10 Aug 2012 14:00
BERKELEY MINERAL RESOURCES PLC
("BMR" or the "Company")
Further Chingola Copper Tailings Update
Berkeley Mineral Resources Plc, the AIM-listed metals processing company, is the beneficiary of an Option Agreement which gives BMR the exclusive right to carry out due diligence on three substantial stockpiles of copper tailings ("clusters") located within a 7km radius of each other in the Chingola area in the north of Zambia.
On 3 July 2012, BMR announced it had concluded negotiations over the first Chingola copper tailings cluster at the Rephidim site by signing an Assignment Agreement over an existing Joint Venture. On 9 July 2012, it announced that it had extended its options over the other two clusters giving it the exclusive right to conduct further due diligence until 8 August 2012.
The Company has been able to complete its due diligence on these clusters and as a result has decided not to extend the due diligence period as it has now made definitive offers to the owners concerned. The offers have been favourably received by the owners who have entered into advanced negotiations with BMR.
BMR's Zambian development team has also concluded its due diligence on further substantial copper tailings clusters it has identified in the Ndola area in northern Zambia. Negotiations over Joint Ventures on these additional clusters are proceeding.
The Company will update shareholders with the results of these negotiations in due course.
Masoud Alikhani, Chairman, commented:
Since we first entered into the business of securing and producing metals from zinc and lead tailings in Kabwe, Zambia, the Company has established a growing reputation as partner of choice in the country. We are now extending our scope by entering the copper tailings sector and broadening our geographical coverage. Where possible, it is intended that BMR will form Joint Venture Agreements with the Zambian citizens involved in the projects concerned, enabling them to participate in the copper mining and tailings recovery as they proceed."
This release has been reviewed by Dennis Human, B.Sc. (Hons), Bus. Admin (Hons), MGSSA, Consulting Geologist to the Company, who is a Qualified Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies.
10 August 2012
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