Bezant Resources PLC Exercise of Option (3847D)
26 April 2017 - 6:30PM
UK Regulatory
TIDMBZT
RNS Number : 3847D
Bezant Resources PLC
26 April 2017
26 April 2017
Bezant Resources Plc
("Bezant" or the "Company")
Exercise of Option over two alluvial, platinum
and gold licences in Colombia
Bezant (AIM: BZT), the AIM quoted mineral exploration and
development company, announces that, further to the recent
completion of its scoping study and the results of technical work
concluded to date, the Company has now exercised its existing
option over two platinum and gold licences located in Choco,
Colombia.
Highlights:
-- Option exercised over two alluvial platinum and gold
licences, FKJ-083 and HCA-082, in Colombia (the "Licences") (the
"Option")
-- Under the terms of the agreements relating to the acquisition
of Leeward Islands Exploration LLC in January 2016, which holds the
Option via its subsidiary Ulloa, the exercise price payable by
Ulloa to acquire the Licences is, in aggregate, US$300,000, of
which:
o US$100,000 has been paid on notice of exercising the Option;
and
o US$200,000 is payable on or before 5 December 2017
-- Following completion of the Option exercise, Bezant via Ulloa
will hold a 100 per cent. interest in the Licences, which cover a
total area of approximately 2,659ha
-- Decision to exercise the Option follows the positive results
of the Independent Scoping Study announced on 8 March 2017 and
other technical work conducted on the FKJ-083 licence area
Ed Nealon, Non-Executive Chairman of Bezant, today
commented:
"We are pleased to confirm that, further to this Option exercise
over two mining title licences in Colombia, we remain on target to
acheive first production in H1 2017 at FKJ-083 and look forward to
establishing a low cost alluvial mining operation. In due course,
we plan to establish additional mining operations in the Choco
region of Colombia, which has historically been a source of
significant alluvial platinum and gold production."
Further Information
Bezant, via its wholly-owned Colombian subsidiary Ulloa Recursos
Naturales S.A.S. ("Ulloa"), has yesterday exercised its
pre-existing option over the FKJ-083 and HCA-082 licences. The
decision to exercise the Option was made following review of the
independent scoping study, details of which were announced on 8
March 2017 (the "Independent Scoping Study"), and the technical
work conducted to date, including the phase 2 recovery results
announced on 3 April 2017. Under the terms of the option agreement
and associated transaction documents entered into when Bezant
acquired Leeward Islands Exploration LLC in January 2016 which
holds the Option via Ulloa, the exercise cost is, in aggregate,
US$300,000, of which US$100,000 has been paid and a further
US$200,000 is payable on or before 5 December 2017.
The Licences, which cover a combined area of approximately
2,659ha of prospective platinum and gold bearing alluvial gravels,
have been assigned to Ulloa and will now be registered in Ulloa's
name with the Colombian National Mining Agency. Mining licence
FKJ-083 was the primary focus of the Independent Scoping Study and
will be the location of the Company's initial mining operations and
processing plant ("Stage 1 Development"). Once Stage 1 Development
is complete and the plant on producation, the Company will
thereafter seek, the requisite community and regulatory approvals
to develop further mining operations in the Choco region.
In summary, the Option exercise enables Bezant to progress with
the rapid development of its first alluvial platinum and gold
mining operation on mining licence FKJ-083, which remains on track
to be in production in H1 2017.
As referred to in the Company's announcement of 16 November
2015, the Company retains via Ulloa, a further option in respect of
licence HGE-082 in the Choco region ("Option 2"), covering
approximately 91ha, which remains under evaluation. A further
update in respect of Option 2 will be provided in due course.
For further information please contact:
Bezant Resources plc
Bernard Olivier Tel: +61 40 894
Chief Executive Officer 8182
Laurence Read
Executive Director / Communications Tel: +44 (0)20
Officer 3289 9923
Strand Hanson Limited (Nomad)
James Harris / Matthew Chandler
/ James Dance Tel: +44 (0)20
7409 3494
Beaufort Securities Limited (Broker)
Elliot Hance Tel: +44 (0)20
7382 8300
or visit http://www.bezantresources.com
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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