(Alliance News) - Bezant Resources PLC said Friday it has been granted an extension for the initial assessment of a licence area in Zambia, containing the Buffalo exploration project.
In April last year the copper-gold exploration company had signed a memorandum of agreement with KPZ International Ltd for the option over an interest in a small-scale copper mining licence in Zambia.
The binding agreement granted Bezant a conditional option to acquire a 50% interest in licence number 15164-HQ-SML, containing the Buffalo exploration project.
Under original terms, the copper-gold exploration company had to complete an initial assessment of the license area, for up to USD200,000, by February 1.
The date has now been extended to April 30, the company noted.
All other terms remains unchanged, Bezan Resources said.
Colin Bird, executive chair of Bezant, said: "This extension will allow Bezant to fully understand the geological structure and presentation of mineralisation in an area which has produced promising copper results and indicated the presence of other base metals."
Bezant Resources shares were down 7.8% in London at 0.17 pence each on Friday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Bezant Res (BZT)