Vast Resources plc Maiden Sale Of Copper Concentrate At Manaila Polymetallic Mine
22 September 2015 - 8:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
22 September 2015
Vast Resources plc
("Vast" or "the Company")
Maiden sale of copper concentrate at Manaila Polymetallic Mine
Vast Resources plc, the AIM-listed resource, development and production
company, is pleased to announce that it has concluded a maiden sale of
approximately 450 tonnes of concentrate at its 50.1 per cent. owned
Manaila Polymetallic Mine in Romania ("Manaila").
Of the concentrate sold, 40 tonnes constituted stock on hand produced
prior to the acquisition by Vast, with the balance derived from 11,960
tonnes of ore mined in the Company's first month of operations from 14
August 2015 to 14 September 2015. The grade of the copper concentrate
was 21.2% and the head grade was 1.19%.
The period was one where the pit had to be rehabilitated and made safe,
the plant was in the process of recommissioning, and all procedures
whether for mining or processing were required to be initiated,
developed, and tested. As a result of these factors the concentrate
sold is not expected to be representative of the standard obtained on a
regular basis once all systems are fully in place. In particular the
installation of the flotation line for lead and zinc has yet to be
completed and consequently no credit has been obtained for these
minerals. It is expected that completion of the lead and zinc flotation
line and the establishment of a standard quality of concentrate will be
achieved within four to eight weeks.
The Company notes that the production targets announced on 7 July 2015
of 10,000 tonnes mined per month and an increase to above 19% copper in
the concentrate have both been achieved. Furthermore the head grade of
1.19% Cu for the initial production corresponds well with the reported
in-situ grade of 1.25% Cu for the Manaila open pit.
Andrew Prelea, President of Vast Romania, said:
"The achievements since acquisition of the Manaila Polymetallic Mine are
remarkable and exemplify what can be achieved in a short time in
Romania. The opportunities in country will continue to grow as the Vast
team develops, whilst achieving targets."
Roy Pitchford, Chief Executive Officer, commented:
"Notwithstanding that the maiden concentrate sale is not representative
of steady state concentrate that will be produced, the first production
income earned by the Company post its evolution from an exploration to a
mine production company is a very satisfying milestone achievement. A
special thank you is extended to the Romanian team for their hard work
and commitment to securing the first concentrate sale. We look forward
to working together to improve and increase the quality and quantity of
concentrate, and to developing our mining operations in Romania."
** ENDS **
For further information visit www.vastresourcesplc.com or please
contact:
Vast Resources plc +44 (0) 1622 816918
Roy Tucker (Finance Director) +44 (0) 7920 189012
Roy Pitchford (Chief Executive Officer) +263 (0) 7721 69833
+40 (0) 7411 11900
+44 (0) 7793 909985
Strand Hanson Limited - Financial & Nominated Adviser www.strandhanson.co.uk
James Spinney +44 (0) 20 7409 3494
James Bellman
Daniel Stewart and Company plc - Joint Broker www.danielstewart.co.uk
Martin Lampshire +44 (0) 20 7776 6550
David Coffman
Dowgate Capital Stockbrokers Ltd - Joint Broker www.dowgatecapitalstockbrokers.co.uk
Jason Robertson +44 (0)1293 517744
Neil Badger
St Brides Partners Ltd www.stbridespartners.co.uk
Charlotte Heap +44 (0) 20 7236 1177
Hugo de Salis
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Vast Resources plc via Globenewswire
HUG#1953593
http://www.acrplc.com/
(END) Dow Jones Newswires
September 22, 2015 02:00 ET (06:00 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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