The group’s wholly owned subsidiary Ulloa Recursos Naturales Naturales, which holds alluvial platinum and gold licences in the Choco region, will be sold to Auvert Mining Group for a consideration of US$500,000.
Some US$450,000 has already been paid, and the remaining US$50,000 is currently being held in escrow.
Bezant noted that it will retain no liabilities in relation to Ulloa, and it will also save around US$400,000 per year of costs related to non-mining activities that would’ve been required to maintain the project.
The company intends to use the sale proceeds to progress its copper-gold strategy and general working capital. It is concluding a series of study reviews and site visits at both the Philipiennes and Argentinian copper-gold projects.
Laurence Read, Bezant chief executive, said: “following a full review of the groups operations the Board believes future value for the company should be driven from the current portfolio of copper gold assets.
“The Mankayan project is a highly advanced, major copper asset which has already been subject to an option by an industry major and the Eureka project is in a prospective copper district with historic mining present at surface.
He added: “The $500,000 disposal of Choco to Auvert, a company specialising in alluvial mining, allows Bezant to focus on a series of assets in two commodities likely to be subject to significant supply shortfalls.
“We look forward to updating the market in detail on our copper-gold review shortly."