Vast Resources plc, the AIM-listed mining company with operating mines in Romania and Zimbabwe, wishes to advise that following the 10 October 2018 announcement of the formal approval by ANRM of the grant of an Association Licence to African Consolidated Resources srl (AFCR) the company’s 80% subsidiary, AFCR and Baita SA, the holder of the head licence, have now signed the pre-agreed commercial contract, and AFCR now has the right to mine at the Baita Plai polymetallic mine in Romania (Baita Plai). Baita Plai is a skarn deposit comprising several veins in calcareous sediments in eight distinct pipes, with a 1.8 Mt copper-silver-zinc-lead-gold-tungsten-molybdenum orebody at 6% copper equivalent (Russian Reserves and Resources Reporting System) within the mining licence area.

Andrew Prelea, CEO, commented: “The commercial Association Contract has now been executed and the agreed amount of money settled. We will now deploy the start-up team to Baita Plai to commence the implementation of the re-start programme. We intend to publish the start-up works programme in order for shareholders to keep track of the re-start schedule over the coming days and provide regular updates over the course of the next six months as we target initial production from Baita Plai in H1 2019. This is a momentous day for Vast as we move forward with Baita Plai, alongside our numerous other production, development and appraisal assets in Romania and Zimbabwe, and target mid-tier multi-commodity producer status.”

Vast Resources plc, the AIM listed mining company with operating mines in Romania and Zimbabwe, wishes to advise that following the 10 October 2018 announcement of the formal approval by ANRM of the grant of an Association Licence to African Consolidated Resources srl (AFCR) the Companys 80% subsidiary, AFCR and Baita SA, the holder of the head licence, have now signed the pre-agreed commercial contract, and AFCR now has the right to mine at the Baita Plai Polymetallic Mine in Romania (Baita Plai).

Baita Plai is located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic and uranium mines. The project is 50 km north-west of Romania’s largest Au-Cu mine, Rosia Montana (>10 Moz Au) and 52 km north-west of Roșia Poieni, which contains over one billion tonnes of porphyry copper ore. Due to lack of capital investment and modernisation the Baita Plai mine became uneconomic and was put on care and maintenance in 2013. The mine benefits from full infrastructure including underground, surface and processing equipment and an EU registered and operational tailings facility, but the plant and equipment will require some rehabilitation.