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Bezant Resources PLC

Bezant Resources agrees US$500,000 sale of Choco project

The mining junior has exited the project, while it works on a new copper-gold strategy

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It has already received the first US$450,000 of the payment

Bezant Resources plc (LON:BZT) has told investors that it has agreed to sell the Choco project in Colombia.

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.

READ: Bezant Resources reverts back to copper after strategic review

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."   

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Market: AIM
Market Cap: £1.15 m
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