Shares in Bezant Resources rose by almost a third after the copper and gold miner reported good progress at its Mankayan project in the Philippines.The group says a conceptual study at the site confirmed the technical and economic feasibility of the project and the potential move to a "pre-feasibility study phase."At current metals prices ($4.30 per pound of copper and $1,370 per ounce of gold), the project returns an estimated pre-tax net present value of £1.51bn at a 7.75% discount rate, Bezant added."We are extremely pleased with the positive results of the independent conceptual/scoping study, which clearly validates the Company's belief in the overall technical and economic feasibility of its flagship Mankayan Project," said executive chairman Gerry Nealon."An annual mine production rate of 12m tonnes per annum was selected, resulting in a mine life of 42 years, which was seen to be well within the capabilities of the ore body," the statement said.