News blog
Bezant Resources
- BY: Andrew Hore |
- POSTED: 21/07/2008 |
Positive resource news from Bezant Resources helped the share price recover.
The shares rose 2.5p to 54p following the announcement that the Mankayan project in the Philippines, which is the major focus of the company, has 3.06bn of contained copper and 3.8m ounces of gold.
The drilling budget is $3m over two years and the majority of that has already been spent. Bezant still has around £5m in cash.
Dr Bernard Olivier, a Bezant director, says that the company is on course to start a pre-feasibility study in the first quarter of 2009. Bezant currently owns 40% of the project but it has an option to acquire the other 60% at a later stage.
Bezant will then have to raise additional cash or find a joint venture partner.
Bezant also has gold exploration interests in Tanzania.
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