05/07/2005 - 22:00

Berkeley uranium play

05/07/2005 - 22:00

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Berkeley uranium play
BERKELEY Resources has announced it has agreed to acquire six advanced uranium projects in Spain. The projects will be acquired by purchasing Minera de Rio Alagon, a Spanish company that has applied for licences totalling 110,000 hectares encompassing the six projects. Perth-based Berkeley will earn its interest in Rio Alagon by investing up to 1.5 million euro in exploration over three years to earn an initial 51 per cent interest, which can be increased to 100 per cent by spending an additional 2 million euro over two years. Berkeley will also issue to the vendors of Rio Alagon one million fully paid ordinary shares plus a further million shares if certain conditions are met. Rio Alagon was set up by a group of Spanish mining professionals, with substantial experience in mining and exploration in the area, according to Berkeley. Spain currently has nine nuclear reactors, producing around 25 per cent of the country’s power needs.

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