22nd Jan 2014 09:02
LONDON (Alliance News) - Bezant Resources PLC Wednesday said Gold Fields Netherlands Services BV will not be exercising its exclusive option the acquire the company's Mankayan project in the Philippines.
The natural resource exploration and development company, with operations in the Philippines, Argentina and Tanzania, said Gold Fields plans to focus on its producing Australian assets and its Far Southeast project, four kilometres from the Mankayan site.
Under the original option agreement, Gold Fields had until January 31 to elect to exercise its option and pay USD60.5 million to acquire the project.
Gold Fields previously paid the company a total of USD9.5 million, to secure and extend the option, which remains non-refundable.
Bezant said it now plans to recommence its joint venture or sale process in respect of the Mankayan project by meeting companies previously interested in the site and meeting with new potential partners for the project.
Bezant is expecting to receive all data from Gold Field's due diligence fieldwork on the property, including its drilling and assay results shortly.
After the company's initial drilling programme at the Mankayan copper and gold deposit, it announced in 2009 a resource estimate of 2.9 billion pounds of copper and 4.3 million ounces of gold at the site.
Bezant Resources shares were down 30% to 9.90 pence, making it the top AIM loser in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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