Vast Resources plc Update On Expansion Of Pickstone-Peerless Gold Mine, Zimbabwe
March 15 2017 - 4:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
15 March 2017
Vast Resources plc
("Vast" or the "Company")
Update on Expansion of Pickstone-Peerless Gold Mine, Zimbabwe
Vast Resources plc, the AIM listed mining company with interests in
Romania and Zimbabwe, is pleased to announce an update relating to the
expansion of the Pickstone-Peerless Gold Mine in Zimbabwe
("Pickstone-Peerless").
OVERVIEW
-- Significant progress made with construction of the sulphide processing
plant, which will enable production from the high-grade sulphide pits in
addition to the oxide pits currently being mined:
-- Second primary mill on site and installed on plinth
-- Majority of the sulphide concentrating equipment is on site and
significant proportion is installed
-- Foundations and bases for an additional five carbon-in-pulp
("CIP") / carbon-in-leach ("CIL") tanks being installed currently
-- 100% increase in installed primary milling capacity once sulphide plant
is commissioned to 40,000 tonnes per month from the current 20,000 tonnes
per month
-- Mill grade expected to increase from 2.00g/t gold ('Au') to between
3.00g/t Au and 4.00g/t Au over a 6 to 9 month period as higher grade
sulphide ore is mined and processed, resulting in a significant increase
in production
-- Construction is progressing on time and on budget - first sulphide
production is scheduled for Q3 2017
-- Custom milling facility to be commissioned imminently to process
artisanal workers' tributed production from proximal claims
-- Photos showing the new sulphide plant will be available to view on the
Company's website:
www.vastresourcesplc.com/gallery/pickstone-peerless-gold-mine
Roy Pitchford, Chief Executive of Vast, commented: "Pickstone-Peerless
continues to deliver impressive results; by utilising cash flow
generated from production from the oxide cap zone of the mine, we are
funding the expansion of the mine with the objective of doubling
throughput and increasing the grade of ore by between 50%-100% to up to
4.00g/t Au. Obviously, this would provide enormous upside and further
enhance the performance of Pickstone-Peerless, which produced an average
of over 4,150oz Au per quarter over the past 12 months from the oxide
cap alone.
"In addition to directing our efforts towards the development of the
sulphide plant, we have also been working with the artisanal miners
operating on a tribute basis from the claims adjacent to
Pickstone-Peerless. We see this as a natural and mutually beneficial
relationship as the artisanal miners save on transport costs and gain
immediate access to the free gold, whilst all of the residual gold is
processed through Pickstone-Peerless' CIP facilities."
Competent Person's Review:
This announcement has been reviewed by Mr. Craig Harvey, Group Chief
Geologist at Vast, and a member of the Geological Society of South
Africa and the Australian Institute of Geoscientists. Mr Harvey meets
the definition of a "qualified person" as defined in the AIM Note for
Mining, Oil and Gas Companies.
**ENDS**
For further information, visit www.vastresourcesplc.com or please
contact:
Vast Resources plc www.vastresourcesplc.com
Roy Pitchford (Chief Executive Officer) +44 (0) 20 7236 1177
Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Brandon Hill Capital Ltd - Joint Broker www.brandonhillcapital.com
Jonathan Evans +44 (0) 20 3463 5016
Peterhouse Corporate Finance Ltd - Joint Broker www.pcorpfin.com
Duncan Vasey +44 (0) 20 7469 0936
St Brides Partners Ltd www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
Charlotte Page
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").
**ENDS**
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
Romania.
Vast Resources currently operates the Manaila Polymetallic Mine in
Romania, which was commissioned in 2015. The Company's portfolio also
includes the Baita Plai Polymetallic Mine in Romania, where work is
currently underway towards obtaining the relevant permissions to start
developing and ultimately commissioning the mine.
The Company also has interests in a number of projects in Southern
Africa including a 25 per cent. interest(*) in the producing
Pickstone-Peerless Gold Mine in Zimbabwe.
(*) Vast ownership is currently 50% (25.01% when SSCG Africa Holdings
Ltd financing conditions precedent are fulfilled as per announcement on
30 January 2017).
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
http://www.acrplc.com/
(END) Dow Jones Newswires
March 15, 2017 04:00 ET (08:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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