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Bezant Resources PLC - Extension of Option Agreement re Buffalo Project

RNS Number : 7329Y
Bezant Resources PLC
03 January 2020
 

 

3 January 2020

Bezant Resources Plc

("Bezant" or the "Company")

Extension of Option Agreement in respect of Buffalo Copper / Gold Project, Zambia

Bezant (AIM: BZT), the copper-gold exploration and development company, announces that is has been granted an extension to the initial expenditure phase in respect of its conditional option to acquire a 50 per cent. interest in small scale copper mining licence number 15164-HQ-SML in The Republic of Zambia (the "Licence"), as announced on 23 April 2019, which contains the Buffalo exploration project (the "Buffalo Project") (the "Buffalo Option").

 

Under the original terms of the Buffalo Option and as consideration for a 50 per cent. interest in the Buffalo Project,  Bezant was required to complete an initial assessment of the Licence area at a cost of up to US$200,000 by 1 February 2020 (the "Initial Expenditure Phase"). The Initial Expenditure Phase has now been extended to 30 April 2020, to enable the Company to progress its ongoing assessment of the Buffalo Project.

 

All other terms of the binding memorandum of agreement entered into with KPZ International Limited in respect of the Buffalo Option, as announced on 23 April 2019, remain unchanged.

 

Colin Bird, Executive Chairman of Bezant, commented:

"This extension will allow Bezant to fully understand the geological structure and presentation of mineralisation in an area which has produced promising copper results and indicated the presence of other base metals. We look forward to reporting our findings during the extended option period."

 

 

 

For further information, please contact:

 

Bezant Resources Plc

Laurence Read

Chief Executive Officer

Colin Bird

Executive Chairman

Tel: +44 (0)20 3289 9923

 

 

Strand Hanson Limited (Nomad)

James Harris / Matthew Chandler / James Bellman

Tel: +44 (0)20 7409 3494

Novum Securities Limited (Broker)

Jon Belliss

Tel: +44 (0)20 7399 9400

or visit http://www.bezantresources.com


 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

 

 

 


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