Vast Resources plc Manaila Polymetallic Mine Update

 
TIDMVAST 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   23 October 2015 
 
   Vast Resources plc 
 
   ("Vast" or "the Company") 
 
   Update: Manaila Polymetallic Mine 
 
   Vast Resources plc, the AIM-listed mining company, is pleased to provide 
an update on progress at its Manaila Polymetallic Mine ("Manaila") in 
Romania, which contains a 1.8Mt polymetallic resource. 
 
   Licence and Title 
 
   The Company's application to renew the Manaila mining licence for a 
further period of three years has been duly granted.  This extension of 
time also enables the Company to apply to extend the perimeter of the 
existing licence area, which in turn will enable Vast to carry out 
drilling to confirm the expected increase of the resource which is 
considered minable by open pit and which constitutes Phase 1 of the 
Manaila operation.  As previously announced, on 7 July 2015, the ore 
body extends beyond the current licence boundary and under Romanian 
mining laws it is possible to extend the licence to incorporate the 
adjacent mining area. 
 
   The Company can also confirm that registration of its 50.1% interest in 
Sinarom Mining Group SRL in the Romanian Trade Registry has now duly 
taken place. 
 
   Operations 
 
   The Company announces that it now plans to re-commission a second mill 
thus enabling an increase in production up to the plant's design 
capacity of 20ktpm.  As announced on 22 September 2015, the initial 
planned production target was 10ktpm and has already been achieved.  The 
cost of re-commissioning of the second mill together with associated 
works, estimated at US$200,000, is in addition to the items of CAPEX for 
Phase 1 as set out in the announcement of 10 June 2015 (estimated at 
US$1,689,000). Both the re-commissioning cost and Phase 1 CAPEX are 
expected to be funded from the Company's existing cash resources and 
cash flow from the project. 
 
   Mining and processing are proceeding well, with operating costs to date 
lower than expected.  The planned upgrading of the plant is also 
progressing well. 
 
   Roy Pitchford, Chief Executive Officer, commented: 
 
   "The well performing operation at Manaila has given us the confidence to 
re-commission a second mill at this early stage.  The resulting 
additional production is expected to yield further positive cash flow 
and provide additional working capital for the Company's other 
activities." 
 
   ** ENDS ** 
 
   For further information visit www.vastresourcesplc.com or please 
contact: 
 
 
 
 
Vast Resources plc                                        [phone] 
 Roy Tucker (Finance Director)                             [phone] 
 
  Roy Pitchford (Chief Executive Officer)                  [phone] (O) 
                                                           [phone] (M) 
                                                           [phone] (M) 
 
  Strand Hanson Limited - Financial & Nominated Adviser    www.strandhanson.co.uk 
  James Spinney                                            [phone] 
  James Bellman 
 
  Daniel Stewart and Company plc - Joint Broker            www.danielstewart.co.uk 
  Martin Lampshire                                         [phone] 
  David Coffman 
 
  Dowgate Capital Stockbrokers Ltd - Joint Broker          www.dowgatecapitalstockbrokers.co.uk 
  Jason Robertson                                          [phone] 
  Neil Badger 
 
  St Brides Partners Ltd                                   www.stbridespartners.co.uk 
  Charlotte Heap                                           [phone] 
  Hugo de Salis 
 
 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX 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 
 
   HUG#1960972 
 
 
  http://www.acrplc.com/ 
 

(END) Dow Jones Newswires

October 23, 2015 02:00 ET (06:00 GMT)

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