Last checked at 14 Jul 2023 17:18
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
14 July 2023
Vast Resources plc
('Vast' or the 'Company')
Baita Plai Report
Vast Resources plc ('Vast'), the AIM-listed mining company, regrets to announce an accident this afternoon at its Baita Plai Mine as a result of which an employee was fatally injured in a mine transportation incident.
Management are investigating the circumstances of the accident independently and jointly with relevant authorities, including the police, and are providing all necessary assistance for the enquiries into this tragic accident.
Following a safety stop, production at the mine is expected to resume this evening.
Further details will be announced after conclusion of the enquiries.
The Directors and Management of Vast express their sincere condolences to the family and colleagues of the deceased and will be providing all necessary support to the family.
Andrew Prelea CEO of Vast commented:
"It is with great sadness that we report a fatal accident at our Baita Plai Mine. I join with all my colleagues and fellow directors in expressing our sincere condolences to the family and friends of the deceased."
**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 Advisor Roland Cornish James 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 Richard Hutchinson
| www.axcap247.com +44 (0) 20 3206 0320 |
St Brides Partners Limited Susie Geliher | 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 and projects 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 which owns 100% of 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 a share of revenue generated 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 equivalent over all sales of non-ferrous concentrate and any other metals produced.
In Zimbabwe, the Company is preparing for the release of its diamonds previously mined by the Company and preparing for their marketing. Upon the finalisation of the process the Company will recommence its focus on the finalisation of the mining agreement on the Community Diamond Concession in the Marange Diamond Fields.