Bezant Resources PLC Regulatory News (BZT)

6 Nov 2007 08:46

Bezant Resources PLC06 November 2007 6 November 2007 Bezant Resources Plc("Bezant" or the "Company") Bezant's subsidiary earns an additional 23 per cent. interest in its Tanzania project Highlights: • Anglo Tanzania Gold Limited ("ATGL"), a wholly owned subsidiary of Bezant, earns an additional 23 per cent. of the Mkurumu project • ATGL now holds 46 per cent. of the Mkurumu project, a subsidiary of AngloGold Ashanti holds 46 per cent. and Tanzanian locals hold the remaining 8 per cent. Bezant Resources plc (AIM: BZT), the AIM listed exploration and developmentcompany with gold and copper assets in Tanzania and the Philippines, is pleasedto announce that its wholly owned subsidiary, ATGL, now holds 46 per cent. of the Mkurumu project in Tanzania. ATGL has for the last year accelerated itsdrilling and exploration programme on the Mkurumu project and has receivedconfirmation from its joint venture partner in Tanzania, a subsidiary ofAngloGold Ashanti, that it has earned a further 23 per cent. interest in theproject. As a consequence, ATGL now holds an equal interest to AngloGold Ashanti withthe remaining 8 per cent. held by Tanzanian locals. Clive Sinclair-Poulton, CEO of Bezant, said: "We continue to be excited by thepotential at Mkurumu and have chosen to accelerate our investment in the projectaccordingly. The corresponding increase in our project interest to 46 per cent.gives us parity with AngloGold Ashanti in the project and therefore representsan important strategic stake as well as giving Bezant greater exposure to theupside potential from this asset. Our 2007/2008 work programme will see theCompany continuing its strategy of seeking to generate increased value in bothour Tanzanian and Filipino assets."Notes for editors: Tanzania is the third largest producer of gold in Africa and is increasing itsproduction on an annual basis. The majority of gold production is centred around the west of the country,whereas Bezant is concentrating its efforts in the under explored east, an areaof great potential. Tanzania has been independent since 1964 and is in the enviable position ofhaving consistent political stability, holding regular democratic multi-partyelections. Western style mining laws, combined with good infrastructure, skill levels and a supportive government have attracted a number of world class miningcompanies. For further information, please contact: Clive Sinclair-Poulton, Chief ExecutiveBezant Resources PlcEmail: clive@bezantresources.comTel: +353 (0) 85 739 2674 James HarrisMatthew ChandlerStrand Partners LimitedTel: +44 (0) 20 7409 3494 Gary MiddletonSt Swithins PR LimitedEmail: gary@swithins.com Tel: +44 (0) 7951 603 289 This information is provided by RNS The company news service from the London Stock Exchange