Vast Resources plc Significant Further Progress On Baita Plai Association Licence
October 18 2017 - 1:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
18 October 2017
Vast Resources plc
("Vast" or "the Company")
Significant Further Progress on Baita Plai Association Licence
Vast Resources plc, the AIM-listed mining company with operations in
Romania and Zimbabwe, is pleased to announce significant progress in
connection with finalisation of the Baita Plai association licence,
relating to the previously producing Baita Plai Polymetallic Mine in
Romania.
Further to the selection of its 80% subsidiary, African Consolidated
Resources SRL (AFCR) as announced on 30 August 2017, AFCR has been
advised by letter that a board meeting of Baita SA was concluded on 16
October requesting its shareholder - the Ministry of Economy - to
approve the association on the licence for the exploitation and
processing of the polymetallic ore from the Baita Bihor SA exploitation
perimeter, which contains the Vast Resources 80% owned Subsidiary AFCR
Polymetallic Mining assets in Baita Plai, in compliance with all the
current legal provisions.
The letter continues by saying that the legal term for the shareholder's
approval is 30 days but may be shorter; that on receipt of such approval
AFCR and Baita SA shall lodge a "joint application" to Romania's
National Agency for Mineral Resources ("ANRM"); and that upon the
receipt of the preliminary agreement from ANRM "the association
agreement will be signed in accordance with the agreed draft contract".
Baita SA also added in its letter, "We assure you that Baita SA will
give all the necessary support to complete the association operation
under the 999/1999 Exploitation Concession License of the polymetallic
ore."
A further announcement will be made in due course.
**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
Martin Lampshire and Fungai Ndoro +44 (0) 20 7469 0930
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").
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
October 18, 2017 02:00 ET (06:00 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