Mankayan Project Update

RNS Number : 3346U

Bezant Resources PLC

27 March 2023

 

27 March 2023

Bezant Resources Plc

("Bezant" or the "Company")

Mankayan Project Update

Bezant (AIM: BZT), the copper-gold exploration and development company,  further to its announcements dated 1 March 2023 and 26 October 2022 regarding the conditional share purchase agreement (the "SPA") to exchange its 27.5% shareholding in IDM Mankayan Pty Ltd ("IDM Mankayan") for a 26.36% shareholding in IDM International Limited (ACN 108029198) ("IDM International") confirms that at IDM International's extraordinary general meeting on 24 March 2023 all resolutions to approve the SPA and the acquisition by IDM International of the shares of the other shareholder of IDM Mankayan were passed and all conditions in relation to the SPA will have been met.  Completion of the SPA is anticipated to occur in the coming 7 days.

As previously reported; IDM International, through Crescent Mining Development Corporation's ("Crescent"), continue to make very good progress on initial Pre-Feasibility Studies on the Mankayan copper-gold project in the Philippines since IDM Mankayan acquired its interest in the Mankayan project in October 2021; and going forward, IDM International and Crescent, along with their various consultants and advisors, intend to complete a full Pre-Feasibility Studies during 2023 and 2024 with the aim of presenting the Mankayan Project as a globally significant copper-gold project at a time when the supply-demand gap for copper is expected to be large as the world transitions to electrification.

For further information, please contact:

Bezant Resources Plc  Colin Bird, Executive Chairman	[phone]
Beaumont Cornish (Nominated Adviser)  Roland Cornish/Asia Szusciak	[phone]
Novum Securities Limited (Broker) Jon Belliss	[phone]

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 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

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