Bezant Resources takes its name from gold coins minted in Byzantium and after the reverse takeover of Tanzania Gold (once failed Voss Net) in September 2006, it now has two exploration projects.
The first is the modest Mkurumu in north east Tanzania, where Bezant has earned a 46 per cent interest from AngloGold Ashanti following a two-year, 12-hole drilling programme. All the holes intersected gold mineralisation, with the average grade up to 2.8 grammes per tonne. Tanzania is the third largest gold producer in Africa and Bezant hopes to develop a large volume, low-grade, open-pit mine below artisanal workings. A second drilling programme starts in the first quarter of 2008 and the company is hopeful of producing some inferred reserve figures in the summer.
But potentially more exciting is July 2007’s purchase of Asean Copper Investments. Asean owns 40 per cent of the Mankayan-Lepanto mining licence some 240 km north of Manila in the Philippines. The licence area has already been subject to significant exploration since the early 1970s and 48 holes totalling 45,000 metres have already been drilled. Once again, the grades for gold and copper are low, but the resource looks big. A two-year drilling and environmental programme has recently been approved and a further drilling programme of 11,000 metres over 10 holes should start soon. Asean has an option to purchase the remaining 60 per cent holding.
BEZANT RESOURCES (BZT) | ||||
|---|---|---|---|---|
| ORD PRICE: | 106p | MARKET VALUE: | £39.4m | |
| TOUCH: | 103-109p | 12-MONTH HIGH: | 125.5p | LOW: 44.5p |
| DIVIDEND YIELD: | NIL | PE RATIO: | NA | |
| NET ASSET VALUE: | 17p | NET CASH: | £1.63m | |
| Year to 30 June | Pre-tax profit (£000) | Earnings per share (p) | Dividend per share (p) | |
|---|---|---|---|---|
| 2006 | -130 | -0.07 | nil | |
| 2007 | -686 | -3.31 | nil | |
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