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(Alliance News) - Vast Resources PLC on Tuesday said the decline project to level 19 is progressing on schedule and mining of fresh higher grade ore at its Baita Plai polymetallic mine in Romania has begun.
The AIM-listed mining company operating in Romania and Zimbabwe said mining and concentrate production will continue uninterrupted during the development phase at Baita Plai, with underground production currently focused on levels 17 and 18 as well as the new mining area on level 19.
Shares in Vast Resources were up 36% at 0.11 pence in London on Tuesday.
Vast said exploration drilling targeting the downdip extension of the Antonio skarn to level 22 from level 19 is expected to commence in June 2021, as per its new mechanised mine plan. New mechanised mining equipment has arrived on site, it added, with the remaining equipment expected to arrive in accordance with the new mine plan schedule.
"I am delighted with the operational progress that we have made in recent weeks and we remain well capitalised to achieve our development plan at Baita Plai without needing to come back to the market for the foreseeable future. We will look to provide further updates from Baita Plai via our social media platforms and via the regulatory news channels as appropriate over the coming days and weeks," said Chief Executive Andrew Prelea.
By Zoe Wickens; zoewickens@alliancenews.com
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