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Bezant Resources commissions mining study at Mankayan copper-gold project

Published: 10:31 23 Aug 2010 BST

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Bezant Resources (LON:BZT) has commissioned a conceptual mining study at its Mankayan copper-gold project on the Island of Luzon in the Philippines. The study will consider a potential underground mining operation. It is also expected to provide a recommendation for an optimum mining rate, as well as a preliminary implementation plan and a financial model. 

"The results of our exploration, drilling, geotechnical and metallurgical studies to date have clearly demonstrated that the Company's Mankayan Project ... is potentially capable of hosting a world-class copper/gold mine,” Bezant Chairman Gerry Nealon commented.

“This conceptual study ... will assist us in identifying the most attractive route for taking the project forward and unlocking maximum shareholder value”.

The company hired independent consultants TWP Australia Ltd and Mining Plus Ltd to conduct the study.

The Mankayan Project currently has a JORC-compliant mineral resource of 221.6Mt (million tonnes) Indicated and 36.2Mt Inferred - equating to an Indicated Resource of 2.42bnn pounds of copper and 3.7Moz (million ounces) of gold, with a further Inferred Resource of 0.44bn pounds of copper and 600,000oz of gold. 
 
Bezant believes that the current resource and the level of geological modelling of the ore bodies justifies the start of preliminary technical and economic assessment of the economic viability for a mine on the Mankayan site.

The company intends to use the results of the study to validate the further work required before initiating a full pre-feasibility study.

The study will included a review of the resource model, geotechnical conditions and parameters; a review of environmental and cultural considerations; the approach and design considerations for a mining operation; the design of a production sequence and schedule; estimates for mine operations management considerations, infrastructure requirements, mine capital expenditure and operational costs.

Furthermore, it will also asses Mankayan’s implementation plan and financial model, high-level risk management and parameters for future studies.

Bezant expects to complete the study within four months.

“The completed study is expected to contribute significantly to the company's understanding of the economics associated with the deposit," said the company.

The company also highlighted that the review process will also consider potential commercial or joint venture partners to finance and develop the project, as well as a possible divestment of all or part of Bezant’s interest in the project.

The review will also assess Bezant’s options to further evaluate and develop the project to a more advanced stage by Bezant alone.

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