Copper-gold exploration and development company Bezant resources has raised £800,000 to fund the companies Mankayan project on the island of Luzon in the Philippines.

Copper-gold exploration and development company Bezant resources (LSE:BZ) has raised £800,000 to fund the companies Mankayan project on the island of Luzon in the Philippines.

The proceeds, from the subscription and places of 222,222,222 new ordinary shares will mainly be used to progress the company’s Mankayan copper-gold project, including commissioning a further update and optimization of the historical third party scoping study, together with onsite community development work and the necessary activities to advance a drilling programme targeting resource confirmation and potential extension.

As quoted in the press release:

Bezant’s board believes that the Mankayan Project is already a forerunner in the prospective global copper-gold arena and anticipates that the project will be enhanced and even better placed following completion of the planned work programme.

Some of the proceeds will go towards increasing confidence in, and decreasing risk at the companies second project, the Eureka project in Argentina.

Click here to view the full Bezant Resources (LSE:BZ) press release.