Vast Resources plc Heritage Diamond Concession Update
June 17 2019 - 2:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
17 June 2019
Vast Resources plc
("Vast" or the "Company")
Heritage Diamond Concession update
Vast Resources plc, the AIM-listed mining company, is pleased to inform
the market that following meetings that took place in Harare last week
between Vast senior management, the local community leaders and the
parastatal Zimbabwe Consolidated Diamond Company Ltd (ZCDC) a road map
to closing the agreements that will enable the Company to mine on the
Heritage Concession has now been established.
The agreements concerning the Heritage Diamond Concession will now be
directly between the Company and the ZCDC rather than the local
community, but the local community will be maintained as a beneficial
recipient of shared profits as per the original agreement.
Andrew Prelea, Chief Executive Officer of Vast, commented:
"After taking part in the meetings last week with our senior management,
the community chiefs and ZCDC, I am pleased to say that the timeline to
closing the agreements will now be accelerated. I plan to return to
Zimbabwe shortly for what I hope will be the finalisation of the
contractual terms, and also to establish the commencement of the
project.
"This amendment to the structure of the arrangement should not only
accelerate the process to commencement, but should also provide the
Company further opportunities to work with the ZCDC."
**ENDS**
For further information, visit www.vastresourcesplc.com or please
contact:
Vast Resources plc
Andrew Prelea (Chief Executive Officer)
www.vastresourcesplc.com
+44 (0) 1491 615 232
Vast Resources plc
Andrew Hall
www.vastresourcesplc.com
+44 (0) 1491 615 232
Beaumont Cornish - Financial & Nominated Adviser
Roland Cornish
James Biddle
www.beaumontcornish.com
+44 (0) 020 7628 3396
SVS Securities Plc -- Joint Broker
Tom Curran
Ben Tadd
www.svssecurities.com
+44 (0) 20 3700 0100
SP Angel Corporate Finance LLP -- Joint Broker
Richard Morrison
Caroline Rowe
www.spangel.co.uk
+44 (0) 20 3470 0470
Blytheweigh
Tim Blythe
Megan Ray
www.blytheweigh.com
+44 (0) 20 7138 3204
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").
Notes
Vast Resources plc, is an AIM listed mining company with mines in
Romania and Zimbabwe focused on the rapid advancement of high quality
brownfield projects by recommencing production at previously producing
mines in Romania and finalising the joint venture mining agreement on
the Heritage Concession (Block T1A of the Marange Diamond Fields) in
Zimbabwe.
The Company's portfolio includes an 80% interest in the Baita Plai
Polymetallic Mine in Romania, where work is currently underway towards
developing and recommissioning the mine on completion of funding.
Vast Resources owns the Manaila Polymetallic Mine in Romania, which was
commissioned in 2015, currently on care and maintenance, and is focused
on its expansion through the development of a second open pit operation
and new metallurgical complex at the Carlibaba Extension Area.
Attachment
-- Heritage Diamond Concession update.
https://ml-eu.globenewswire.com/Resource/Download/a8919e8b-3d0b-4b7b-8118-6498444fd5c1
(END) Dow Jones Newswires
June 17, 2019 02:00 ET (06:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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