Last checked at 21 Jul 2008 07:00
Bezant Resources Plc ("Bezant" or the "Company")
RESOURCE UPDATE, MANKAYAN PROJECT, PHILIPPINES
3.06 billion pounds (1.39 million tonnes) Copper and 3.8 million ounces Gold
Highlights:
Independent Inferred Resource estimate, reported by Snowden Mining Industry Consultants Pty Limited, in accordance with the 2004 JORC Code;
277.7 million tonnes Inferred Resource;
0.50% copper and 0.42 g/t gold (0.73% copper equivalent*) grade containing at a 0.4% Cu copper cut-off;
- 3.06 billion pounds (1.39 million tonnes) of copper; and,
- 3.8 million ounces of gold.
Bezant (AIM: BZT), the AIM listed gold and copper exploration and development company operating in the Philippines and Tanzania, today announces that Snowden Mining Industry Consultants Pty Ltd ("Snowden") of West Perth Australia, has recently completed a resource estimate dated 06 July 2008, in relation to the Company's Mankayan Project. At a 0.4% copper cut-off, the Inferred Resource is approximately 277.7 million tonnes grading at 0.50% copper and 0.42 g/t gold. This independent resource estimate serves to support the Company's belief that its Mankayan Project represents a world-class copper and gold deposit, containing approximately 3.06 billion pounds (1.39 million tonnes) of copper and 3.8 million ounces of gold (within the Inferred Resource estimated at 277.7 million tonnes grading at 0.73% copper equivalent*).
The Inferred Resource was prepared by Snowden in relation to the copper-gold porphyry at the Company's Mankayan Project, located 260km north of Manila in the Philippines. The Inferred Resource estimate was based solely upon the historical results from approximately 45,000 metres of diamond drilling previously conducted over 48 holes at the Project, but does not include the assay data currently being generated from the Company's ongoing 11,000m diamond drilling programme.
Snowden have also commented that they are confident that Bezant should be in a position to upgrade various areas of the deposit to an Indicated Resource, as a result of the Company's ongoing additional 11,000 metre drilling programme and further consolidation of the historical data.
The independent resource estimate was undertaken and completed in conformance with the terms and guidelines of The Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2004 edition).
Gerry Nealon, Executive Chairman, commented:
"We believe that Snowden's Inferred Resource estimate serves to independently verify the significance of the Mankayan Project, as a world class copper and gold deposit. We shall now endeavour to further upgrade the resource with data from our ongoing 11,000m drilling programme and thereafter, seek to progress the project into the pre-feasibility stage."
*Copper equivalent values are estimated, by the Company, using long-term metal prices including: Cu at USD$1.2 per pound and Au at USD$450 per ounce. CuEQ equals Cu per cent plus Au grams per tonne times 14.47 / (1.20 (x) 22.05). Metallurgical and mining recoveries are not considered and adjustment factors to account for differences in relative metallurgical recoveries for gold and copper will depend upon the completion of definitive metallurgical testing.
Dr. Bernard Olivier, Executive Director, has reviewed and approved the technical information contained within this press release in his capacity as a competent person, as required under the AIM rules. Dr. Olivier is a Member of the Australasian Institute of Mining and Metallurgy.
For further information, please contact:
Gerry Nealon
Executive Chairman, Bezant Resources Plc
Tel: +61 41 754 1873
Bernard Olivier
Executive Director, Bezant Resources Plc
Tel: +61 40 894 8182
James Harris / Matthew Chandler
Strand Partners Limited
Tel: +44 (0) 20 7409 3494
Laurence Read / Beth Harris
Threadneedle Communications (UK)
Email: Laurence.Read@threadneedlepr.co.uk
Tel: +44 (0)20 7936 9696
Mob: +44 (0)7979 955 923
or visit http://www.bezantresources.com
Notes for editors:
The Mineral and Production Sharing Agreement covers a total of 534 hectares in the Guinaoang area of the Philippines (the "Mankayan Project"). This is located in the Mankayan-Lepanto mining district, an area of porphyry copper belts in the Philippines and is similar to several deposits that have already been developed, such as the St Thomas deposit near Baguio City. The site is adjacent to the copper/gold mine owned and run by Lepanto Consolidated Mining Company. The Mankayan-Lepanto area has been mined for centuries and is readily accessible by both road and air. The Mankayan deposit was discovered in the early 1970s and since then has been extensively drilled, with four historical programmes being completed covering more than 45,000 metres of diamond drilling over 48 holes - being the subject of the current Inferred Resource estimate.
Glossary of technical terms:
| "Indicated Mineral Resource" | That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed. |
| "Inferred Mineral Resource" | That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability. |
| "JORC" | The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. |