REG - Bezant Resources PLC - Statement re Cyprus Joint Venture with Caerus

Bezant ResourcesAnnouncement

03/10/2022 15:45

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RNS Number : 6074B  Bezant Resources PLC  03 October 2022

3 October 2022

 

Bezant Resources Plc

("Bezant" or the "Company")

 

 Statement re Cyprus Joint Venture with Caerus Mineral

 

Bezant (AIM: BZT), the copper-gold exploration and development company, notes
that on 30th September 2022 Caerus Mineral Resources ("Caerus") issued an RNS
announcement in relation to its interim results for the six months ended 30
June 2022 (the "Caerus Interim RNS") in which various statements were made
regarding the Joint Venture Agreement between Caerus and Bezant (the "Joint
Venture") and the parties obligations to fund Joint Venture expenditure of up
to US$500,000 each 45 days prior to commencement of an agreed work programme
and Bezant's non-payment of obligations due under the Joint Venture
Agreement.

 

The Bezant interims to 30 June 2022 ("Bezant Interims") recognise a carrying
value of GBP228,307 under exploration and evaluation assets. Caerus has
requested GBP227,549 as Bezant's share of the Joint Venture expenditure and
Bezant have provided for the payment of this amount in the Bezant Interims
under trade and other payables.  Following the change of management and
business direction announced by Caerus earlier this year, the Company has been
in recent communication with Caerus regarding the outstanding amount and for
an update on the prospects for the Joint Venture, pending which the balance
has not been paid although it is confirmed that the Company's current cash
resources would enable it to do so. For further clarification, neither Bezant
nor Caerus have nor sought to commence any dispute resolution procedures in
relation to the Joint Venture Agreement.

 

Colin Bird commented "I will be seeking a meeting with the new management of
Caerus in relation to this matter and we will provide a further update on the
outstanding balance and the joint venture generally when we have had this
opportunity."

 

For further information, please contact:

 Bezant Resources plc

 Colin Bird                                                                 +44 (0)20 3416 3695

 Executive Chairman

 Beaumont Cornish (Nominated Adviser)                                       +44 (0) 20 7628 3396

 Roland Cornish

 Novum Securities Limited (Broker)                                          Tel: +44 (0) 20 7399 (tel:%280%29207%203820%20932) 9400

 Jon Bellis

 or visit http://www.bezantresources.com (http://www.bezantresources.com)

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

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