20 Jan 2012 07:00
BERKELEY MINERAL RESOURCES PLC
("BMR" or "the Company")
DIRECTOR DEALINGS
Berkeley Mineral Resources Plc, announces that it has been informed that Masoud Alikhani, Executive Chairman of the Company, has purchased on Thursday 19 January 2012, 1,200,000 ordinary shares in the Company at a price of 3.89 pence. Following this transaction Mr Alikhani will hold a total of 20,495,958 shares in BMR representing 2.03% of the Company's issued share capital.
Contacts:
Masoud Alikhani, Chairman, Berkeley Mineral Resources 020 7408 1181
Jonathan Wright / Stewart Dickson, Seymour Pierce 020 7107 8000
Michael Padley / Gary Middleton, Lothbury Financial Services 020 7868 2010
Notes for Editors
BMR is a minerals company with a primary strategy of investing in tailings processing. By accessing above-ground dump deposits with known grades and metallurgy, it avoids exploration or mining costs, has a secure licence and fixed environmental criteria, and can produce concentrates according to viability at current market prices.
The Kabwe deposits, located approximately 110km north of the Zambian capital Lusaka, were discovered in 1902. From 1906, Kabwe was a significant mine. By the time it closed in 1994, due to depletion of the massive sulphide mineralisation and lowered metal prices, it had produced about 1.8m tonnes of zinc, 800,000t of lead, 7,800t of vanadium pentoxide and lesser quantities of cadmium, silver and copper.
After closure, most of the mine complex was sold off on a piecemeal basis. BMR's overall strategy is to re-assemble the Kabwe dumps site into a single entity operating under a single Large Scale Mining Licence.
In May 2011 BMR signed a MOU with Ng'wena Mining Resources under which it could acquire 76% of the copper tailings from the former Roan Antelope mine at Luanshya, 145 km north of Kabwe.
In December 2011 BMR completed its due diligence for its options to acquire from Silverlining Ventures Limited and Alberg Mining Limited the remaining partly mined or unmined ore bodies and other assets at Kabwe. Completion of this acquisition is subject to the re-issue of the appropriate licences by the new Zambian government.
In December 2011 BMR signed an Option Agreement which has given BMR the exclusive right to carry out due diligence on substantial stockpiles of copper tailings located in the Chingola area in the north of Zambia, about 220km from Kabwe. The Option is in respect of stockpiles at three separate areas located within a 7km radius of each other.
For further information please see the Company's website at http://www.bmrplc.com.