Last checked at 27 Apr 2021 08:18
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
27 April 2021
Vast Resources plc
('Vast' or the 'Company')
Baita Plai Update
Vast Resources plc, the AIM-listed mining company, is pleased to announce that the decline project to Level 19 is progressing on schedule and the Company has commenced mining fresh higher grade ore at its Baita Plai Polymetallic Mine 'Baita Plai' in Romania, in accordance with the revised mechanised mine plan as announcened on 30th March 2021.
Mining and concentrate production has and will continue uninterrupted during this development phase at Baita Plai, with underground production currently focused on Levels 17 & 18 in addition to the new mining area on Level 19. Exploration drilling targeting the downdip extension of the Antonio skarn from 19 level to 22 level is expected to commence in June 2021 as per the new mechanised mine plan.
The arrival of the new mechanised mining equipment has commenced on site with the remaining equipment expected to arrive in accordance with the new mine plan schedule.
The announcement made on 30th March 2021 regarding the new mechanised mine plan stated that no further funding for capex or opex was required to implement the new mine plan and future capex will be funded from cashflows. In accordance with this statement, the Company would like to confirm that it is not planning a placing following the proposed capital reorganisation.
Andrew Prelea, Chief Executive Officer of Vast Resources Plc, commented:
"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."
**ENDS**
For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:
Vast Resources plcAndrew Prelea - CEO Andrew Hall - CCO
| www.vastplc.com+44 (0) 20 7846 0974 |
Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle
| www.beaumontcornish.com+44 (0) 20 7628 3396 |
SP Angel Corporate Finance LLP - Joint Broker Richard MorrisonCaroline Rowe
| www.spangel.co.uk +44 (0) 20 3470 0470 |
Axis Capital Markets Limited - Joint Broker Richard Hutchison
| www.axcap247.com +44 (0) 20 3206 0320 |
St Brides Partners Limted Susie Geliher | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |