Bezant Resources PLC Gold-Platinum Sampling Programme at Choco Project (2676P)
30 August 2017 - 5:00PM
UK Regulatory
TIDMBZT
RNS Number : 2676P
Bezant Resources PLC
30 August 2017
30 August 2017
Bezant Resources Plc
("Bezant" or the "Company")
Gold-Platinum Sampling Programme at the HGE-082 Licence Area,
Choco Project, Colombia
Bezant (AIM: BZT), the AIM quoted gold and platinum mining
company, announces that gold- platinum sampling is now underway at
the HGE-082 licence area located approximately 4km from its current
mining operations at the Choco Project, Western Colombia.
As announced previously, the Company holds an option over the
HGE-082 licence comprising 91 hectares versus the smaller, and
significantly historically mined, 75 hectares of the FKJ-083
licence area which forms the current focus of mining operations.
Bezant is interested, in aggregate, in over 2,600 licenced hectares
covering the extensive gold-platinum placer fields in the Choco
region, where platinum was first discovered in the 19th Century.
The Company is focussed on bringing Colombian projects into
production in accordance with local regulatory requirements and
best international operational practices..
Following the recent commissioning of its first mining
operations, the Company is now pursuing a low-cost expansion
strategy, seeking to build a series of production plants for under
US$500,000 in construction costs per plant, that can be rapidly
deployed and fed with placer gravels. It is the objective of Bezant
to develop a production expansion strategy based upon additional
plants with positive cashflow and operating profit to generate a
sustainable, margin at the group level.
An overview map of the Choco Project licence areas, currently
owned and held under option, is available at:
http://www.rns-pdf.londonstockexchange.com/rns/2676P_-2017-8-30.pdf
Feasibility Testing
An exploration programme, sampling the HGE-082 licence area with
respect to potential future mining, is ongoing with test pitting
and sampling activities underway. Initial samples are currently
being processed at the Company's laboratories at its central mining
office for its Choco Project. The Company is not seeking to define
delineated resources, but rather to test throughput suitability and
placer spreads for future implementation of mining operations.
The Company further expects to be able to announce an update
with respect to its first mining recovery operations on the FKJ-083
licence area, in the near term and the final results of the
exploration sampling by Q4 2017.
Commenting today Bernard Olivier, CEO of Bezant, said:
"With commercial mining operations recently commenced, Bezant is
now assessing the gold and platinum recovery potential for the
other licence areas comprising the Choco Project. We look forward
to updating the market on our current mining operations in the near
term as well as the results of our exploration activities once
completed and interpreted. The Company's objective is to build
cashflow and develop a less capital-intensive gold and platinum
recovery model, deploying flexible, small-scale plants on known
Colombian placer beds. The Choco region of Colombia is one of the
largest precious metals placer regions in the world and Bezant is
believed to be the first company to employ modern mining operations
in the area."
For further information, please contact:
Bezant Resources Plc
Bernard Olivier Tel: +61 40 894 8182
Chief Executive Officer
Laurence Read Tel: +44 (0)20 3289
Executive Director / Communications 9923
Officer
Strand Hanson Limited (Nomad) Tel: +44 (0)20 7409
James Harris / Matthew Chandler 3494
/ James Dance
Peterhouse Corporate Finance Tel: +44 (0)20 7469
Limited (Broker) 0930
Lucy Williams / Duncan Vasey
/ Heena Karani
Tel: +44 (0)20 7382
Beaufort Securities Limited (Broker) 8300
Elliot Hance
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 Regulation (EU) No. 596/2014.
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
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