Vast Resources plc Romanian Operational Update
June 08 2017 - 2:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
8 June 2017
Vast Resources plc
("Vast" or "the Company")
Romanian Operational Update:
Drilling Commenced at Proposed Second Open Pit at Manaila Polymetallic
Mine
Faneata Feasibility Study Nearing Completion
Vast Resources plc, the AIM-listed mining company with operations in
Romania and Zimbabwe, is pleased to provide an update on its Romanian
mining activity. Drilling has commenced at Carlibaba, the proposed
location of a second open pit mining operation at the Manaila
Polymetallic Mine in Romania ("Manaila" or "the Project"), which
supports the Company's plans to establish an enlarged Manaila mining
complex. Furthermore, technical consultants to the Company have
confirmed that the Feasibility Study for the Faneata Tailings Storage
Facility ("Faneata"), which consists of more than 40 years' material
from the proximal Baita Plai Polymetallic Mine, is nearing completion.
Highlights:
-- 10-hole drill programme for 1,000 metres commenced at the Carlibaba
prospect
-- Objective to prove up potential to support a second open pit mining
operation at Manaila and establish an enlarged mining complex that will
utilise a centralised metallurgical processing facility
-- Historic drilling previously undertaken at Carlibaba highlights
polymetallic potential
-- Drilling programme expected to be concluded in June 2017 with results
anticipated by September 2017
-- Feasibility Study to define the parameters for development at Faneata is
well progressed and nearing completion - results expected in the next 6
weeks
-- Once the Feasibility Study is completed, the Company will apply for a
permit to operate at Faneata
Roy Pitchford, Chief Executive Officer of Vast, commented:
"Romania has already proven its significant resource potential and work
is now underway to build on the operational presence we have
established. We believe that Carlibaba will become central to our
overall plan to develop a significant new metallurgical complex at
Manaila. Carlibaba not only presents an opportunity to materially
increase resource tonnages and extend the life of our 100% owned Manaila
Polymetallic Mine life, but could also become a key hub through which we
can unlock the significant resource potential of the wider area. This
drilling programme is accordingly of paramount importance to not only
unlocking the inherent potential of this significant asset but will also
be valuable in helping us secure potential joint venture or debt
financing opportunities being considered to accelerate development of
the proposed enlarged mining complex.
"Alongside this exciting new area of development, I am pleased to
confirm that our technical consultants have indicated that the
Feasibility Study at Faneata is nearing completion. This tailings
facility offers an additional revenue opportunity for the Company and I
look forward to sharing the results of the feasibility work with our
shareholders in the coming weeks as we look to identify the optimal
route for development at Faneata."
Further Information
Carlibaba
The Carlibaba Manaila Extension ("Carlibaba") lies within the extended
Manaila prospecting licence area, granted to S.C. Sinarom Mining Group
S.R.L., the operator of Manaila, in 2016 (see announcement dated 30
March 2016). Carlibaba, subject to positive confirmatory drilling
success, is envisaged as the possible site of a new metallurgical
processing facility to replace the Iacobeni facility, 34km away from the
Manaila mine. Carlibaba is connected to Manaila by a 2km underground
drive that could facilitate the transport of ore from the Manaila open
cast and underground operations to the proposed new processing facility.
Image 1. Planned Exploration Drill Holes at the Carlibaba Manaila
Extension - see PDF link below
Faneata
Vast holds an 80% interest in a prospecting licence over Faneata, which
is located 7km from the Baita Plai Polymetallic Mine (this licence
constitutes a separate right from the anticipated right to mine at Baita
Plai itself). With a total polymetallic Mineral Resource (Measured,
Indicated & Inferred) of 3.0Mt (gross being 2.4Mt net to Vast), the
Company believes Faneata has the potential to be a stand-alone mining
operation which could utilise Vast's proximal Baita Plai processing
facility. The mining and processing of Faneata also has environmental
value, as the reprocessing of the tailings will act as a "greening"
process of the dam.
Once the Feasibility Study is completed, the Company will apply for a
permit to operate at Faneata.
**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) 020 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").
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.
Full PDF with picture: http://hugin.info/138338/R/2111404/802762.pdf
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
June 08, 2017 03:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Vast Resources (LSE:VAST)
Historical Stock Chart
From Apr 2024 to May 2024
Vast Resources (LSE:VAST)
Historical Stock Chart
From May 2023 to May 2024