23rd Apr 2008 11:22
Bezant Resources PLC23 April 2008 Bezant Resources Plc("Bezant" or the "Company") ADDITIONAL DRILL RIG ON SITE AT THE MANAKAYAN PROJECT, PHILIPPINES Highlights: Third core drill rig has arrived on site to assist the two drill rigs already inoperation On target for updated inferred JORC Compliant resource estimate by mid 2008. Third hole (BRC-52) is at a depth of 1,210m Fourth hole (BRC-53) has reached a depth of 630m Bezant (AIM: BZT), the AIM listed exploration and development company with goldand copper assets in the Philippines and gold assets in Tanzania, todayannounces that a third core drilling rig is in situ on the Company's Mankayancopper gold project in the Philippines and is expected to commence drillingbefore the end of this month. The fully funded two year exploration programme for the Mankayan Project, whichcommenced in September 2007, has a total budget of US$3 million. The additionaldiamond drill rig will enable Bezant to accelerate its ongoing 11,000 metresdrilling campaign and to achieve its primary objective for the project, of beingready for development during 2009. In addition to the current drillingactivity, the Company is also in the process of completing its analysis ofapproximately 12,000 metres of historical drilling core and the provision ofinfill drilling in order to improve the resource classification. Historically,based on analysis of 33,000 metres of drilling on the site, the resource hasbeen estimated to be in the order of 166 million tonnes, equating toapproximately 1.9 billion pounds of copper and 2.9 million ounces of gold at a0.4 % Copper Cutoff (source: Nichols 1996 & Peatfield 1997). In the course of current quarter Bezant expects to be in a position to announcethe complete assay results in respect of the current holes BRC-52 & 53, as wellas an independently verified interpretation of the historical exploration data. Subject to the timely receipt of such further results and consultations withthe Snowden Group, the Company's independent technical consultant, Bezantanticipates announcing a JORC Compliant inferred resource by the end of thiscurrent financial quarter. The Company's main goal by the end of the 2009financial year is to achieve an updated JORC Compliant indicated/measuredresource for the Mankayan Project, which, inconjunction with the ongoinggeotechnical and metallurgical examinations, shall culminate in the productionof an initial Mining Feasibility Report. Gerry Nealon, Executive Chairman, today commented: "The securing of a third drill rig for the Mankayan site will allow us to bothaggressively pursue completion of our current 11,000 metres campaign as well aspermitting possible further infill drilling at the project. We remain on targetto have an updated JORC Compliant indicated or measured resource defined by thefirst half of 2009 and I look forward to announcing further results from ourextensive exploration programme during the remainder of 2008. We are most encouraged by a larger than expected zone of mineralisation revealedby hole BRC-52 and are currently seeking to extend this hole to furtherdelineate the edge of the deposit. In addition to the individual drill holeresults, the ongoing geotechnical and metallurgical examinations mean that weare now significantly closer to defining a more accurate overall picture of theore body." For further information, please contact: Gerry NealonExecutive Chairman, Bezant Resources PlcTel: +61 41 754 1873 Bernard OlivierExecutive Director, Bezant Resources PlcTel: +61 40 894 8182 James Harris / Matthew ChandlerStrand Partners LimitedTel: +44 (0)20 7409 3494 Laurence ReadThreadneedle Communications (UK)Email: [email protected]: +44 (0)20 7936 9696Mob: +44 (0)7979 955 923 or visit http://www.bezantresources.com Notes for editors: The Guinaoang porphyry copper/gold deposit (The Mankayan Project) is situated inthe Mankayan-Lepanto mining district of the Philippines, an area of establishedcopper and gold mining. The deposit is located approximately 240km north ofManila and 6km east of the existing copper/gold mine owned and operated byLepanto Consolidated Mining. Since its discovery in the early 1970s, extensivedrilling (more than 45,000 metres over 48 holes) and metallurgical work has beenundertaken by Goldfields Asia Limited, Pacific Falkon and others. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Bezant Res