Vast Resources plc Baita Plai Q3 2023 Production Report
October 31 2023 - 3:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
31 October 2023
Vast Resources plc
('Vast' or the 'Company')
Baita Plai Q3 2023 Production Report
Vast Resources plc, the AIM-listed mining company, is pleased to
announce the Q3 2023 production report at its Baita Plai
Polymetallic Mine ('Baita Plai') in Romania.
Baita Plai Production:
Below are the production results for Q3 2023 with a comparison
to Q2 2023.
Cu Conc Inventory
Quarterly Tons Conc Conc Conc Conc Avg. Conc at end of
Report Mined Produced Produced Sold Sold Grade Quarter
---------- ------ -------- -------- ---- ---- --------- -----------------
WMT DMT WMT DMT DMT
---------- ------ -------- -------- ---- ---- --------- -----------------
Q2 2023 23,372 514 468 349 316 21% 393
---------- ------ -------- -------- ---- ---- --------- -----------------
July 9,059 228 209 21% 602
---------- ------ -------- -------- ---- ---- --------- -----------------
August 8,892 248 230 192 173 20% 659
---------- ------ -------- -------- ---- ---- --------- -----------------
September 7,649 133 120 198 181 21% 598
---------- ------ -------- -------- ---- ---- --------- -----------------
Q3 Total 25,600 609 559 390 354 21% 598
---------- ------ -------- -------- ---- ---- --------- -----------------
Baita Plai Drilling:
As previously announced the Company continues an extensive
exploration programme which continues to confirm the potential to
extend the mining area and establish a revised JORC compliant
Mineral Resource and in due course an Ore Reserve for its licence
renewal in August 2024.
**ENDS**
For further information, visit www.vastplc.com or please
contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Andrew Hall (CCO)
Beaumont Cornish -- Financial http://www.beaumontcornish.com
& Nominated Advisor www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
-- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Richard Hutchinson
St Brides Partners Limited http://www.stbridespartners.co.uk
Susie Geliher www.stbridespartners.co.uk
+44 (0) 20 7236 1177
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company
with mines and projects in Romania, Tajikistan, 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 Vast
Baita Plai SA which owns 100% of 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 the Company is looking to bring back into production
following a period of care and maintenance. The Company has also
been granted the Manaila Carlibaba Extended Exploitation Licence
that will allow the Company to re-examine the exploitation of the
mineral resources within the larger Manaila Carlibaba licence
area.
Vast has an interest in a joint venture company which provides
exposure to a near term revenue opportunity from the Takob Mine
processing facility in Tajikistan. The Takob Mine opportunity,
which is 100% financed, will provide Vast with a 12.25 percent
royalty over all sales of non-ferrous concentrate and any other
metals produced. Processing of stockpiled ore on site is expected
to commence in mid-2022.
GLOSSARY
Dry Metric Tonnes Refers to the tonnage minus humidity to determine
(DMT) sales price
-------------------- --------------------------------------------------------
Grade The relative quantity or percentage of ore mineral
content in an orebody.
-------------------- --------------------------------------------------------
Ore The naturally occurring material from which a mineral(s)
can be extracted at a reasonable profit.
-------------------- --------------------------------------------------------
Orebody A continuous well-defined mass of material to sufficient
ore content to make extraction economically feasible.
-------------------- --------------------------------------------------------
Skarn Lime-bearing siliceous rock produced by the metamorphic
alteration of limestone or dolomite
-------------------- --------------------------------------------------------
Wet Metric Tonnes Usually quoted in terms of production for shipping
(WMT) terms
-------------------- --------------------------------------------------------
Competent Person
The forward-looking technical views made in this announcement is
based on information interpreted by Mr Nicolae Turdean, the Our
Romanian Country Manager and a full-time employee of the Company.
Mr Nicolae Turdean is a Qualified Person who is a Member in good
standing of the:
-- Romanian National Association of Specialists in Mining Industry
-- General Association of Romanian Engineers
-- Romanian National Committee of Mining Engineers
Nicolae has 40 years' experience in the Romanian mining
industry. He was most recently President of the National Agency for
Mineral Resources. Prior to this, Nicolae was the Chief Executive
of Cupru Min SA, the Romanian state-owned copper producer. Nicolae
has worked closely with the Ministry of Economy and Commerce, the
Minister of Economy and Finance, and the World Bank, as well as
serving on the Board of Administration for a number of companies.
Nicolae holds both a Bachelor of Mining Science and a MSc. in the
Management of Mining Activities from the Technical University of
Petrosani in Romania.
(END) Dow Jones Newswires
October 31, 2023 03:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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