“From a strategic perspective, we maintain conversations with other banks outside the UK. We are also continuing discussions to secure Fiinu Bank's regulatory capital.”
Receipt of test results from the production scale test of 200t of material from the 1.5Mt rock dump of polymetallic ore at the Former Hanes Mine.The polymetallic concentrate graded as follows with a recovery of approximately 50%: Copper: 11.4%Zinc: 3.5%Lead: 8.5%Silver: 1360g/tGold: 10.6g/t The overall gold grade is expected to be higher as free gold was not captured – Vast will pre-wash the material before flotation to ensure free gold is captured.The management believes that there is scope to increase recoveries to between 65-75% as the production volumes increase, and the flotation line is balanced.Vast will receive an effective royalty for providing technical support, processing and marketing services under the First Agreement equal to 20% of the difference between revenue and all sales and production costs (including government royalites and taxes) payable monthly. The Company in addition will be entitled to make a charge for processing material at Baita Plai in accordance with industry norms.
Andrew Prelea, Chief Executive Officer at Vast Resources PLC commented:
“The processing and marketing of concentrate derived from the Former Hanes Gold Mine is a great result for Vast and provides near term cash flow whilst utilising excess capacity at Baita Plai. We expect further news shortly in relation to the final assays of the 500t concentrate sale outlined in the Second Agreement and will provide updates as soon as appropriate.”
“Nay Sayers just want in tomorrow as cheap as possible, unfortunately with the after hours interview on Friday and uranium prices mooning this will gap up on open by about 30% and probably be NT.