LONDON (Alliance News) - Bezant Resources PLC on Tuesday said its mineral production sharing agreement for the Mankayan project in the Philippines has been renewed to April 2020.
The agreement is held with partner Crescent Mining & Development Corp, covering the 534 hectare Mankayan copper-gold project in Benguet province.
The renewal was granted by the country's Department of Environment & Natural Resources Administration.
Executive Chairman Colin Bird said: "This represents very good news for the company and its Mankayan project in that we now have some certainty and time in which to complete our project evaluation and planned enhancement work.
"The Mankayan copper-gold project is very well positioned in the global league table of potential future mining development projects and we are confident that we can add value through further work to enhance the existing resource and metal grades. We now intend to progress our work programme preparations and assess all aspects of the project in the short-term, whilst seeking to familiarise the wider marketplace and trade with the exceptional characteristics that the Mankayan project possesses."
Bezant shares were up 9.7% on Tuesday at 0.48 pence each.
Bezant Res (BZT)