Business
JV Agreement with Caerus Mineral Resources PLC
JV Agreement with Caerus Mineral Resources PLC.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9942R\n Bezant Resources PLC\n 11 November 2021\n \n \n \n \n 11 November 2021\n \n \n Bezant Resources Plc\n \n \n (\"Bezant\" or the \"Company\") \n \n \n Joint Venture Agreement with Caerus Mineral Resources PLC\n \n \n copper gold projects in Cyprus\n \n \n \n \n \n Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce that further to its announcements dated 2 August 2021 and 26 August 2021 it has on 10 November 2021 entered into \n a Joint Venture Agreement (the \"Agreement\") with Caerus Mineral Resources PLC (LON:CMRS) (\"Caerus\") in relation to three of Caerus's copper gold projects in Cyprus. \n \n \n Highlights\n \n \n \n \n \n Three JV Properties\n \n \n \n \n Joint Venture (\"JV\") covers the Troulli, Kokkinapetra and Anglisides projects (as detailed in Bezant's announcement 26 August 2021), held by Caerus in Cyprus (\"JV Properties\")\n \n \n \n \n \n \n \n \n \n Drilling has commenced on one property\n \n \n \n \n The JV begins with immediate effect with the parties joint financial contribution being from the commencement of diamond drilling at Troulli on 16 September 2021\n \n \n \n \n \n \n \n \n \n USD 1M exploration budget to be jointly funded\n \n \n \n \n \n \n \n The Parties have committed an initial sum of USD1.0 million towards resource development and to take the Project to feasibility to be funded on a 50:50 basis\n \n \n \n \n \n \n Caerus to manage exploration program\n \n \n \n \n Caerus will manage the exploration and resource development phase of the program\n \n \n \n \n \n \n \n \n \n Bezant responsibilities \n \n \n \n \n Bezant will be responsible for; \n \n \n a) project feasibility studies, and mine development; and\n \n \n b) arranging funding and guarantees required by third party funders for plant and infrastructure funding to commence mining \n \n \n \n \n \n \n \n \n \n Recovery of exploration costs\n \n \n \n \n \n \n \n Direct exploration expenditure committed in getting to feasibility will be refunded from excess cash-flow in the ratio 70% to Caerus and 30% to Bezant \n \n \n \n \n \n \n \n \n \n Distribution post exploration cost recovery\n \n \n \n \n \n \n \n Once direct exploration expenditure has been refunded excess cash-flow ...