Production Update re Choco Gold-Platinum Project

RNS Number : 0835R

Bezant Resources PLC

19 September 2017

 

19 September 2017

Bezant Resources Plc

("Bezant" or the "Company")

Production Update re Choco Gold-Platinum Project, Colombia

Bezant (AIM: BZT), the AIM quoted gold and platinum mining company, is pleased to announce an update on progress at its gold and platinum production operations, currently focused on the FKJ-083 licence area, in the Choco region, Colombia (the "Choco Project").  

The FKJ-083 licence area has been historically mined by third parties, and in Q1 2017 Bezant announced the results of an independent scoping study on the project. The Company is currently analysing initial production results from the FKJ-083 licence area with the ultimate objective of rolling out further production plants across its licence interests in the Choco region.

In mid-August 2017, mining ramp-up commenced on the FKJ-083 licence area together with deeper-level open pit development in order to access the virgin higher-grade gravels. Since then, the Company has been developing the open pit and its ramp-structure whilst simultaneously extracting and processing tailings, overburden and the lower-grade material located on top of the higher-grade virgin gravels.  The material is being processed through the Company's gravity separation plant located at site.  Loose gold and platinum is then processed and analysed at the project's site office for sale domestically to local commodity trading houses in Colombia.

Key operational developments:

·      First kilogramme of platinum and gold metals produced from mine development operations at the Choco Project has been sold

·      Metals extracted from the excavation and processing of the lower-grade material, including tailings and overburden, located on top of the higher-grade gravels

·      Total of 9,636 cubic metres processed between 14 August 2017 and 14 September 2017 over a total of 18 processing days as part of the Company's ramp-up and pit development process

·      Average metal ratio of 73% platinum and 27% gold achieved

·      Production expansion on schedule with an average output of over 500 cubic metres of raw material extracted and processed on the days on which the plant has been operated

·      Processing of lower-grade material, including overburden and historic tailings, achieved average platinum and gold grades of 91 mg per m³, in line with the Company's expectations for this type of material based on drilling results

·      Pit development and ramp construction works to access higher-grade virgin gravels nearing completion and extraction and processing of higher-grade virgin gravels expected by mid-October 2017

Commenting today, Bernard Olivier, CEO of Bezant, said:

"I am delighted that we have not only achieved the production and sale of our first kilogramme of platinum and gold, but that our mine ramp-up and pit development works are also progressing on schedule as we continue to develop our open pit operation to access the higher-grade material located at deeper levels. I look forward to providing further updates as we intersect and process the higher-grade material in due course."

For further information, please contact:

Bezant Resources Plc Bernard Olivier Chief Executive Officer Laurence Read Executive Director / Communications Officer        Strand Hanson Limited (Nomad)  James Harris / Matthew Chandler / James Dance Peterhouse Corporate Finance Limited (Broker)  Lucy Williams / Duncan Vasey / Heena Karani Beaufort Securities Limited (Broker)  Elliot Hance or visit http://www.bezantresources.com

Tel: [phone] Tel: [phone] Tel: [phone] Tel: [phone] Tel: [phone]

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 -

 

END

 

 

UPDGGUAABUPMGAR