Bezant to assess viability of Mankayan project in Benguet

UK-based mining firm Bezant Resources Plc is commissioning a scoping study on its Mankayan Project in Benguet to assess the viability of underground mining and develop a financial model for the project. "[The scoping study] will assist us in identifying the most attractive route for taking the project forward and unlocking maximum shareholder value. We look forward to announcing the results of the study in due course," Bezant executive chairman Gerry Nealon said in a statement. Nealon said Bezant contracted TWP Australia Pty Ltd. and Mining Plus Pty Ltd. as independent consultants to conduct the scoping study. TWP Australia will be focusing on the infrastructure and surface facilities. Mining Plus, on the other hand, will be responsible for the mine designs and schedules. Nealon said the conduct of a preliminary technical and economic conceptual mining study is ripe based on the current resource estimate and the level of geological modeling of the ore bodies. The scoping study is expected to be completed within the next four months, he said. The results of the study will be used to validate the further work required to initiate and complete a full pre-feasibility study. Nealon said exploration, drilling, geotechnical, and metallurgical studies were already conducted. Studies showed that the Mankayan Project — adjacent to Lepanto Consolidated Mining Co.'s existing mining operations — is potentially capable of hosting a world-class copper-gold mines, he added. Bezant's wholly-owned subsidiary Asean Copper Investments Ltd. holds a 40-percent interest in Filipino mining firm Crescent Mining and Development Corp. Asean Copper may acquire the remaining 60-percent stake, subject to Crescent's consideration. The subsidiary was granted a license to explore and mine the Mankayan area of about 534 hectares under a mineral production sharing agreement with the Philippine government. —JE/OMG, GMANews.TV