Bezant Resources begins gold and platinum extraction in Colombia

London-based exploration group Bezant Resources announced on Monday that progress at its gold and platinum production operations in the Choco region of Colombia had reached the point of first extraction and processing of higher-grade gravels.

Bezant said that after completing open pit development at its FKJ-083 licence area in the west of the South American nation it had started processing virgin gravels from deeper levels of the open pit.

Bernard Olivier, chief executive of Bezant, said, "I am happy to report that we have now commenced first extraction and processing of the higher-grade gravels and look forward to announcing some of the initial grades achieved from the higher grade material in the coming weeks."

"The scoping study, as announced in March 2017, calculated an estimated break-even grade of 0.17 grammes per tonne (238mg/m3) for combined Pt and Au. The verification of the grade of the virgin gravels target zone we are now mining is our priority, before progressing into volume expansion. Once we have adequately assessed the recoveries from the higher-grade gravels versus our estimated break-even point, we shall then commence with the next phase of production ramp-up," he added.

As of 1420 BST, Bezant was unchanged on 1.15p.