Vast Resources plc Baita Plai Update & Revision Of Mining Plan
February 26 2021 - 8:15AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
26 February 2021
Vast Resources plc
('Vast' or the 'Company')
Baita Plai update
Revision of Mining Plan
Vast Resources plc, the AIM-listed mining company, is pleased to update
the market on developments at its Baita Plai Polymetallic Mine ('Baita
Plai') in Romania.
As a result of experience gained since production commenced in October
2020, the Company is in the process of preparing a revised mining plan
for Baita Plai incorporating a move away from the traditional labour
intensive mining methods within the existing plan to a more "modern"
mechanised mining method. This is designed to overcome various
operational issues, to enhance productivity and efficiency and thus to
optimise the in-situ metal value and take advantage of rising commodity
prices.
The revised mining plan will supersede the previous mining plan, the
targets for which were announced on 7 September 2020.
The production of concentrate at Baita Plai for Q4 2020* and anticipated
for the rest of Q1 2021 is considerably lower than the targets set out
in the previous plan. This shortfall is due principally to the lack of
equipment reliability and supply chain and labour issues in part due to
the COVID restrictions.
These issues are in the process of being rectified under the revised
mining plan the results of which are expected to more than make up the
shortfall in the period covered by the previous plan (i.e. the period up
to Q3 2022). To prepare for the enhanced mechanisation under the revised
plan, the Company has already acquired, and is currently awaiting
delivery of, three additional underground LHDs and a Jumbo Face Drilling
Rig with long hole capabilities.
The management of the mine has been made challenging by the fact that
Craig Harvey, Chief Operating Officer of the Company, based in South
Africa and who is the current manager of Baita Plai, was not able (as a
result of COVID 19 restrictions) to be physically present in Romania
from November 2020 to end of January 2021 thus necessitating remote
management.
The Company's new full time Mine Manager at Baita Plai, Marcus Brewster
(see announcement 22 January 2021), will arrive on site shortly, and is
already actively engaged in and identified with the formulation of the
revised mining plan, including the equipment upgrades to enable the
implementation of a more effective mechanised mining method.
The Company is aiming to complete and announce the revised mining plan
around the end of March.
* 493 Cu concentrate produced from Q4 ore against a target of 644 tonnes
Cu concentrate. Pb/Zn ore remains stockpiled and unprocessed (Q4 target
Zn 204 tonnes, Pb 94 tonnes)
**ENDS**
For further information, visit
https://www.globenewswire.com/Tracker?data=oppsQ6cbx1B3CDcywRkAe2QgtdSZ_jaWO-F8ddzbpC5A3-0DigfHJroOFi8SPoIC0MDixd2_8PUhn-w4GdUx7w==
www.vastplc.com, follow the Company on Twitter @vast_resources and
LinkedIn, or please contact:
Vast Resources plc www.vastplc.com
Andrew Prelea - CEO +44 (0) 20 7846 0974
Andrew Hall
Beaumont Cornish - Financial & Nominated www.beaumontcornish.com
Adviser +44 (0) 020 7628 3396
Roland Cornish
James Biddle
SP Angel Corporate Finance LLP -- Joint www.spangel.co.uk
Broker +44 (0) 20 3470 0470
Richard Morrison
Caroline Rowe
Axis Capital Markets Limited -- Joint www.axcap247.com
Broker +44 (0) 20 3206 0320
Richard Hutchison
St Brides Partners Limited www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
Beth Melluish
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 100% 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 Community Diamond Concession, Chiadzwa,
in the Marange Diamond Fields.
(END) Dow Jones Newswires
February 26, 2021 08:15 ET (13:15 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Vast Resources (LSE:VAST)
Historical Stock Chart
From Apr 2024 to May 2024
Vast Resources (LSE:VAST)
Historical Stock Chart
From May 2023 to May 2024