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17 Dec 2010 07:00
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17 December 2010
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Bezant Resources Plc
("Bezant" or the "Company")
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Maiden 189Mt JORC Ore Reserve and Mineable Inventory Statement for theΒ Mankayan Copper/Gold Project, Philippines
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Highlights:
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Β·; Maiden Independent Ore Reserve and Mineable Inventory Statement produced by Mining Plus (Perth) in accordance with the JORC Code, based on the historic resource estimate independently provided by Snowden in July 2009
Β·; Probable Ore Reserves of 189 million tonnes at 0.46% Copper and 0.49g/t Gold
Β·; Total Recoverable Metal Reserves of 811,000 tonnes of Copper and 2,210,000 ounces of Gold
Β·; Mineable Inventory increased to 389 million tonnes at 0.38% Copper and 0.42g/t Gold
Β·; Total Mineable inventory of 1.4 million tonnes of Copper and 3.9 million ounces of Gold
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Bezant (AIM: BZT), the AIM listed gold and copper exploration and development company operating in the Philippines, Argentina and Tanzania, announces a maiden JORC compliant Ore Reserve and Mineable Inventory Statement for its Mankayan copper/gold Project, located 260km north of Manila in the Philippines.
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The Mankayan Project Ore Reserve and Mineable Inventory Statements were prepared for Bezant by Mining Plus Pty. Ltd ("Mining Plus") as at 14 December 2010. The Ore Reserve Statement has been prepared in accordance with the guidelines of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code - 2004 edition).
The Ore Reserve and Mineable Inventory Statements stem from the mine design and production schedule produced by Mining Plus for Bezant as part of its Mankayan Block Cave Conceptual (technical and economic) Study. The mine design encompassing the Indicated, Inferred and unclassified material, was used to calculate the mineable section of the deposit and forms the basis of the Mineable Inventory Statement. The Ore Reserves produced by Mining Plus are based on the Resource Estimation independently provided by Snowden Mining Industry Consultants Pty. Ltd ("Snowden") and announced by the Company in July 2009 of 221.6Mt at 0.49% Copper and 0.52g/t Gold. The Ore Reserve estimates are shown in Table 1 and the Resource estimates in Table 2 below.
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Table 1: Mankayan Project Ore Reserves
JORC (2004) Reserve Category Β | Tonnes | Grade | Metal Units | ||
(Mt) | Cu (%) | Au (g/t) | Cu tonnes (t) | Au (ounces) | |
Probable | 189 | 0.46 | 0.49 | 811,000 | 2,210,000 |
Proven | N/A | ||||
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Table 2: Mankayan Project Ore Resources
JORC (2004) Resource Category Β | Tonnes | Grade | Metal Units | ||
(Mt) | Cu (%) | Au (g/t) | Cu tonnes (t) | Au (ounces) | |
Indicated | 221.6 | 0.49 | 0.52 | 1,100,000 | 3,700,000 |
Inferred | 36.2 | 0.44 | 0.48 | 200,000 | 600,000 |
Total | 257.8 | 1,300,000 | 4,300,000 | ||
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The following key assumptions were applied in producing the statements:
Β·; Metal prices of US$3/lb Copper and US$900/oz Gold were used to develop the cut-off grade.
Β·; Operating and capital cost estimates used in the evaluation of the "Probable Ore Reserve" were determined during the course of the conceptual study.
Β·; The Block Cave footprint was designed to a cut-off grade of 0.22% CuEq.*
Β·; The production schedule had an ore/waste classifier grade of 0.22% CuEq applied. This was determined against a completed mine design incorporating the finalised operating and capital cost estimates.
Β·; Metallurgical recoveries of 94% and 74% for copper and gold respectively were assumed, based on the independent metallurgical testwork results achieved to date.
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* - Copper Equivalent ("CuEq") was calculated based on the parameters defined under the key assumptions.
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The complete mine design was evaluated for approximately 389Mt of ore at an average grade of 0.38% Cu and 0.42g/t gold. The mine design incorporated Indicated, Inferred and unclassified material and resulted in a Mineable Inventory Statement (see Table 3 below).
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Table 3: Total Mineable Inventory Statement
Tonnes | Grade | Metal Units | ||
(Mt) | Cu (%) | Au (g/t) | Cu tonnes (Mt) | Au (M ounces) |
389 | 0.38 | 0.42 | 1.4** | 3.9** |
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** - assuming metallurgical recoveries of 94% and 74% for copper and gold respectively.
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Gerry Nealon, Executive Chairman, commented:Β
"We are delighted to receive this independent maiden Ore Reserve Statement (JORC Compliant) for our flagship Mankayan Project based upon the results of our exploration, drilling, geotechnical and metallurgical studies to date, the latter having formed the basis of the Block Cave Conceptual (technical and economic) Scoping Study commissioned from Mining Plus.Β
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"The addition of this Ore Reserve status to the forthcoming results of the conceptual study and our ongoing review process, will assist us immensely in identifying the most attractive route for taking the project forward and unlocking maximum shareholder value. We look forward to announcing the full results of the conceptual scoping study in the very early part of the New Year."
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The mining specific information in this announcement that relates to Ore Reserves is based on information compiled by Mr Peter Lock, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Lock is employed full time by Mining Plus which was commissioned by Bezant in late August 2010 to produce a conceptual scoping study on the Company's Mankayan Project. Mr Lock has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Lock consents to the inclusion in this announcement of the matters based on the information compiled for his study in the form and context in which it appears.
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Dr Bernard Olivier has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. Dr Olivier is Technical Director of the Company and a Member of the Australasian Institute of Mining and Metallurgy.
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For further information, please contact:
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Gerry Nealon
Executive Chairman, Bezant Resources Plc
Tel: +61 41 754 1873
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Bernard Olivier
Technical Director, Bezant Resources Plc
Tel: +61 40 894 8182
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Evan Kirby
Non-Executive Director, Bezant Resources Plc
Tel: +61 41 221 2827
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James Harris / Matthew Chandler / David Altberg
Strand Hanson Limited
Tel: +44 (0)20 7409 3494
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Alastair Stratton
Matrix Corporate Capital LLP
Tel: +44 (0)20 3206 7000
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Laurence Read / Beth Harris
Threadneedle Communications (UK)
Email: Laurence.Read@threadneedlepr.co.uk
Tel: +44 (0)20 7653 9855
Mob: +44 (0)7979 955 923
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or visit http://www.bezantresources.com
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Notes to editors:
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Bezant is currently focussed primarily on the copper and gold mineral sector and its core flagship project remains its Mankayan copper/gold project situated in the Mankayan-Lepanto mining district of the Philippines, an area of established copper and gold mining. The deposit is located approximately 260km north of Manila and 6km east of the copper/gold mine owned and operated by Lepanto Consolidated Mining Company. Since its discovery in the early 1970s, extensive drilling (more than 45,000 metres over 48 holes) and metallurgical work has been undertaken by Goldfields Asia Ltd, Pacific Falkon and others. Bezant currently has a JORC compliant mineral resource of 221.6 million tonnes Indicated and 36.2 million tonnes Inferred, grading at 0.49% for copper and 0.52g/t for gold, at a 0.4% copper cut-off. This equates to an Indicated Resource of 2.42 billion pounds (1.1 million tonnes) of copper and 3.7 million ounces of gold, with a further Inferred Resource of 0.44 billion pounds (0.2 million tonnes) of copper and 600,000 ounces of gold.
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Mining Plus
Mining Plus is an innovative and practical consultancy company located in Perth, Melbourne and Kalgoorlie with affiliates overseas. It provides technical consulting services to Australian and International mining and exploration companies with experience of similar conceptual mining studies for a range of clients and commodities throughout the world (www.miningplus.com.au).
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Glossary of technical terms:
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"Indicated Resource" Β | 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. Β |
"Inferred Resource" Β Β Β Β Β "Ore Reserve" | 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. Β The economically mineable part of Measured and/or Indicated resources, including diluting materials and allowances for losses which may occur when the material is mined. Β |
"JORC" | The Joint Ore Reserves Committee: 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. |
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