Last checked at 1 Aug 2022 07:00
Baita Plai Operational UpdateVast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
1 August 2022
Vast Resources plc(‘Vast’ or the ‘Company’)
Baita Plai Operational Update
Vast Resources plc, the AIM-listed production and development company, is pleased to announce that it will commence molybdenum concentrate production in August 2022 at its Baita Plai Polymetallic Mine (“Baita Plai”) in Romania.
Further to the announcements made on 31 January 2022 and 3 May 2022 regarding the installation and commissioning of a molybdenum (‘Mo’) flotation line at Baita Plai, the Company is pleased to confirm that the 0.6m3 cells are installed in the flotation circuit and production of a molybdenum concentrate will commence in August 2022. The Company will report on quarterly molybdenum production as part of its quarterly production reporting.
The Company will upload photos and videos of the commencement of the Mo production at Baita Plai on its social media platforms.
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 plcAndrew Prelea (CEO)Andrew Hall (CCO) | www.vastplc.com+44 (0) 20 7846 0974 |
| Beaumont Cornish – Financial & Nominated AdvisorRoland CornishJames Biddle | www.beaumontcornish.com+44 (0) 20 7628 3396 |
| Shore Capital Stockbrokers Limited – Joint Broker Toby Gibbs / James Thomas (Corporate Advisory) | www.shorecapmarkets.co.uk +44 (0) 20 7408 4050 |
| Axis Capital Markets Limited – Joint Broker Kamran Hussain | www.axcap247.com +44 (0) 20 3206 0320 |
| St Brides Partners LimitedSusie Geliher / Charlotte Page | www.stbridespartners.co.uk+44 (0) 20 7236 1177 |
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 Vast Baita Plai SA’s producing 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.