Update re Eureka Copper-Gold Project, Argentina

RNS Number : 1003W

Bezant Resources PLC

23 January 2013

 



23 January 2013                   

Bezant Resources Plc

("Bezant" or the "Company")

Update re Eureka Copper-Gold Project, Argentina

EIA Approval Process Ongoing

Bezant (AIM: BZT), the AIM listed gold and copper exploration and development company operating in the Philippines and Argentina, announces that further to its release of 29 November 2012, the Company is still awaiting final approvals from the provincial authorities in respect of the Environmental Impact Assessment ("EIA") for its wholly owned Eureka Project, in the province of Jujuy, north-west Argentina. EIA approval will ensure that the project's existing licences meet all the relevant criteria for exploration under local and federal law and enable Bezant to proceed with the next phase of its initial exploration work programme.

The authorities' approvals process in the Jujuy Province is anticipated to resume shortly, following the recent summer recess, and a further update will be provided in due course.

For further information, please contact:

Gerry Nealon Executive Chairman, Bezant Resources Plc                              Bernard Olivier Chief Executive Officer, Bezant Resources Plc     Laurence Read Director / Communications Officer, Bezant Resources Plc                            James Harris / Matthew Chandler / David Altberg Strand Hanson Limited                                                           James Maxwell / Jenny Wyllie N+1 Singer or visit http://www.bezantresources.com

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

Notes to editors:

Eureka Project

The 11 licences comprising the Eureka Project are located in north-west Jujuy near to the Argentine border with Bolivia and are formally known as Mina Eureka, Mina Eureka II, Mina Gino I, Mina Gino II, Mina Mason I, Mina Mason II, Mina Julio I, Mina Julio II, Mina Paul I and Mina Paul II, covering, in aggregate, an area in excess of approximately 5,500 hectares and accessible via a series of gravel roads. To date, no JORC compliant or equivalent resource estimate has been established, but historic exploration activities have been conducted on the project area since the 1980s by Minera Penoles, Codelco and Mantos Blancos, with unaudited unclassified estimates in the order of, in aggregate, up to approximately 62 million tonnes grading at 1% copper and approximately 52,000 ounces of gold as credits. The copper oxide mineralisation occurs in loosely consolidated conglomerates and is the focus of the project's economic potential. The near surface mineralisation is amenable to heap leaching, while the carbonate content of the conglomerate is reported to be low, thereby reducing potential acid consumption.

Copper-Gold Exploration Track Record

In 2007, Bezant acquired the little known Mankayan copper-gold target in the Philippines for approximately 5.5 million shares and US$500,000 cash. Over a period of approximately three years the Company proved up JORC Compliant Probable Ore Reserves of 189 million tonnes grading at 0.46% copper and 0.49g/t gold, resulting in total Recoverable Metal Reserves of 811,000 tonnes of copper and 2.21 million ounces of gold for an exploration cost of approximately US$5 million. On 26 October 2011 the grant of an option to Gold Fields Netherlands Services BV for the potential sale of the Mankayan Project was ratified by the Company's shareholders and such option has recently been amended and extended to 31 January 2014. Bezant intends to return a significant amount of cash to Shareholders in due course in addition to progressing its near surface "Eureka" copper-gold project in Argentina.

 

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