Vast Resources plc Second Milling Circuit Completed At Baita Plai Polymetallic Mine

 
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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

27 June 2022

Vast Resources plc

('Vast' or the 'Company')

Second Milling Circuit Completed at Baita Plai Polymetallic Mine

Vast Resources plc, the AIM-listed mining company, is pleased to announce that the second milling circuit in the processing plant at the Baita Plai Polymetallic Mine ("Baita Plai") has been completed six weeks ahead of schedule.

The second milling circuit further optimises the operations at Baita Plai and doubles milling capacity at the plant. With two milling circuits fully functioning the two mills combined are capable of processing 14,000 tonnes per month.

Andrew Prelea, Chief Executive Officer of Vast Resources PLC, commented:

"Our mining volumes are steadily increasing, and are expected to increase dramatically with the implementation and ramp up of long hole stope mining commencing from next month. The commissioning of this second milling circuit -- achieved six weeks ahead of schedule -- will support increased concentrate production moving forward. Our operations at Baita Plai are ramping up encouragingly and I am confident that this will be reflected in our future production and sales reports."

Market Abuse Regulation (MAR) Disclosure

Certain 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 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR") until the release of this announcement.

**ENDS**

For further information, visit www.vastplc.com or please contact:

 
Vast Resources plc                     www.vastplc.com 
 Andrew Prelea (CEO)                    [phone] 
 Andrew Hall (CCO) 
Beaumont Cornish -- Financial          http://www.beaumontcornish.com 
 & Nominated Advisor                    www.beaumontcornish.com 
 Roland Cornish                         [phone] 
 James Biddle 
Shore Capital Stockbrokers Limited     www.shorecapmarkets.co.uk 
 -- Joint Broker                        [phone] 
 Toby Gibbs / James Thomas (Corporate 
 Advisory) 
Axis Capital Markets Limited --        www.axcap247.com 
 Joint Broker                           [phone] 
 Kamran Hussain 
St Brides Partners Limited             http://www.stbridespartners.co.uk 
 Susie Geliher / Charlotte Page         www.stbridespartners.co.uk 
                                        [phone] 
 

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines, development projects and mining interests in Romania, Tajikistan 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 the Company is looking to bring back into production following a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

Vast has an interest in a joint venture company which provides exposure to a near term revenue opportunity from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty over all sales of non-ferrous concentrate and any other metals produced. Processing of stockpiled ore on site is expected to commence in mid-2022.

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.

GLOSSARY

 
Dry Metric Tonnes  Refers to the tonnage minus humidity to determine 
                    sales price 
-----------------  -------------------------------------------------------- 
Grade              The relative quantity or percentage of ore mineral 
                    content in an orebody. 
-----------------  -------------------------------------------------------- 
Ore                The naturally occurring material from which a mineral(s) 
                    can be extracted at a reasonable profit. 
-----------------  -------------------------------------------------------- 
Orebody            A continuous well-defined mass of material to sufficient 
                    ore content to make extraction economically feasible. 
-----------------  -------------------------------------------------------- 
Skarn              Lime-bearing siliceous rock produced by the metamorphic 
                    alteration of limestone or dolomite 
-----------------  -------------------------------------------------------- 
Wet Metric Tonnes  Usually quoted in terms of production for shipping 
                    terms 
-----------------  -------------------------------------------------------- 
 
 
 

(END) Dow Jones Newswires

June 27, 2022 02:00 ET (06:00 GMT)

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