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: +61 8 9368 1566 Tel: +61 40 894 8182 Tel: +44 (0)20 3289 9923 Tel: +44 (0)20 7409 3494 Tel: +44 (0)20 3205 7500 Tel: +44 (0)20 7653 9855 |
