Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
28 March 2019
Vast Resources plc
(“Vast” or the “Company”)
Manaila Mine and Corporate Update
Vast Resources plc, the AIM-listed mining company with operating mines in
The board and management have decided to continue to keep the Mine on care and maintenance temporarily in order to reduce costs, and to reopen once the refinancing of the group is completed and an effective mine plan that will achieve profitability, can be implemented.
This decision is based on a full corporate restructuring that seeks to implement a consolidation of the group’s assets to reduce costs and introduce near term positive revenue generating income that will ensure the growth of the Company.
Despite the delay in finalising a new financing agreement for Baita Plai Mine, the Company is currently engaged in restructuring its entire debt and asset portfolio to enable longer term funding for the exploitation of all of the Company’s strategic assets.
The Company has also made the decision to cease quarterly reporting given this ongoing restructuring.
**ENDS**
For further information, visit www.vastresourcesplc.com or please contact:
Vast Resources plc Andrew Prelea (Chief Executive Officer) | www.vastresourcesplc.com +44 (0) 20 7236 1177 |
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 |
St Brides Partners Ltd Susie Geliher Juliet Earl | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
Notes
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
Vast Resources currently owns and operates the Manaila Polymetallic Mine in
The Company also has interests in a number of projects in