Bezant Res Regulatory News (BZT)

15 November 2012

Bezant Resources Plc

("Bezant" or the "Company")

Final Results for the Year Ended 30 June 2012

Bezant (AIM: BZT), the AIM listed gold and copper exploration and development company operating in the Philippines and Argentina, announces its audited final results for the year ended 30 June 2012.

Highlights:

Mankayan Copper-Gold Project, Philippines:

·; The Mankayan Project remains the subject of an option granted to Gold Fields Netherlands Services BV ("Gold Fields"). We continue to maintain a regular dialogue with Gold Fields and await a decision with respect to the potential exercise of its option prior to its expiry date of 31 January 2013.

Eureka Copper-Gold Project, Argentina:

·; Acquisition of 100% of Puna Metals S.A. ("Puna") completed, with a saving of US$1.3m in return for a final accelerated lump sum cash payment. Puna holds a package of 11 prospective copper and gold exploration licences in the province of Jujuy, north-west Argentina (the "Eureka Project").

·; Environmental base line study completed and formal submission of statutory Environmental Impact Assessment ("EIA") and hydrogeological reports made to the provincial authorities.

·; Copper-gold mineralised strata and lenses identified further to the completion of a Vertical Electrical Sounding survey programme.

Mkurumu Project:

·; Joint Venture Agreement with Ashanti Exploration (Tanzania) Limited, in respect of the Company's fully impaired Mkurumu Project, terminated. New agreement negotiated, whereby the Company retains a reduced free carried interest of 5 per cent., along with a Net Smelter Return Royalty of 2 per cent., with no exposure to any further exploration costs on the project.

Corporate:

·; Appointment of Dr Bernard Olivier as Chief Executive Officer, having previously served as the Company's Executive Technical Director since 2007.

·; Loss after tax for the twelve month period of £1.84 million (2011: loss of £1.55 million).

·; Approximately £4.3 million cash held at the period end.

Post Period End:

·; Appointment of Mr Lawrence Read as a Non-executive Director of the Company.

Gerry Nealon, Executive Chairman of Bezant, commented:

"We are encouraged by Gold Fields' significant investment of US$220m to acquire 40% of the adjacent Far Southeast Project in the Philippines announced earlier this year, with an outstanding option over a further 20% interest. We look forward to receiving a decision from Gold Fields in respect of its option over our Mankayan Project prior to its scheduled expiry on 31 January 2013.

We were delighted to achieve a significant saving on the accelerated acquisition of 100% of our Eureka Project in Argentina and are hopeful of receiving a swift positive decision to the requisite approvals sought from the provincial authorities and other stakeholders to enable further progress to be made on this exciting project in the year ahead."

For further information, please contact:

Chairman's statement

I am pleased to again report to our shareholders upon the further progress made by the Company during its financial year ended 30 June 2012 and on our subsequent ongoing activities to the date of this statement.

Mankayan Project:

As previously announced, at a duly convened General Meeting held on 26 October 2011, shareholders approved the grant of an option (the "Option") to Gold Fields Netherlands Services BV ("Gold Fields") pursuant to the terms of an option agreement (the "Option Agreement") entered into by the Company for the potential disposal of its subsidiary, Asean Copper Investments Limited ("Asean"). Under the terms of the Option Agreement, Gold Fields paid a non-refundable upfront cash payment of US$7 million, with a further cash sum of US$63 million becoming payable should the Option be exercised prior to its scheduled expiry date on 31 January 2013.

To date, the Company has not received any formal notice from Gold Fields in respect of its intentions with regards to potentially exercising the Option prior to its expiry. The Company continues to maintain regular dialogue with Gold Fields' representatives and we shall release an appropriate announcement without delay following receipt of a formal decision from Gold Fields.

During the period under review, Gold Fields has released positive resource and reserve estimates in respect of its ongoing exploration activities at the "Far Southeast Project", being its flagship deposit in the Philippines situated approximately six kilometres from our Mankayan project area. Gold Fields has to date committed considerable capital outlay on community liaison and exploration activities and invested a significant cash sum further to the acquisition of a 40 per cent. stake in the Far Southeast Project for US$220 million from Liberty Express Assets with an option outstanding over a further 20 per cent. interest for a further US$120 million from Lepanto Consolidated Mining Company.

With respect to the current status of the Far Southeast Project, we understand that Gold Fields is still awaiting the free, prior and informed consent ("FPIC") from the relevant indigenous communities to support its application for the grant of a Financial or Technical Assistance Agreement (the "FTAA Licence") from the relevant Philippine authorities. The granting of an FTAA Licence permits 100 per cent. equity ownership of an asset in the Philippines by a foreign entity and accordingly is a key step to progressing large scale mining projects, such as Far Southeast and Mankayan.

In the event that the Option over the Mankayan Project is exercised, it remains the Board's intention to distribute a significant proportion of the sale proceeds to shareholders, as set out in my statement in last year's annual report.

Eureka Project:

Following receipt of the abovementioned non-refundable upfront Option payment from Gold Fields, the Company was in a strong position to negotiate an accelerated acquisition of 100 per cent. of the Eureka Project in Argentina. As a result, the Company achieved a saving of US$1.3 million on the originally agreed staggered acquisition terms in return for a final accelerated lump sum cash payment for the Eureka Project, a near surface copper-gold project, historically mined and located near to the Argentine border with Bolivia. Accordingly, the Company is now the sole owner and operator and has total discretion over all exploration expenditure on the project, which currently has unaudited unclassified resource estimates, based on third parties' historic exploration activities, in the order of, in aggregate, up to approximately 62 million tonnes grading at approximately 1 per cent. copper with approximately 52,000 ounces of gold as credits.

On 15 August 2011, the Company announced that it had completed Phase I of its initial exploration programme in relation to the evaluation of historical data and the generation of a geographic information system ("GIS") database. This included the identification of encouraging geophysical responses with zones of high electrical chargeability and resistivity from interpretation of a three-dimensional Induced Polarisation ("IP") survey, which will provide additional targets for the Company's planned ongoing exploration programme.

On 18 April 2012, the Company announced the completion of an environmental base line study, along with the formal submission of our statutory Environmental Impact Assessment ("EIA") and Hydrogeological Reports to the provincial authorities. Our consultation programme with the provincial authorities and local indigenous communities has been positive, and we are currently supplying further expert testimony on the potential impact of the project's redevelopment to the Judge of Mines. Our EIA is also being presented to the presidents, associated office bearers and community representatives of the affected indigenous peoples and we are hopeful of receiving a formal decision in due course. Although the consultation process is lengthy, upon completion and a positive outcome, a full mining licence(s) should be granted enabling development of this near surface copper-gold project.

Encouraging results were also obtained from surface rock samples gathered in connection with the EIA study, with the average copper value for all of the surface rock samples sent for analysis equating to 1.7% Cu.

On 8 October 2012, the Company announced that copper-gold mineralised strata and lenses had been identified further to completion of a Vertical Electrical Sounding ("VES") survey programme. The survey indicated an increase in the thickness of copper mineralisation in the project area thereby facilitating the development of a further exploration methodology for future exploration programmes.

Mkurumu Project:

All exploration activities in Tanzania were discontinued in prior years and the original exploration costs fully impaired. On 27 March 2012, the Company announced that its wholly-owned subsidiary, Anglo Tanzania Gold Limited ("ATGL"), had agreed to the termination of its existing Joint Venture Agreement (the "Existing Agreement") with Ashanti Exploration (Tanzania) Limited ("AETL") in respect of the "Mkurumu project", situated in the Kilindi District, Tanga Region, Tanzania.

Along with the termination of the Existing Agreement, the Company successfully negotiated a new agreement with AETL whereby ATGL now holds a reduced free carried interest of 5 per cent., along with a Net Smelter Return Royalty of 2 per cent. of any potential future Net Smelter Return due to AETL. As a result of the termination of the Existing Agreement, ATGL no longer has any exposure to any further exploration expenditure on the project.

Financial / other:

For the financial year ended 30 June 2012, the Company made a loss after tax of £1,836,000 (2011: loss of £1,550,000). This loss reflects the expenditure on our ongoing exploration activities and the cost of the full acquisition of the Eureka Project in Argentina. It does not reflect the £3,610,000 non-refundable option payment received from Gold Fields (net of costs associated with the negotiation and finalisation of the Option Agreement) since the appropriate accounting treatment is to capitalise this amount as a deposit/deferred income on the balance sheet until such time as the option is exercised or lapses when it will then be recognised in the income statement.

On 30 January 2012, the Company was pleased to announce the appointment of Dr. Bernard Olivier as Chief Executive Officer, having previously served the Company since April 2007 as Executive Technical Director.

Subsequent to the period end on 15 October 2012, the Company was also pleased to announce the appointment of Mr. Laurence Read as a Non-executive Director of the Company. Mr. Read hasconsiderable experience advising natural resources companies and brings invaluable knowledge and expertise to assist with the Group's future growth.

I would like to take this opportunity to once again thank all of our employees, advisers, shareholders and other stakeholders for their continuing patience, interest and support with the Company's further development.

Gerard Nealon

Executive Chairman

15 November 2012

Group Statement of Comprehensive Income

For the year ended 30 June 2012

Consolidated Statement of Changes in Equity

For the year ended 30 June 2012

Consolidated Balance Sheet

As at 30 June 2012

Consolidated Cash Flow Statement

For the year ended 30 June 2012

Notes to the financial statements

For the year ended 30 June 2012