LONDON (Alliance News) - Bezant Resources PLC on Thursday said it will seek additional equity funding to create a low cost mine plan for the Colombian platinum and gold licence areas in the Choco region over which it holds options.
The mineral exploration and development company pointed to its strategy outlined in January to assess the economic viability of the licence areas and said the licences cover areas of near-surface platinum that have previously supported low-cost mining operations.
As such, Bezant said it has decided to undertake a series of work programmes during 2016 and 2017 in order to correlate data from historical mining operations, define new platinum areas, undertake advanced separation and recovery test-work, all which will help it to create a low cost mine plan for the area.
The additional equity funding, which Bezant said it will undertake in "due course" will enable it to tackle the work programmes and secure general working capital for the group.
Bezant called a general meeting for August 31 at which it will seek shareholder approval for the issue.
Shares in Bezant were down 17% at 1.25 pence on Thursday following the announcement.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Bezant Res (BZT)