Berkeley Resources – EXPIRY OF SUBSCRIPTION RIGHT and APPOINTMENT OF CHAIRMAN

Berkeley Resources – EXPIRY OF SUBSCRIPTION RIGHT and APPOINTMENT OF CHAIRMAN

Berkeley Resources Ltd today advised that OAO Severstal's right to subscribe for shares in Berkeley pursuant to the Subscription Rights Deed entered into by the parties expired on 14 January 2011. The Company said that although Severstal were not able to agree the terms under which OAO Severstal would undertake an agreed bid for Berkeley and therefore, OAO Severstal's right to subscribe for shares in Berkeley has lapsed, the parties are continuing discussions in respect to other possible arrangements that may be entered into by them.

The Company also said it had appointed Dr James Ross AM as Chairman of the Company with immediate effect, following the retirement of Dr Robert Hawley CBE from the Board due to health reasons. The Board took the opportunity o record its appreciation of Dr Hawley's role in the successful development of the Company during his tenure as Chairman, and to convey their best wishes for a full recovery.

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