Business
Mkurumu Project
Mkurumu Project.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n Bezant Resources PLC\n06 November 2007\n\n\n6 November 2007\n\nBezant Resources Plc\n('Bezant' or the 'Company')\n\nBezant's subsidiary earns an additional 23 per cent. interest in its \nTanzania project\n\nHighlights:\n\n• Anglo Tanzania Gold Limited ('ATGL'), a wholly owned subsidiary of Bezant,\n earns an additional 23 per cent. of the Mkurumu project\n\n• ATGL now holds 46 per cent. of the Mkurumu project, a subsidiary of AngloGold \n Ashanti holds 46 per cent. and Tanzanian locals hold the remaining 8 per cent.\n\nBezant Resources plc (AIM: BZT), the AIM listed exploration and development\ncompany with gold and copper assets in Tanzania and the Philippines, is pleased\nto announce that its wholly owned subsidiary, ATGL, now holds 46 per cent. of \nthe Mkurumu project in Tanzania. ATGL has for the last year accelerated its\ndrilling and exploration programme on the Mkurumu project and has received\nconfirmation from its joint venture partner in Tanzania, a subsidiary of\nAngloGold Ashanti, that it has earned a further 23 per cent. interest in the\nproject.\n\nAs a consequence, ATGL now holds an equal interest to AngloGold Ashanti with\nthe remaining 8 per cent. held by Tanzanian locals.\n\nClive Sinclair-Poulton, CEO of Bezant, said: 'We continue to be excited by the\npotential at Mkurumu and have chosen to accelerate our investment in the project\naccordingly. The corresponding increase in our project interest to 46 per cent.\ngives us parity with AngloGold Ashanti in the project and therefore represents\nan important strategic stake as well as giving Bezant greater exposure to the\nupside potential from this asset. Our 2007/2008 work programme will see the\nCompany continuing its strategy of seeking to generate increased value in both\nour Tanzanian and Filipino assets.'\nNotes for editors:\n\nTanzania is the third largest producer of gold in Africa and is increasing its\nproduction on an annual basis.\n\nThe majority of gold production is centred around the west of the country,\nwhereas Bezant is concentrating its efforts in the under explored east, an area\nof great potential.\n\nTanzania has been independent since 1964 and is in the enviable position of\nhaving consistent political stability, holding regular democratic multi-party\nelections. Western style mining laws, combined with good infrastructure, skill \nl...