Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
14 November 2018
Vast Resources plc
(“Vast” or the “Company”)
Zimbabwean Site Visit
Vast Resources plc, the AIM-listed mining company with operating mines in Romania and Zimbabwe, is pleased to report further encouraging progress with regards to stakeholder engagement relating to the Heritage Concession within the Marange Diamond Fields of Zimbabwe (“Heritage Concession”). The Company intends to advance the Heritage Concession in a joint venture arrangement with Red Mercury (Pvt) Ltd, a company owned by the Marange-Zimunya Community Share Ownership Trust.
Vast Chief Executive Officer Andrew Prelea undertook a 10-day visit to Zimbabwe in early November to engage with stakeholders and government officials to discuss and establish the most appropriate and mutually beneficial method with which to operationalise the joint venture to benefit the community, the region and country at large.
A gallery of photos taken during Mr Prelea's trip can be found on the Company's website at http://www.vastresourcesplc.com/gallery/.
Commenting on his recent visit, Andrew Prelea said, “Over the past year Zimbabwe has adopted a progressive and inclusive environment for mining investment and I am delighted that Vast remains at the forefront of this industry. Despite the recent well-publicised issues relating to the ready access to foreign currency, operations on the ground continue largely undisturbed.
“In line with our corporate social responsibility values we continue to engage with local stakeholders in Marange and at the national government level as we look to collectively establish a new benchmark for sustainable and mutually beneficial mining development to unlock the value of Zimbabwe's significant mineral resources.”
A statement by the Hon. Dr. Ellen Gwaradzimba (Sen), the Minister for Provincial Affairs in Manicaland, can be found on the Company's website at http://www.vastresourcesplc.com/operation/marange-diamond/.
For further information, visit www.vastresourcesplc.com or please contact:
Vast Resources plc
+44 (0) 20 7236 1177
Beaumont Cornish – Financial & Nominated Adviser
Brandon Hill Capital Ltd – Joint Broker
+44 (0) 20 3463 5016
SVS Securities Plc – Joint Broker
+44 (0) 20 3700 0100
St Brides Partners Ltd
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”).
Vast Resources plc is an AIM listed mining and resource development company focussed on the rapid advancement of high-quality brownfield projects and recommencing production at previously producing mines in Romania and Zimbabwe.
Vast Resources currently owns and operates the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, and is focussed on its expansion through the development of a second open pit operation and new metallurgical complex at the Carlibaba Extension Area. The Company's Romanian portfolio also includes interests in two brownfield development projects; the Baita Plai Polymetallic Mine (80% interest), which has a reported 1,800,000-tonne copper-silver-zinc-lead-gold-tungsten-molybdenum ore body at 6% copper equivalent (Russian Reserves and Resources Reporting System) within the mining licence area; and the Blueberry Project (29.41% interest), a 7.285km brownfield area of prospectivity in the Golden Quadrilateral of Romania located in the immediate vicinity of the now closed Baia de Aries mine.
The Company also has interests in a number of projects in Zimbabwe including a controlling 25 per cent. interest in the producing Pickstone-Peerless Gold Mine, a 23.75% economic interest in the Eureka Gold Mine, and an 86.67% interest in a SPV which has a due diligence access agreement and pre-agreed joint venture terms on a diamond concession within the Marange Diamond Fields, widely considered to be one of the richest sources of alluvial diamonds globally.