LONDON, UK: Caerus Mineral Resources announced a binding and exclusive Option Agreement with Bezant Resources Plc with regard to the development of the copper and gold-bearing hard rock resources within Caerus’ portfolio.
Bezant is an AIM quoted company with a track record of building significant value in projects from highly cost-effective work programmes – most recently in Zambia and Namibia. Under the Option Agreement announced today, Caerus will advance its exploration programme on development targets identified jointly with Bezant and prioritise those sites with hard rock resources capable of supporting commercial-scale open pit or underground mining operations.
This hard rock strategy with Bezant for underground and or open-pit resources complements the existing Agreement with Jubilee Metals Group that is focused on monetising the metal residues within surface stockpiles of copper-and gold-bearing marginal ore, waste rock and tailings.
Option Agreement Rationale
This Option Agreement enables Caerus and Bezant to engage in an agreed Work Programme to selectively exploit resources within or near to the 20 former mines that operated historically within Caerus’ portfolio.
Recent exploration success by Caerus has already shown evidence of new ‘gossan’ and VMS opportunities at Troulli and Anglisides, and extensions to previously known orebodies at Kalavasos and Mala. Driven by the burgeoning demand for copper linked mainly to global decarbonisation of the transport and energy sectors, there is an opportunity for Caerus to work with Bezant and to harness their skills in the development of Caerus’ hard rock properties to full production.
The ultimate objective is to identify and define projects within the Caerus portfolio that can be advanced into one or more Joint Ventures targeting profitable production of hard rock resources using modern methods and design, finance, construction and operation by Bezant, possibly in partnership with Third Parties.
Martyn Churchouse, CEO of Caerus, said: “We are delighted to engage with Bezant at a time when the market demand for copper is so vibrant and is forecast to remain so for many years. This partnership will run in parallel with our Agreement with Jubilee Metals Group and will allow us to pursue a dual strategy of exploring new underground and mineable resources whilst exploiting the value of our stockpiles of copper and gold-bearing waste. Both Bezant and Jubilee are recognised experts in their sectors and are therefore natural partners with which to progress our ambitions.
Our strategic approach to the partnerships with both Bezant and Jubilee allows Caerus to continue to focus on generating value for shareholders through the exploration and identification of undiscovered and undervalued assets whilst farming out the development and operation of assets through value accretive joint ventures.”
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30 Jul, 2:33 pm GMT+1 ·Disclaimer