Bezant Resources confident of progress at Mankayan project
26 November 2009
Bezant, the AIM listed gold and copper explorer operating in the Philippines and Tanzania, managed to cut its full year losses to £1.8 million in the year to June – down from £6.9 million the year before. The company ended the period with £1.6 million in cash.
During the year Bezant posted a significant upgrade to the resources at its main Mankayan copper-gold project in the Philippines.
The company’s chief executive, Gerry Nealon, said: “Bezant's core Mankayan project has now been confirmed by an independent authority to an indicated resource status, with the potential to generate a world class mine especially when compared to its peers, situated in the area of Luzon in the northern Philippines.”
“These peers serve to clearly demonstrate the will, stability, port access and infrastructure that exists to support further potential major mining developments in the Philippines.”
The improved JORC compliant indicated resource at Mankayan came in at approximately 221.6 million tons, with an inferred resource of approximately 36.2 million tons at a 0.4% copper cut-off. The upgraded resource represents an indicated resource of approximately 2.42 billion pounds of copper and 3.7 million ounces of gold, along with an additional inferred resource of 0.44 billion pounds of copper and 0.6 million ounces of gold.
In Tanzania, 40% of the company's earn-in now completed in respect of a package of nine prospective tenements with prospecting licences covering an area of approximately 2,116 sq km.
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