Bezant Resources PLC
06 November 2007
6 November 2007
Bezant Resources Plc
('Bezant' or the 'Company')
Bezant's subsidiary earns an additional 23 per cent. interest in its
Tanzania project
Highlights:
• Anglo Tanzania Gold Limited ('ATGL'), a wholly owned subsidiary of Bezant,
earns an additional 23 per cent. of the Mkurumu project
• ATGL now holds 46 per cent. of the Mkurumu project, a subsidiary of AngloGold
Ashanti holds 46 per cent. and Tanzanian locals hold the remaining 8 per cent.
Bezant Resources plc (AIM: BZT), the AIM listed exploration and development
company with gold and copper assets in Tanzania and the Philippines, is pleased
to announce that its wholly owned subsidiary, ATGL, now holds 46 per cent. of
the Mkurumu project in Tanzania. ATGL has for the last year accelerated its
drilling and exploration programme on the Mkurumu project and has received
confirmation from its joint venture partner in Tanzania, a subsidiary of
AngloGold Ashanti, that it has earned a further 23 per cent. interest in the
project.
As a consequence, ATGL now holds an equal interest to AngloGold Ashanti with
the remaining 8 per cent. held by Tanzanian locals.
Clive Sinclair-Poulton, CEO of Bezant, said: 'We continue to be excited by the
potential at Mkurumu and have chosen to accelerate our investment in the project
accordingly. The corresponding increase in our project interest to 46 per cent.
gives us parity with AngloGold Ashanti in the project and therefore represents
an important strategic stake as well as giving Bezant greater exposure to the
upside potential from this asset. Our 2007/2008 work programme will see the
Company continuing its strategy of seeking to generate increased value in both
our Tanzanian and Filipino assets.'
Notes for editors:
Tanzania is the third largest producer of gold in Africa and is increasing its
production on an annual basis.
The majority of gold production is centred around the west of the country,
whereas Bezant is concentrating its efforts in the under explored east, an area
of great potential.
Tanzania has been independent since 1964 and is in the enviable position of
having consistent political stability, holding regular democratic multi-party
elections. Western style mining laws, combined with good infrastructure, skill
levels and a supportive government have attracted a number of world class mining
companies.
For further information, please contact:
Clive Sinclair-Poulton, Chief Executive
Bezant Resources Plc
Email: clive@bezantresources.com
Tel: +353 (0) 85 739 2674
James Harris
Matthew Chandler
Strand Partners Limited
Tel: +44 (0) 20 7409 3494
Gary Middleton
St Swithins PR Limited
Email: gary@swithins.com
Tel: +44 (0) 7951 603 289
This information is provided by RNS
The company news service from the London Stock Exchange