Caerus Mineral Resources plc has signed a binding and exclusive option agreement with Bezant Resources plc to develop copper and gold-bearing hard rock resources within Caerus’ portfolio.
Bezant will have 18 months to assess the merits and economic prospects of all Caerus’s unexploited hard rock mining assets.
It will also be allowed to identify one or more of Caerus’ assets to be converted into one or more mine development projects under a joint venture.
TERMS
A joint venture would involve Bezant leading the design, finance, construction and operation phases of an open-pit or underground mining operation.
On identification of a project the companies would agree to fund jointly and explore up to $1million on the selected project.
Caerus would receive 70% of JV cash flow until Caerus’ expenditure during the pre-mining exploration phase has been reimbursed.
The company said that the agreement with Bezant complemented the existing programme with Jubilee Metals Group of metal recovery from surface mining residues within Caerus’ licence areas.
This is part of Caerus’s waste to revenue strategy.
ASSETS
Caerus recently found evidence of new ‘gossan’ and volcanogenic massive sulphide (VMS) opportunities at Troulli and Anglisides, and extensions to previously known orebodies at Kalavasos and Mala.