Last checked at 13 Nov 2020 11:45
Update on first sale of concentrate at Baita PlaiU Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
13 November 2020
Vast Resources plc(‘Vast’ or the ‘Company’)
Update on first sale of concentrate at Baita Plai
Vast Resources plc, the AIM-listed producer & development company, is pleased to update the market on progress at its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania.
Following the previous announcements made on 22 & 26 October 2020 regarding the first sale of concentrate to Mercuria, the Company can confirm that it has copper concentrate prepared and ready for the first commercial delivery to the Port of Constanta in Romania. The Company awaits confirmation of the vessel arrival ahead of being able to formally announce the completion of the first sale to Mercuria. The Company expects the formal completion of the first sale of concentrate to take place the week commencing 16 November 2020 and in the meantime the Company will provide footage of the preparations on its social media pages.
The Company continues to produce both ore and concentrate and maintains its Q4 2020 production and cashflow forecasts announced on 7 September 2020.
**ENDS**
For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:
| Vast Resources plc Andrew Prelea - CEOAndrew Hall | www.vastplc.com +44 (0) 20 7846 0974 |
| Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle | www.beaumontcornish.com +44 (0) 020 7628 3396 |
| SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline 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 Limited Susie Geliher Charlotte Page | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
The 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 (“MAR”).
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania 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 an 80% interest in 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 was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation License that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.