Berkeley Resources Limited Page 1

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1 19 November 2007 STOCK EXCHANGE ANNOUNCEMENT BERKELEY INCREASES SALAMANCA I RESOURCES TO 16.9M LBS U 3 O 8 COMMENCES SCOPING STUDY The Directors of Berkeley Resources Limited (AIM: BKY.L) are pleased to advise the results of an upgraded resource calculation for the flagship Salamanca I project, which includes the Retortillo deposit and the new Santidad discovery: Project inferred and indicated resources now total 16.9m lb of U 3 O 8, an increase of 42% These additional resources are expected to have a significant impact on project economics Resource at the main Retortillo deposit increased to 13m lbs at 615ppm U 3 O 8 A maiden inferred resource of 2.9m lb at 382ppm for the new Santidad deposit Reducing the cut-off from 200ppm to100ppm increases total resources to19.6m lb Outstanding potential for further increases in resources from ongoing drilling AMC Consultants appointed to commence scoping study for mine development. Further details are set out below. Enquiries - Managing Director: Matt Syme Telephone: info@berkeleyresources.com.au Berkeley Resources Limited Page 1

2 New Resource Estimates Results from the new calculations are as follows: At a 200ppm U 3 O8 cutoff, total inferred and indicated resources are: Ore Tonnes (Mt) Grade (ppm U3O8) Contained (Mlb U3O8) at 200ppm U3O8 cutoff Retortillo Santidad Zona TOTAL including the following indicated resources: Ore Tonnes (Mt) Grade (ppm U3O8) Contained (Mlb U3O8) at 200ppm U3O8 cutoff Retortillo At a 100ppm cut-off the total inferred and indicated resources are: Ore Tonnes (Mt) Grade (ppm U3O8) Contained (Mlb U3O8) at 100ppm U3O8 cutoff Retortillo Santidad Zona 7* TOTAL * Zona 7 resources have been calculated at a 200ppm cut-off only. including the following indicated resources: Ore Tonnes (Mt) Grade (ppm U3O8) Contained (Mlb U3O8) at 100ppm U3O8 cutoff Retortillo Note for comparative purposes - previously published resource targets at Salamanca 1 (based on historic ENUSA estimates) included an additional 590,000 pounds of U3O8 in 3 small deposits which are excluded from the above calculations because detailed work has not yet commenced. These estimates are based on data from historical drilling campaigns by the Junta de Energia Nuclear (JEN) and Empresa Nacional Uranio S.A. (ENUSA) in the period from the late 1950 s to the mid 1980 s at Retortillo and Zona 7, supplemented by Berkeley drilling of 72 diamond and RC holes at Retortillo, 87 RC and diamond holes at Santidad and 7 diamond holes at Zona 7. They have been developed by a team of in-house and consulting geoscientists with calculations based on block modeling methods (for Retortillo and Santidad) and the polygonal method (for Zona 7). Berkeley Resources Limited Page 2

3 Background These three deposits occur in close proximity within the Company s flagship Salamanca I project and are located approximately 30 kilometres northeast of the former uranium mine of Mina Fe, operated by ENUSA, and about 65 kilometres southwest of the provincial capital of Salamanca. The Salamanca I Project covers an area of 44,016 ha and includes several other untested areas of uranium mineralisation and radiometric anomalies. The Retortillo and Santidad deposits are only a few kilometres apart within the same stratigraphic horizon. Zona 7 is located 14 kilometres to the north. Berkeley Resources Limited Page 3

4 Retortillo Deposit The original JEN drilling was restricted to the northwestern end of the deposit on a 50 x 50m grid. After some verification drilling ENUSA initially extended the deposit to the southeast on a 50 x 50m grid. This phase was followed by further ENUSA drilling to the southeast and along the deposit margins on a 100 x 100m grid with final stage step-out drilling at 200m centres to the southeast. Berkeley s drilling in 2007 (essentially diamond) has had three objectives: verification drilling at 50m centres on selected traverses; extension drilling to the southeast along traverses spaced at m intervals, which has extended mineralisation by 400m; and targeted testing for geological continuity and structural and lithological controls, particularly along the northern edge. This work has defined the limits of the deposit, established geological continuity of mineralisation and provided significant insights into the styles of uranium mineralisation and their possible controls. Interestingly, Berkeley s verification drilling generally improved grade and thickness, and the new drilling results also revealed some significant inconsistencies in the historical data. As a result, a more uniform data base, largely based on Berkeley drilling and additional RC drilling, is required before any additional upgrade of resource categories. Retortillo consists of two main blocks of mineralisation separated by the Retortillo Creek. The northwestern block lacks Tertiary cover and mineralisation has been affected by weathering and erosion. The adjacent area of the southeastern block has been similarly affected by weathering, due to a lack of cover. However, the presence of Tertiary cover from grid line 60E is associated with better development of supergene mineralisation. This cover increases to a maximum of around 30m in the southeastern parts of the deposit. The top of the uranium mineralisation is associated with the uppermost appearance of sulphides and is generally sharp, horizontal and within 24m of the surface. The base of mineralisation is irregular and sometimes associated with the base of partial weathering. Mineralisation is associated with hydrothermal sericite, pyrite +/- chlorite alteration and averages 15.5m in thickness. Berkeley Resources Limited Page 4

5 Primary uranium mineralisation consists of pitchblende, coffinite and black oxides incorporated into the main steeply dipping schistocity. A secondary enrichment of dominantly autunite and minor torbernite occurs as an upper sub-horizontal layer. Petrographically, uranium mineralisation is in the form of pitchblende with very minor coffinite; secondary autunite-series mineralisation is also present. Primary uranium mineralisation often coats pyrite grains and occurs within fractures in pyrite. Santidad Deposit The Santidad deposit is located within the same package of regionally and thermally metamorphosed Ordovician metaphyllites and located 3 kilometres to the northwest of Retortillo. The metaphyllites contain numerous granitic and pegmatitic sills and bodies and anomalously large chiastolitic blades of andalusite, indicating closer proximity to the main Banobarez granodiorite complex which outcrops to the SW. Erosion appears to have stripped the Tertiary cover from all of the areas tested to date, which may explain the strong supergene character of the mineralisation. Testing of the Santidad radiometric anomaly with 87 RC and diamond holes has identified relatively shallow secondary uranium mineralisation over a strike length of 1.75 kilometres and widths usually in the range of metres. It is open along strike in both directions. Drill traverse spacing is generally m with holes at 50 metre intervals. The main block of mineralisation is geologically continuous over a strike of 1.2 kilometres. The only visible uranium minerals are autunite and torbernite facies, however detailed mineralogical studies are in progress. RC drilling accounts for about 95% of drilling to date and logging of chips indicates that most mineralisation occurs within the oxidised zone, close to the interface with fresh rock. The average depth to the top of mineralisation within the resource envelope is 8.8 metres and it averages 12.6 metres in thickness. Berkeley Resources Limited Page 5

6 Zona 7 Deposit The Zona 7 deposit occurs within an arcuate east-west trending radiometric anomaly measuring some 1,100m x 200m. JEN tested the area on an incomplete 50 x 50m grid, with more intense drilling within an area of about 400m x 200m which includes the estimated resource. Berkeley has drilled 7 diamond holes aimed at understanding the potential of the entire anomaly. Significant mineralisation occurs within20m of surface as a flat lying layer which tends to dip more steeply to the northeast in the northwestern part of the anomaly. It consists of gummites and black oxides with significant torbernite and autunite, and occurs in thermally altered biotite + chlorite spotted schists. The mineralisation is usually 5 to 15m thick, with some intersections in excess of 30m in the northern parts, and it appears discontinuous. The presence of thick, very high grade, isolated intersections suggests steep shoots at the intersection of high angle structures, but more work is required to understand the controls on mineralisation before testing for the limits of the deposit and the untested radiometric anomaly to the northeast. Significant inconsistencies within the JEN drill data for the eastern half of the radiometric anomaly and inconsistent results from Berkeley s drilling program have precluded inclusion of these results in the resource estimate. For example, the resources do not include the area around hole ZN7-007 where an accumulated intersection of 18.5m at 0.125% U 3 O 8 was recorded. Resources for the Zona 7 deposit were estimated using a plan polygonal method based on a shape defined by geological, geochemical and radiometric data. A specific gravity of 2.5 was used for conversion of volume to tonnes. Berkeley Resources Limited Page 6

7 Resource Estimation Assessment and interpretation of the historical and Berkeley drilling data was undertaken by Company geologists; assessment of radiometrics and calculation of radiometric equivalent assays were completed by Roger Murphy (former Chief Geologist of the Rossing uranium mine); and resource modeling was assisted by McDonald Speijers (a consulting group with 15 years experience in resource estimations). The resource for the Retortillo and Santidad deposits was calculated using block modeling methods, while the Zona 7 resource was estimated using a plan polygonal method. Resource classification has been carried out in accordance with the JORC Code and resulted in 37% of the Retortillo deposit being classified as indicated resources. Grade was estimated using a calculated U3O8 value. Recent assays were total uranium as determined by Delayed Neutron Activation by Actlabs (Canada) with associated duplicates and blank standards. Most historic assays were fluorometric analyses, which were used in preference to the few spectrometric analyses. Where no chemical analyses were available, radiometric equivalent assays were determined from downhole radiometric surveys using comparisons between available radiometric and chemical data sets. The block models employed block sizes of 10m x 10m x 2.5m within a wireframe defined by interpretation of the geological and radiometric data. A variable density was used based on measurements on selected core samples in all of the diamond holes. This was based on depth and averaged slightly less than the density of 2.5 used in the April 2007 resource calculation. When ENUSA commenced exploration of the Salamanca area in the late 1970 s and early 1980 s they checked the earlier JEN drill core and samples by re-logging, re-sampling and re-analysing the core and/or JEN sample pulps, and by radiometrically re-logging remnant JEN core. Although no useable drill core or samples now exist from the JEN and ENUSA drilling, the recent diamond core drilling by Berkeley has provided a check on both the JEN and ENUSA (diamond and percussion) drilling. Recent drill results at least equal, or exceed, the historical drilling in both grade and intersected widths. These new holes were initially radiometrically logged, and subjected to geological logging, sampling and assaying over the entire core length, or more recently to selective assaying of zones of radiometric anomalies and the adjacent few metres of non-radiometric material. Core recoveries were in excess of 93%. Future Exploration The Salamanca I project has high potential to add further resources in the ongoing exploration program. Further extension drilling is in progress at Santidad to confirm and clarify the current resource model and to determine the southeast and northwestern limits of the deposit. Subsequent to the drilling included in the resource model, percussion drilling extended the limits of the mineralisation by 200m, to a total strike length of around 1.75km. The Retortillo/Santidad stratigraphy remains untested for approximately 3.5km along strike to the northwest of the Santidad deposit, before it is truncated by granite and much of this extension is covered by Tertiary. The stratigraphy is also untested for approximately 1km to the southeast, before it meets the Rio Yeltes. Additional drilling is also planned to test the area about 300 metres to the northeast of the Santidad deposit, where further strong ground radiometric anomalies occur on the northern limb of the synclinal structure. Initial scout drilling in the area (see Santidad drill plan) has encountered Santidad style uranium mineralisation. At Zona 7 there is potential for significant additional resources and the anomaly appears to continue for several kilometers to the northeast and link to the previously mined La Cristina deposit. Berkeley Resources Limited Page 7

8 Future drilling and exploration at Salamanca I will also benefit from the airborne survey currently underway. This survey includes 4 channel radiometrics and magnetics and is aimed at better defining controlling structures and host lithologies associated with uranium mineralisation. It is expected to facilitate the targeting of new areas with potential for mineralisation, particularly in the large untested areas within the Salamanca I project where favourable carbonaceous shale stratigraphy appears to extend beneath Tertiary cover. Scoping Study This substantial upgrading of resources, and the outstanding potential for further increases, is likely to have a favourable impact on the potential economics of mining at Salamanca 1. Therefore Berkeley has appointed AMC Consultants to undertake a scoping study of the potential for mine development at Salamanca I. AMC are expected to complete their report by the end of the year or early in The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Peter Ellis, who is a Member of The Australian Institute of Geoscientists and a consultant of Berkeley Resources Limited. Mr Ellis has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ellis consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Berkeley Resources Limited Page 8