Option Agreement with Caerus Mineral Resources PLC

2 August 2021

Bezant Resources Plc

("Bezant" or the "Company")  

Option Agreement with Caerus Mineral Resources PLC to

evaluate and develop copper gold projects in Cyprus  

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce it has entered into an exclusive option agreement commencing 1 August 2021 with Caerus Mineral Resources PLC (LON: CMRS) ("Caerus") to allow the parties to review Caerus extensive portfolio of copper / gold projects in Cyprus with a view to possible joint venture mining operations (the "Agreement").

Highlights: 

·    The exclusive option agreement grants Bezant 18 months to assess the merits and economic prospects of all Caerus potential copper / gold hard rock mining assets in Cyprus ("Caerus' Cyprus Properties").

·    The Agreement provides for Bezant to review Caerus' Cyprus Properties and for both parties to identify one project as a potential development project.

·    On identification of a project the parties agree to jointly fund and explore up to USD1million on the selected project.

·    Should the project selected surpass the development criteria then Bezant and Caerus will form a joint venture company to develop the project.

·    Bezant will be responsible for the designing, construction and operation of any mine developed under this agreement.

·    Caerus' expenditure during the pre-mining exploration phase will be recovered from future cashflows and Caerus will retain a 20% beneficial interest in all future revenues.

Colin Bird, Executive Chairman of Bezant, commented:

"The mission of both Bezant and Caerus is to be well positioned in what is globally accepted to be the new copper supply deficit.  We both believe that the deficit is very real and will  need to be met by large and small mines.

The Caerus portfolio has the propensity to produce a number of secondary developments and/or primary developments and Caerus intends to meet the new copper demand by partnering with likeminded companies in this sector. 

The arrangement benefits both parties in that Bezant will assist Caerus in fast tracking its assessment, whilst Bezant gains access to new small scale copper development assets.

We look forward to work with the Caerus team, who in our opinion, have assembled and positioned themselves with an extraordinarily gold/copper portfolio in a mining friendly jurisdiction."

Summary of Option Agreement

Background on the Caerus' Cyprus Properties 

The Caerus' Cyprus Properties break down into three copper-gold project areas: Kalavasos, Vrechia and Mathiatis. All project areas have evidence of historical exploration and mining. All permits have good access via surfaced and unsurfaced routes.

·    The Kalavasos Project comprises five prospecting permits totalling 17.95 km².

·    The Vrechia Project comprises one prospecting permit totalling 1.96 km².

·    The Mathiatis Project comprises two prospecting permits totalling 2.06km².

The Kalavasos Project area includes several abandoned mines, associated waste dumps and exposed gossans. Widespread ancient mine workings and slag dumps remain from the pre-Roman era of exploitation. In many cases, strong gossanous alternation at surface was targeted for gold and silver.

The Vrechia Project area includes the historic Mala pyrite mine and several known prospects. The area is characterised by the contact between the volcanic and sedimentary units along the southern flank of the Troodos Ophiolite Complex. Volcanic vents have been mapped in the area and are considered to be prospective for VHMS systems. The area is cut by numerous northwest-southeast-trending faults, which may be important for hydrothermal fluid flow and resultant deposition of potentially metal-rich fluids.

The Mathiatis Prospect area is in the north eastern part of the Troodos Ophiolite. There has been extensive mining locally, with five abandoned mines within the general project area. Granted Licence EA4649 covers the North Mathiatas mine where 2.1 Mt of pyrite ore at 0.2 % Cu was reportedly mined. There are also reports that between 1936 and 1938, 26,691 oz of Au and 154,719 oz of Ag were recovered from near-surface mining at 36 North Mathiatas and nearby South Mathiatas mines. There are significant dumps at North Mathiatas and other sites of prospectively.

(Source of the information regarding the Caerus' Cyprus Properties is Caerus' Prospectus dated 4 March 2021 which incorporates an independent technical report dated 18 December 2020 prepared for Caerus by Rocklore Exploration Services Limited, in accordance with the accepted principles of the NI 43-101 code).

For further information, please contact:

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. 

Qualified Person:

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, technical director of Bezant Resources Plc . Mr Slowey is a graduate geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules.  Mr Slowey has reviewed and approved this announcement.