Vast Resources plc Second Milling Circuit Completed At Baita Plai Polymetallic Mine
27 June 2022 - 4:00PM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
27 June 2022
Vast Resources plc
('Vast' or the 'Company')
Second Milling Circuit Completed at Baita Plai Polymetallic
Mine
Vast Resources plc, the AIM-listed mining company, is pleased to
announce that the second milling circuit in the processing plant at
the Baita Plai Polymetallic Mine ("Baita Plai") has been completed
six weeks ahead of schedule.
The second milling circuit further optimises the operations at
Baita Plai and doubles milling capacity at the plant. With two
milling circuits fully functioning the two mills combined are
capable of processing 14,000 tonnes per month.
Andrew Prelea, Chief Executive Officer of Vast Resources PLC,
commented:
"Our mining volumes are steadily increasing, and are expected to
increase dramatically with the implementation and ramp up of long
hole stope mining commencing from next month. The commissioning of
this second milling circuit -- achieved six weeks ahead of schedule
-- will support increased concentrate production moving forward.
Our operations at Baita Plai are ramping up encouragingly and I am
confident that this will be reflected in our future production and
sales reports."
Market Abuse Regulation (MAR) Disclosure
Certain 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 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR") until the release of this announcement.
**ENDS**
For further information, visit www.vastplc.com or please
contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Andrew Hall (CCO)
Beaumont Cornish -- Financial http://www.beaumontcornish.com
& Nominated Advisor www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
-- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Kamran Hussain
St Brides Partners Limited http://www.stbridespartners.co.uk
Susie Geliher / Charlotte Page www.stbridespartners.co.uk
+44 (0) 20 7236 1177
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company
with mines, development projects and mining interests in Romania,
Tajikistan and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of
high-quality projects by recommencing production at previously
producing mines.
The Company's Romanian portfolio includes 100% interest in the
producing Baita Plai Polymetallic Mine, located in the Apuseni
Mountains, Transylvania, an area which hosts Romania's largest
polymetallic mines. The mine has a JORC compliant Reserve &
Resource Report which underpins the initial mine production life of
approximately 3-4 years with an in-situ total mineral resource of
15,695 tonnes copper equivalent with a further 1.8M-3M tonnes
exploration target. The Company is now working on confirming an
enlarged exploration target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania,
which the Company is looking to bring back into production
following a period of care and maintenance. The Company has also
been granted the Manaila Carlibaba Extended Exploitation Licence
that will allow the Company to re-examine the exploitation of the
mineral resources within the larger Manaila Carlibaba licence
area.
Vast has an interest in a joint venture company which provides
exposure to a near term revenue opportunity from the Takob Mine
processing facility in Tajikistan. The Takob Mine opportunity,
which is 100% financed, will provide Vast with a 12.25 percent
royalty over all sales of non-ferrous concentrate and any other
metals produced. Processing of stockpiled ore on site is expected
to commence in mid-2022.
In Zimbabwe, the Company is focused on the commencement of the
joint venture mining agreement on the Community Diamond Concession,
Chiadzwa, in the Marange Diamond Fields.
GLOSSARY
Dry Metric Tonnes Refers to the tonnage minus humidity to determine
sales price
----------------- --------------------------------------------------------
Grade The relative quantity or percentage of ore mineral
content in an orebody.
----------------- --------------------------------------------------------
Ore The naturally occurring material from which a mineral(s)
can be extracted at a reasonable profit.
----------------- --------------------------------------------------------
Orebody A continuous well-defined mass of material to sufficient
ore content to make extraction economically feasible.
----------------- --------------------------------------------------------
Skarn Lime-bearing siliceous rock produced by the metamorphic
alteration of limestone or dolomite
----------------- --------------------------------------------------------
Wet Metric Tonnes Usually quoted in terms of production for shipping
terms
----------------- --------------------------------------------------------
(END) Dow Jones Newswires
June 27, 2022 02:00 ET (06:00 GMT)
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