Bezant signs agreement with Exumax

The AIM-traded firm said that, in connection with the mining services agreement, it also signed an agreement to acquire a Panamanian special purpose vehicle, Kellstown Investments.

Kellstown - via its wholly owned subsidiary - owned both a processing plant and mobile test plan. and certain other mining equipment which would be utilised in mining operations on the company's FKJ-083 mining licence in Colombia.

Kellstown also holds, inter alia, intellectual property rights in relation to the mining and exploration equipment, and certain proprietary geological information and other data and intellectual property rights for use by Exumax in performing its services under the agreement.

“Our focus on achieving initial gold-platinum production in the short-term is progressing well and this new agreement evolves our existing relationship with Exumax from being exploration partners to mining partners with their equipment, experience and personnel secured for use by Bezant,” said CEO Bernard Olivier.

“We shall now progress our first recovery plant into production over the coming months with the intention of realising a low-cost gold-platinum model that can be replicated quickly and cheaply across the Choco region.

“Our intention remains to generate shareholder value from a revenue producing precious metals portfolio with highly robust margins.”

Pedro Martins da Costa, CEO of Exumax, said his company was “delighted” to be initiating the mining phase, and believed thes agreement reinforced the alignment between the two companies.

“We look forward to achieving the first pour in the coming months and appreciate the company's trust being placed n Exumax towards meeting a common objective.”