9 Jul 2012 07:00
BERKELEY MINERAL RESOURCES PLC
("BMR" or the "Company")
Chingola Copper Tailings Update
Berkeley Mineral Resources Plc, the AIM-listed metals processing company, announced on 20 December 2011 that it had signed an Option Agreement which gave 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 19 April 2012 it further announced that it had extended the Option exercise date to 9 July 2012.
On 3 July 2012, BMR announced it had concluded negotiations over the first Chingola cluster at Rephidim site, by signing an Assignment Agreement over an existing Joint Venture.
However, BMR has not yet been able to complete satisfactory due diligence over the other two clusters at Chingola, in one case due to overlapping mining licence factors. The Company continues to negotiate with the directors of the parties concerned and for one cluster it is agreed that BMR's exclusive right to carry out due diligence is extended until at least 8 August 2012.
In addition, BMR's Zambian development team has commenced negotiations regarding Option Agreements over further copper clusters in the Ndola area in northern Zambia.
Masoud Alikhani, Chairman, commented:
"While BMR is intent on securing substantial stockpile copper tailings in the Zambian Copperbelt to add to the zinc and lead resources already secured at Kabwe, we will only acquire high quality delineated resources that are accompanied by good title. The team is working hard to allow us to take advantage of the opportunities currently available".
09th July 2012
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.
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