Bezant Resources (AIM: BZT) has completed its due diligence regarding the proposed acquisition of Virgo Resources and its interest in the Hope gold copper project in Namibia.
The copper-gold exploration company said it now has all the consents and approvals it requires in order ‘to complete its acquisition save for the procedural consent required from AIM for Admission to trading of the Bezant Shares to be issued at completion.’
It said it is proceeding to the administrative process of completing the Acquisition by arranging the execution by the Company and Virgo's shareholders of the completion documentation which is in agreed form.
Execution of this by Virgo's shareholders will affect the transfer of their Virgo shares, Virgo unlisted options and Virgo deferred consideration performance shares to the Bezant group.
Shares in Bezant Resources opened flat at 0.11p on Monday following the announcement.
"The completion of our corporate and technical due diligence on the acquisition of Virgo and its +70% interest in the Hope Gold Copper project is an important milestone for Bezant.
“The Acquisition is on very favourable terms, of a major copper-gold project in an excellent jurisdiction with a significant JORC resource,” said Colin Bird, Executive Chairman of Bezant.
The company reported last week that there is unrealised gold potential at the Hope project due to the fact that many of the historic drill holes had not been previously assayed for gold.
Drill plans have now been formulated to address the underestimation in gold grade.
The Hope Gold Copper project has been recently identified as a high-grade copper-gold volcanic massive sulphide (VMS) project located in Namibia, a mining friendly jurisdiction.
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