Vast Resources plc Baita Plai Update & Revision Of Mining Plan

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   26 February 2021 
 
   Vast Resources plc 
 
   ('Vast' or the 'Company') 
 
   Baita Plai update 
 
   Revision of Mining Plan 
 
   Vast Resources plc, the AIM-listed mining company, is pleased to update 
the market on developments at its Baita Plai Polymetallic Mine ('Baita 
Plai') in Romania. 
 
   As a result of experience gained since production commenced in October 
2020, the Company is in the process of preparing a revised mining plan 
for Baita Plai incorporating a move away from the traditional labour 
intensive mining methods within the existing plan to a more "modern" 
mechanised mining method.  This is designed to overcome various 
operational issues, to enhance productivity and efficiency and thus to 
optimise the in-situ metal value and take advantage of rising commodity 
prices. 
 
   The revised mining plan will supersede the previous mining plan, the 
targets for which were announced on 7 September 2020. 
 
   The production of concentrate at Baita Plai for Q4 2020* and anticipated 
for the rest of Q1 2021 is considerably lower than the targets set out 
in the previous plan. This shortfall is due principally to the lack of 
equipment reliability and supply chain and labour issues in part due to 
the COVID restrictions. 
 
   These issues are in the process of being rectified under the revised 
mining plan the results of which are expected to more than make up the 
shortfall in the period covered by the previous plan (i.e. the period up 
to Q3 2022). To prepare for the enhanced mechanisation under the revised 
plan, the Company has already acquired, and is currently awaiting 
delivery of, three additional underground LHDs and a Jumbo Face Drilling 
Rig with long hole capabilities. 
 
   The management of the mine has been made challenging by the fact that 
Craig Harvey, Chief Operating Officer of the Company, based in South 
Africa and who is the current manager of Baita Plai, was not able (as a 
result of COVID 19 restrictions) to be physically present in Romania 
from November 2020 to end of January 2021 thus necessitating remote 
management. 
 
   The Company's new full time Mine Manager at Baita Plai, Marcus Brewster 
(see announcement 22 January 2021), will arrive on site shortly, and is 
already actively engaged in and identified with the formulation of the 
revised mining plan, including the equipment upgrades to enable the 
implementation of a more effective mechanised mining method. 
 
   The Company is aiming to complete and announce the revised mining plan 
around the end of March. 
 
   * 493 Cu concentrate produced from Q4 ore against a target of 644 tonnes 
Cu concentrate.  Pb/Zn ore remains stockpiled and unprocessed (Q4 target 
Zn 204 tonnes, Pb 94 tonnes) 
 
   **ENDS** 
 
   For further information, visit 
https://www.globenewswire.com/Tracker?data=oppsQ6cbx1B3CDcywRkAe2QgtdSZ_jaWO-F8ddzbpC5A3-0DigfHJroOFi8SPoIC0MDixd2_8PUhn-w4GdUx7w== 
www.vastplc.com, follow the Company on Twitter @vast_resources and 
LinkedIn, or please contact: 
 
 
 
 
Vast Resources plc                        www.vastplc.com 
 Andrew Prelea - CEO                       [phone] 
 Andrew Hall 
Beaumont Cornish - Financial & Nominated  www.beaumontcornish.com 
 Adviser                                   [phone] 
 Roland Cornish 
 James Biddle 
SP Angel Corporate Finance LLP -- Joint   www.spangel.co.uk 
 Broker                                    [phone] 
 Richard Morrison 
 Caroline Rowe 
Axis Capital Markets Limited -- Joint     www.axcap247.com 
 Broker                                    [phone] 
 Richard Hutchison 
St Brides Partners Limited                www.stbridespartners.co.uk 
 Susie Geliher                             [phone] 
 Beth Melluish 
 
 
   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"). 
 
   ABOUT VAST RESOURCES PLC 
 
   Vast Resources plc is a United Kingdom AIM listed mining company with 
mines and projects in Romania and Zimbabwe. 
 
   In Romania, the Company is focused on the rapid advancement of 
high-quality projects by recommencing production at previously producing 
mines. 
 
   The Company's Romanian portfolio includes 100% interest in the producing 
Baita Plai Polymetallic Mine, located in the Apuseni Mountains, 
Transylvania, an area which hosts Romania's largest polymetallic mines. 
The mine has a JORC compliant Reserve & Resource Report which underpins 
the initial mine production life of approximately 3-4 years with an 
in-situ total mineral resource of 15,695 tonnes copper equivalent with a 
further 1.8M--3M tonnes exploration target. The Company is now working 
on confirming an enlarged exploration target of up to 5.8M tonnes. 
 
   The Company also owns the Manaila Polymetallic Mine in Romania, which 
was commissioned in 2015, currently on care and maintenance. The Company 
has been granted the Manaila Carlibaba Extended Exploitation License 
that will allow the Company to re-examine the exploitation of the 
mineral resources within the larger Manaila Carlibaba licence area. 
 
   In Zimbabwe, the Company is focused on the commencement of the joint 
venture mining agreement on the Community Diamond Concession, Chiadzwa, 
in the Marange Diamond Fields. 
 
 
 
 

(END) Dow Jones Newswires

February 26, 2021 08:15 ET (13:15 GMT)

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