VAST Vast Resources Plc

 
TIDMVAST 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   15 March 2017 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Update on Expansion of Pickstone-Peerless Gold Mine, Zimbabwe 
 
   Vast Resources plc, the AIM listed mining company with interests in 
Romania and Zimbabwe, is pleased to announce an update relating to the 
expansion of the Pickstone-Peerless Gold Mine in Zimbabwe 
("Pickstone-Peerless"). 
 
   OVERVIEW 
 
 
   -- Significant progress made with construction of the sulphide processing 
      plant, which will enable production from the high-grade sulphide pits in 
      addition to the oxide pits currently being mined: 
 
          -- Second primary mill on site and installed on plinth 
 
          -- Majority of the sulphide concentrating equipment is on site and 
             significant proportion is installed 
 
          -- Foundations and bases for an additional five carbon-in-pulp 
             ("CIP") / carbon-in-leach ("CIL") tanks being installed currently 
 
   -- 100% increase in installed primary milling capacity once sulphide plant 
      is commissioned to 40,000 tonnes per month from the current 20,000 tonnes 
      per month 
 
   -- Mill grade expected to increase from 2.00g/t gold ('Au') to between 
      3.00g/t Au and 4.00g/t Au over a 6 to 9 month period as higher grade 
      sulphide ore is mined and processed, resulting in a significant increase 
      in production 
 
   -- Construction is progressing on time and on budget - first sulphide 
      production is scheduled for Q3 2017 
 
   -- Custom milling facility to be commissioned imminently to process 
      artisanal workers' tributed production from proximal claims 
 
   -- Photos showing the new sulphide plant will be available to view on the 
      Company's website: 
      www.vastresourcesplc.com/gallery/pickstone-peerless-gold-mine 
 
 
   Roy Pitchford, Chief Executive of Vast, commented: "Pickstone-Peerless 
continues to deliver impressive results; by utilising cash flow 
generated from production from the oxide cap zone of the mine, we are 
funding the expansion of the mine with the objective of doubling 
throughput and increasing the grade of ore by between 50%-100% to up to 
4.00g/t Au.  Obviously, this would provide enormous upside and further 
enhance the performance of Pickstone-Peerless, which produced an average 
of over 4,150oz Au per quarter over the past 12 months from the oxide 
cap alone. 
 
   "In addition to directing our efforts towards the development of the 
sulphide plant, we have also been working with the artisanal miners 
operating on a tribute basis from the claims adjacent to 
Pickstone-Peerless.  We see this as a natural and mutually beneficial 
relationship as the artisanal miners save on transport costs and gain 
immediate access to the free gold, whilst all of the residual gold is 
processed through Pickstone-Peerless' CIP facilities." 
 
   Competent Person's Review: 
 
   This announcement has been reviewed by Mr. Craig Harvey, Group Chief 
Geologist at Vast, and a member of the Geological Society of South 
Africa and the Australian Institute of Geoscientists. Mr Harvey meets 
the definition of a "qualified person" as defined in the AIM Note for 
Mining, Oil and Gas Companies. 
 
   **ENDS** 
 
   For further information, visit www.vastresourcesplc.com or please 
contact: 
 
 
 
 
Vast Resources plc                                www.vastresourcesplc.com 
 Roy Pitchford (Chief Executive Officer)           +44 (0) 20 7236 1177 
Beaumont Cornish - Financial & Nominated Adviser  www.beaumontcornish.com 
 Roland Cornish                                    +44 (0) 20 7628 3396 
 James Biddle 
Brandon Hill Capital Ltd - Joint Broker           www.brandonhillcapital.com 
 Jonathan Evans                                    +44 (0) 20 3463 5016 
Peterhouse Corporate Finance Ltd - Joint Broker   www.pcorpfin.com 
 Duncan Vasey                                      +44 (0) 20 7469 0936 
St Brides Partners Ltd                            www.stbridespartners.co.uk 
 Susie Geliher                                     +44 (0) 20 7236 1177 
 Charlotte Page 
 
 
   The information contained within this announcement is deemed by the 
Company to constitute inside information as stipulated under the Market 
Abuse Regulations (EU) No. 596/2014 ("MAR"). 
 
   **ENDS** 
 
   Notes 
 
   Vast Resources plc is an AIM listed mining and resource development 
company focussed on the rapid advancement of high quality brownfield 
projects and recommencing production at previously producing mines in 
Romania. 
 
   Vast Resources currently operates the Manaila Polymetallic Mine in 
Romania, which was commissioned in 2015.  The Company's portfolio also 
includes the Baita Plai Polymetallic Mine in Romania, where work is 
currently underway towards obtaining the relevant permissions to start 
developing and ultimately commissioning the mine. 
 
   The Company also has interests in a number of projects in Southern 
Africa including a 25 per cent. interest(*) in the producing 
Pickstone-Peerless Gold Mine in Zimbabwe. 
 
   (*) Vast ownership is currently 50% (25.01% when SSCG Africa Holdings 
Ltd financing conditions precedent are fulfilled as per announcement on 
30 January 2017). 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Vast Resources plc via Globenewswire 
 
 
  http://www.acrplc.com/ 
 

(END) Dow Jones Newswires

March 15, 2017 04:00 ET (08:00 GMT)

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