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Bezant flies below the radar

TIP UPDATE: Bezant Resources is quietly proving up a sizeable copper-gold deposit
April 6, 2009
by LiM

Bezant Resources continues to define the resource at its substantial Mankayan copper-gold project in the Philippines, as it nears completion of a two-year drilling and environmental programme. Mankayan is located in one of the richest mineral areas in the Philippines, which holds substantial copper deposits and prospects as well as the producing Santo Tomas II mine.

IC TIP: Buy at 10p

An 'inferred' mineral resource prepared to internationally-recognised (Joint Ore Reserves Committee) standards confirmed 277.7m tonnes of copper and gold-bearing material, which supports the company's belief that the deposit contains an impressive 1.39m tonnes of copper and 3.8m ounces of gold. Recent drilling suggests the presence of a localised higher grade zone measuring some 300m by 200m and 600m to 900m deep. A new resource estimate, incorporating recent drilling and the higher grade zone, is expected to be released within the next couple of months.

Over £2m of cash will finance the company around the autumn of 2010, by which time Bezant will have completed drilling and the pre-feasibility report. Beyond that, the company will require further capital which it might secure through a joint venture.

There are no broker forecasts for the company.

BEZANT RESOURCES (BZT)
ORD PRICE:10pMARKET VALUE:£3.7m
TOUCH:9-10p12-MONTH HIGH:87pLOW: 5p
DIVIDEND YIELD:nilPE RATIO:na
NET ASSET VALUE:26pNET CASH:£2.54m

Half-year to 31 DecTurnover (£m)Pre-tax profit (£m)Earnings per share (p)Dividend per share (p)
2007nil-0.43-1.19nil
2008nil-0.50-1.27nil
% change----

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