Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
7 October 2020
Vast Resources plc
(“Vast” or the “Company”)
Baita Plai Recommences Production
Vast Resources plc, the AIM-listed mining company, is pleased to confirm that production has recommenced at its Baita Plai Polymetallic Mine (“Baita Plai”) in Romania.
Following the recommencment of mining, the Company can confirm that daily blasting has been implemented on the mineralised horizon of the Antonio skarn between 17 level and 18 level. The blasted ore is stored underground in both the working place silos and the surface silos. Transport of the ore from the surface silos to the flotation plant silos has commenced in preparation for the hot commissioning of the flotation plant expected to follow shortly.
In addition, the incline project has commenced on 18 level with daily blasts being achieved on the new underground development since 1 October 2020 according to plan. The incline is designed to provide access to the continuation of the Antonio skarn from 18 level down to 19 level and will provide a production base for the next four years.
Based on the success of the recommencement of mining activity, the Company can confirm that it is on track to meet its October production and sales targets as outlined in the project production and associated operational cashflow forecasts announced on 7 September 2020.
Andrew Prelea, Chief Executive Officer, Vast Resources PLC, commented:
“We are delighted that our Baita Plai operation is operational once more. The swift action our team took to reconnect the mine and flotation plant meant that production was able to resume quickly, resulting in minimal downtime and importantly, there is no expected impact on October production and sales targets. With potentially one of the lowest operating costs globally, and significant resource expansion opportunities, Baita Plai has significant commercial potential and we are focussed on realising this inherent value for all stakeholders.”
For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:
Vast Resources plc
Beaumont Cornish - Financial & Nominated Adviser
SP Angel Corporate Finance LLP – Joint Broker
Axis Capital Markets Limited – Joint Broker
St Brides Partners Limted
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 Baita Plai Polymetallic Mine. Baita Plai is located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic mines. Work is now currently underway towards first concentrate production as well as efforts in place to establish a maiden Resource under the JORC code.
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 license 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.