Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
30 May 2018
Vast Resources plc
("Vast" or the "Company")
Update on Baita Plai Association Licence Agreement
Vast Resources plc, the AIM-listed mining company with operating mines in
The Company has agreed, at an initial rental of €40,000 per month, a lease from Baita SA of various mining equipment and, more importantly, access to the previously mined out upper galleries at Baita Plai owned by Baita SA. The two initial €40,000 payments totalling €80,000 are to be paid up front by Vast thereby acting as a guarantee in favour of Baita SA.
The Board believe that the material in the upper galleries at Baita Plai is likely to be payable and that these galleries will allow access to other highly prospective areas of the perimeter which otherwise could only be accessed, if at all, with permitting difficulty because of environmental constraints concerned with the forest above the area.
Furthermore, the Company has agreed to assume the obligation to install a second independent electricity supply line. This will cost approximately
The Company will provide further updates as they occur.
**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 |
Brandon Hill Capital Ltd - Joint Broker Jonathan Evans | www.brandonhillcapital.com +44 (0) 20 3463 5016 |
SVS Securities Plc - Joint Broker Tom Curran Ben Tadd | www.svssecurities.com +44 (0) 20 3700 0100 |
St Brides Partners Ltd Susie Geliher Charlotte Page | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
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 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
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