Vast Resources plc Reserve Bank Approval For Usd4 Million Disposal Of Non-Controlling Interest In Zimbabwean Gold Projects

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   30 May 2017 
 
   Vast Resources plc 
 
   ("Vast" or "the Company") 
 
   Reserve Bank Approval for US$4 million Disposal of Non-Controlling 
 
   Interest in Zimbabwean Gold Projects 
 
   Vast Resources plc, the AIM-listed mining company with operations in 
Romania and Zimbabwe, is pleased to announce that it has now received 
approval of the assignment of 49.99 per cent. of Vast's loan account 
with Canape by the Reserve Bank of Zimbabwe ("RBZ") ensuring that the 
US$4 million payment from SSCG Africa Holdings Ltd and its group (SSA) 
can now be transferred to Vast.  This will complete the US$8 million 
financing announced on 30 January 2017 principally to advance the 
Company's core activities in Romania. 
 
   As announced on 22 March 2017, discussions are continuing concerning 
further transactions in relation to Sinarom Mining Group SRL (100% Vast), 
which could include the introduction of a joint venture partner and / or 
securing debt at the subsidiary company level to help increase 
production at both Manaila Polymetallic Mine and advance the newly 
acquired nearby Piciorul Zimbrului and Magura Neagra prospecting 
licences. 
 
   Roy Pitchford, Chief Executive Officer of Vast, commented: 
 
   "I am delighted to report the formal approval from RBZ for our disposal 
of a non-controlling interest in our Pickstone-Peerless Gold Mine and 
Giant Gold Project in Zimbabwe.  This transaction, together with the 
possible further transactions with Sinarom as referred to above, will 
provide us with the capital to move forward with our optimisation plans 
for our producing Manaila Polymetallic Mine and other interests in 
Romania. We believe this area will yield the best long term value 
opportunity for the Company without the need to dilute our shareholders. 
Importantly, we have also retained the controlling interest in our 
Zimbabwean projects and have exposure to the upside which these may 
deliver through our ongoing 25% economic interest." 
 
   **ENDS** 
 
   For further information, visit www.vastresourcesplc.com or please 
contact: 
 
 
 
 
Vast Resources plc                                        www.vastresourcesplc.com 
 Roy Pitchford (Chief Executive Officer)                   [phone] 
Beaumont Cornish - Financial & Nominated Adviser (Nomad)  www.beaumontcornish.com 
 Roland Cornish                                            [phone] 
 James Biddle 
Brandon Hill Capital Ltd - Joint Broker                   www.brandonhillcapital.com 
 Jonathan Evans                                            [phone] 
Peterhouse Corporate Finance Ltd - Joint Broker           www.pcorpfin.com 
 Duncan Vasey                                              [phone] 
St Brides Partners Ltd                                    www.stbridespartners.co.uk 
 Susie Geliher                                             [phone] 
 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

May 30, 2017 03:00 ET (07:00 GMT)

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