Termination of Mkurumu Joint Venture Project

RNS Number : 1162G

Bezant Resources PLC

03 June 2013

 



 3 June 2013

Bezant Resources Plc

("Bezant" or the "Company")

Termination of Mkurumu Joint Venture Project, Tanzania

Bezant (AIM: BZT), the AIM listed gold and copper exploration and development company operating in the Philippines and Argentina, announces that it has received notification from AngloGold Ashanti Limited ("AngloGold Ashanti") that further to a recent peer review of their various projects they have terminated the Mafulira Project, situated in the Kilindi District, Tanga Region, Tanzania, with the Mafulira Village Mining Company. Detailed analysis concluded that the Mafulira Project, which includes the Mkurumu Project, was not economically viable.

As previously reported, the board of directors of Bezant fully impaired all of the exploration costs incurred in respect of the Company's Tanzanian projects in the Company's 2010 financial year.  In March 2012, the Company announced that it had terminated the pre-existing joint venture arrangements with Ashanti Exploration (Tanzania) Limited ("AETL") in respect of the Mkurumu Project and negotiated a new agreement whereby Anglo Tanzania Gold Limited ("ATGL"), the Company's subsidiary,holds a reduced free carried interest of 5 per cent. along with a Net Smelter Return Royalty of 2 per cent. of any potential future Net Smelter Return due to AETL. Accordingly, such new agreement has now been terminated further to the abovementioned notification from AngloGold Ashanti.

For further information, please contact:

Gerry Nealon Executive Chairman, Bezant Resources Plc                              Bernard Olivier Chief Executive Officer, Bezant Resources Plc     Laurence Read Director / Communications Officer, Bezant Resources Plc                            James Harris / Matthew Chandler / David Altberg Strand Hanson Limited                                                           James Maxwell / Jenny Wyllie N+1 Singer                                               or visit http://www.bezantresources.com

Tel: [phone] Tel: [phone] Tel: [phone] Tel: [phone] Tel: [phone] Tel: [phone]

 

END

 

 

MSCLIFVTRRIVIIV