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Bezant Resources raises £800,000 to advance Mankayan project

Executive chairman Colin Bird is putting up £50,000

copper wires
Mankayan is a huge prospect

Bezant Resources plc (LON:BZT) is raising £800,000 to move forward with its Mankayan copper-gold project in Luzon, the Philippines.

Executive chairman Colin Bird is putting up £50,000, which will take his stake to 2.5% once the fund raise completes.

READ: Bezant Resources says Mankayan project has major potential to generate further value

Shares in the placing and subscription were priced at 0.36p with the money earmarked to upgrade the historical scoping study, onsite community development work and for drill target selection.

A portion will also be allocated to the Eureka project in Argentina, which is being assessed

The previous study undertaken at Mankayan in 2014 by Goldfields indicated a post-tax net present value of approximately US$793mln (8% discount), with total post-tax net cash flows of approximately US$3.7bn.

Laurence Read, chief executive, said reassessment of the existing Mankayan engineering studies and a focus on the last, high-grade copper-gold intersections drilled by Goldfields will be key objectives going forward.

 

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