Vast Resources plc Romanian Operational Update

 
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)           [phone] 
Beaumont Cornish - Financial & Nominated Adviser  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"). 
 
   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)

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