Vast Resources plc Update On Baita Plai Association Licence Agreement
30 May 2018 - 4:00PM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
30 May 2018
Vast Resources plc
("Vast" or the "Company")
Update on Baita Plai Association Licence Agreement
Vast Resources plc, the AIM-listed mining company with operating mines
in Romania and Zimbabwe, is pleased to announce that following a series
of meetings with Baita SA, the holder of the Baita Plai Head Licence,
and at which a representative of the Ministry of Economy was present,
the Company has now agreed additional detailed terms, as set out below,
in preparation for the formal approval of the Association Licence
Agreement with Baita SA giving the Company the right to mine at Baita
Plai.
The Company has agreed, at an initial rental of EUR40,000 per month, a
lease from Baita SA of various mining equipment and, more importantly,
access to the previously mined out upper galleries at Baita Plai owned
by Baita SA. The two initial EUR40,000 payments totalling EUR80,000 are
to be paid up front by Vast thereby acting as a guarantee in favour of
Baita SA.
The Board believe that the material in the upper galleries at Baita Plai
is likely to be payable and that these galleries will allow access to
other highly prospective areas of the perimeter which otherwise could
only be accessed, if at all, with permitting difficulty because of
environmental constraints concerned with the forest above the area.
Furthermore, the Company has agreed to assume the obligation to install
a second independent electricity supply line. This will cost
approximately US$200,000 and will give the Company security of supply.
The Company will provide further updates as they occur.
**ENDS**
For further information, visit www.vastresourcesplc.com or please
contact:
Vast Resources plc www.vastresourcesplc.com
Andrew Prelea (Chief Executive Officer) +44 (0) 20 7236 1177
Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com
Roland Cornish +44 (0) 020 7628 3396
James Biddle
Brandon Hill Capital Ltd - Joint Broker www.brandonhillcapital.com
Jonathan Evans +44 (0) 20 3463 5016
SVS Securities Plc - Joint Broker www.svssecurities.com
Tom Curran +44 (0) 20 3700 0100
Ben Tadd
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").
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 owns and operates the Manaila Polymetallic Mine
in Romania, which was commissioned in 2015 and is focussed on its
expansion through the development of a second open pit operation and new
metallurgical complex at the Carlibaba Extension Area. The Company's
portfolio also includes an 80% interest in 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 controlling 25% interest in the producing
Pickstone-Peerless Gold Mine in Zimbabwe.
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
May 30, 2018 02:00 ET (06:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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