on a digital terrain model with sub metric accuracy sourced from the Spanish Geographical Institute (Instituto Geográfico Nacional) and is verified through detailed drill hole collar surveys by a qualified surveyor using a DGPS.

Data spacing and distribution

Data spacing for reporting of Exploration Results.

This RC drilling program has been designed to cross significant mineralisation in deep depths.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

The data spacing is not considered sufficient to assume geological and grade continuity, and will not allow the estimation of Mineral Resources on deep.

Whether sample compositing has been applied.

No compositing of RC samples in the field has been undertaken.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

Shallow parts of the deposit show that the mineralised zone strikes northeast-southwest and is interpreted to be sub-horizontal (due to post mineralisation supergene processes) to shallowly dipping.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

All of the RC drill holes reported in this release are vertical. Due to the interpreted flat lying nature of the mineralisation, no sampling bias is considered to have been introduced by the orientation of the drilling.

Sample security

The measures taken to ensure sample security.

Chain of custody is managed by Berkeley. Samples are transported from the drill site by Company vehicle to a sample preparation shed where samples are prepared for dispatch. Samples are sent directly from the sample preparation shed to the laboratory using a certified courier or a Berkeley owned vehicle authorised for radioactive materials transport. No other freight is transported with the samples which are taken directly from the Berkeley facility to the external laboratory. Sample submission forms are sent in paper form with the samples as well as electronically to the laboratory. Reconciliation of samples occurs prior to commencement of sample preparation for assaying.

Audits or reviews

The results of any audits or reviews of sampling techniques and data.

Sampling techniques and procedures, as well as QA/QC data, are reviewed internally an ongoing basis. Mr Malcolm Titley (Geology Consultant, Maja Mining Limited) has independently reviewed the sampling techniques, procedures and data. He has undertaken a site visit to review and inspect the application of procedures. These reviews have concluded that the sampling and analytical results have resulted in data suitable for incorporation into Mineral Resource estimation.

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The Zona 7 Prospect lies on the Alisos Investigation Permit PI 6605-20 which is 100% owned by Minera de Río Alagón, a wholly owned subsidiary of Berkeley Energia Limited.

The Alisos Investigation Permit is currently in the second year of its second three year term and will expire on 4 January 2017.

No historical sites, wilderness or national parks are located within the Permit. The Zona 7 Prospect is located adjacent to the village of Villavieja de Yeltes.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

Tenure in the form of an Investigation Permit has been granted and is considered secure. There are no known impediments to obtaining a licence to operate in this area.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

Previous exploration at Zona 7 was completed initially by Junta de Energía Nuclear (JEN) and then Empresa Nacional de Uranio S.A. (ENUSA), both Spanish state run companies, from the late 1950's through to the mid 1980's. Work completed by JEN and ENUSA included mapping, radiometric surveys, trenching and diamond (DD) and open-hole (OH) drilling.

A detailed data assessment and verification of the historic data supplied by ENUSA has been undertaken. No significant issues with the data were detected.

Geology

Deposit type, geological setting and style of mineralisation.

The uranium mineralisation is hosted within Lower Cambrian metasediments adjacent to granite. The mineralisation typically occurs as a sub-horizontal to shallowly dipping layer occurring between surface and 100m depth, although mineralisation has been recorded to a maximum depth of 217m in the current RC holes. The style of the uranium mineralisation includes veins, stockwork and disseminated mineralisation in joint/fracture filling associated with brittle deformation. Uraninite and coffinite are the primary uranium minerals. Secondary uranium mineralisation is developed in "supergene-like" tabular zones corresponding to the depth of weathering. Most of the mineralisation is hosted within partially weathered and unweathered metasediment. This deposit falls into the category defined by the International Atomic Energy Association (IAEA) as Vein Type, Sub Type Iberian Type.

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

Details of all reported drill holes are provided in Appendix B of this release.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

All of this information is Material and has been included in Appendix B of this release.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

Reported drill intersections are based on chemical assay data and are calculated using a 200ppm U3O8 cut-off, no high grade cut, and may include up to 2m of internal dilution.

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

High grade intervals that are internal to broader zones of uranium mineralisation are reported as included intervals.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

No metal equivalent values are used.

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

All drilling is planned in such a way as to intersect expected mineralisation in a perpendicular manner. The uranium mineralisation is interpreted to be flat lying to shallowly dipping so the majority of the RC holes have been drilled vertically. The reported down-hole intervals are therefore interpreted to approximate true widths.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

The reported down-hole intervals are interpreted to approximate true widths.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Appropriate diagrams, including a drill plan and cross sections, are included in the main body of this release.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

All results are reported in Appendix B of this release.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Down-hole gamma logging of all holes is undertaken to provide eU3O8 data. Prior comparisons of eU3O8 data with chemical assay data have shown that on average eU3O8 tends to underestimate at higher grades (>600ppm) and overestimate at lower grades (3O8 data is not considered of sufficient quality to replace chemical assay data for the purposes of reporting drilling results. The drill intersections reported in this release are calculated using only chemical assay data.

Further work

The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

Further work planned for the Zona 7 Prospect includes additional drilling will be focused on extending the mineralisation further deep and infilling the current grid to facilitate future upgrading of the resource classification.

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

These are shown in the main body of this release.