Business
Exercise of Option to Acquire Leeward
Exercise of Option to Acquire Leeward.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0712N Bezant Resources PLC 27 January 2016 \n \n\n27 January 2016\nBezant Resources Plc\n(\"Bezant\" or the \"Company\")\n \nExercise of Option to Acquire Leeward Islands Exploration LLC\n \nHighlights:\n \nAcquisition\n· The Company has now acquired 100 per cent. of the share capital of Leeward Islands Exploration LLC (\"Leeward\")\n· Leeward holds options (the \"Project Options\") over, in aggregate, 2,750ha of near-surface, alluvial, platinum and gold mining and exploration licences located in the Choco Department of Colombia (the \"Project Licences\")\n· The area in which the Project Licences are located has been historically mined with near surface dredges \n· Consideration comprises US$1,000,000 cash and 37,306,137 new ordinary shares in Bezant\n \nFuture strategy\n· Bezant's Board has a track record of successfully developing platinum group metal (PGM) mining operations outside of the standard reef model\n· Bezant will undertake a series of work streams to assess the geology, mineralisation, metallurgy and mining profile of the Project Licences\n· Progress the assessment of the viability of the assets with a view to excercising the Project Options and ultimately commencing near-term, surface mining operations\n· Potential low cost, recoverable platinum recovery located outside of South Africa\n· Positions Bezant to take advantage of depleting PGM stock piles and the increasingly costly existing global deep vein platinum mines \n \nBezant (AIM: BZT), the AIM quoted mineral exploration and development company, today announces that, further to its announcements of 16 November 2015, 22 December 2015 and 21 January 2016, the Company has now completed its due diligence exercise on Leeward and its interests over the Project Licences and, on 26 January 2016, it exercised its option to acquire 100 per cent. of Leeward (the \"Acquisition\"). Leeward holds options to potentially acquire a 100 per cent. interest in licences covering 2,659ha and a 70 per cent. interest in a licence covering 91ha. All the licences have prospectivity for near-surface, alluvial, plat...