17 Dec 2010 07:00
Berkeley Mineral Resources Plc
("BMR" or "the Company")
AGM Statement
A Transformational Year
At today's Annual General Meeting Masoud Alikhani, Chairman of Berkeley Mineral Resources Plc, the AIM listed resource company engaged in the processing of tailing dumps at the former Kabwe mine in Zambia, will make the following comments:
"Having acquired two initial sections of tailings dumps at Kabwe in 2009, the Company secured an option to acquire all the remaining sections in June 2010. The total stockpiles are estimated to comprise in excess of seven million tons of tailings, principally high-grade lead and zinc. We believe that these metals have favourable demand profiles for forthcoming years and global supply will remain depleted until new mines can be permitted and constructed.
"BMR has raised several tranches of funding during the past six months. As a result, due diligence has been carried out on the deposits and their metallurgy and the Kabwe project is funded to the commencement of processing. We are currently engaged in completing this transaction.
"Whilst our focus is on Kabwe, the Company is currently reviewing several other opportunities that have been introduced to us. The most advanced negotiation is for a bulk-tonnage tailings deposit in Zambia for which extensive data exists. Discussions are progressing well and we expect to sign a MOU early in the New Year.
"For the year ahead, we are looking to build upon the work we have done so far in developing a mineral supply business, complete the Kabwe agreement and progress some of our other opportunities, whilst not forgetting to focus on generating cashflow. Once processing and production of concentrates commences, we believe that revenues from above-ground tailings will produce a rapid pay-back of initial capital.
"I would like to thank the existing shareholders for their support and to welcome all new investors. BMR is close to completing its transformation into an environmentally friendly mining company and the Board is very excited at the prospects for the next year and beyond."
17 December 2010
For further information please contact: | |
Berkeley Mineral Resources Plc | |
Masoud Alikhani, Chairman | 020 7408 1181 |
Seymour Pierce | |
Stewart Dickson / Jonathan Wright (Corporate Finance) Jeremy Stephenson / Richard Redmayne (Corporate Broking) | 020 7107 8000 |
Lothbury Financial Services | |
Michael Padley / Gary Middleton | 020 7868 2010 |