TIDMCMRS
RNS Number : 1608H
Caerus Mineral Resources PLC
02 August 2021
02 August 2021
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Agreement with Bezant Resources plc
Caerus Mineral Resources (LON: CMRS), the exploration and
resource development company focused on developing mineral
resources in Europe to support the global "Clean Energy"
initiative, is pleased to announce a binding and exclusive Option
Agreement (the 'Agreement') with Bezant Resources Plc (LON: BZT)
('Bezant') with regard to the development of the copper and
gold-bearing hard rock resources within Caerus' portfolio.
Highlights
-- Exclusive Option Agreement grants Bezant 18 months to assess
the merits and economic prospects of all Caerus unexploited hard
rock mining assets.
-- The Agreement allows Bezant to identify one or more of
Caerus' assets to be converted into a Mine Development Project(s)
under a Joint Venture
-- Under any Joint Venture, Bezant has the responsibility to
lead the design, finance, construction and operation phases of an
open-pit or underground mining operation
-- Under the Agreement, Caerus will receive 70% of Joint Venture
cash flow until Caerus' expenditure during the pre-mining
exploration phase has been reimbursed
-- The Agreement complements the existing programme with Jubilee
Metals Group, which covers metal recovery from surface mining
residues within Caerus' licence areas under the Company's waste to
revenue strategy
Strategy and Assets
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. "
For further information , please visit
www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc:
Martyn Churchouse info@caerusmineralresources.com
Chief Executive Officer +44 (0)1249 782162
--------------------------------
Novum Securities
--------------------------------
Jon Belliss +44 (0) 20 7399 9425
--------------------------------
Follow us on Twitter at @CaerusMineral
About Bezant Resources PLC
Bezant is a natural resources exploration and development
company focused primarily on copper-gold with projects currently in
Namibia, Zambia, Argentina and the Philippines and a manganese
project in Botswana.
About Caerus Mineral Resources
Caerus Mineral Resources is a European focused copper-gold
resource development and exploration company with a portfolio of
mineral exploration licences located in Cyprus. The Country has a
well-developed infrastructure and history of mineral exploration
and production, which has been dormant over the last 50 years and
provides significant undiscovered value.
With investors recognising copper as one of the cornerstone
metals for the Clean Energy Transition centred upon the Electric
Vehicle and Stationary Energy sectors, Caerus is working to rapidly
expand its copper exploration and production objectives. The Caerus
licence portfolio includes 16 former mines which operated with an
average head grade of approximately 2% copper.
Caerus' licence portfolio comprises brownfield sites, where
historic mining has taken place, and greenfield licences, where
there has been no systematic exploration. The Brownfield sites and
the former high-grade copper-gold mines they host are evidence of
rock types and structures conducive to Volcanogenic Massive
Sulphide ("VMS") mineralisation. As VMS deposits characteristically
occur in camps or clusters, it is the Company's view that its
licences are prospective for both extensions to existing or
mined-out orebodies together with new discoveries.
The combination of brown and greenfield exploration provides
optionality and the opportunity for the Company to quickly build a
resource portfolio that can be commercially developed.
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this announcement
.
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