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Berkeley Resources terminates head of agreement with Areva

Berkeley Resources Limited (AIM: BKY) has terminated its head of agreements signed in March 2006 with French nuclear power group Areva for off-take or marketing of uranium production from Berkeley’s projects with immediate effect, leaving it free to negotiate similar agreements with other parties.

Berkeley said that Areva intended to exercise its Berkeley options and dispose of its entire holding of shares in the company. Should the options be exercised, they will contribute over A$7 million to Berkeley’s cash position.

Berkeley Resources has a land holding and advanced uranium exploration and development projects in Spain, and is currently focusing on the completion of a feasibility study at its flagship Salamanca uranium project, incorporating the Spanish State Reserves and the Quercus Uranium processing plant.

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