Further update on proposed USD 9.5 million Pre-Payment Off-take with Mercuria
Vast Resources plc, the AIM-listed mining company with operating mines in Romania and Zimbabwe, announces that as part of the arrangements towards finalisation of the proposed USD 9.5 million Pre-Payment Off-take Agreement with Mercuria Energy Trading SA (‘Mercuria’) the Company has issued 565 million warrants in terms of the authority from shareholders granted at the Company’s general meeting held on 14 February 2018.
The Company continues to make good progress with Mercuria to finalise the Pre-Payment Agreement in line with the time estimates given in the Company’s announcement on 9 March 2018. The market will be kept informed of developments.
**ENDS**
For further information, visit www.vastresourcesplc.com
Vast Resources has transitioned from an exploration company to a mining company, with a portfolio of high quality assets. In the short-term, the Company is focused on optimising mining operations at the Manaila Polymetallic Mine in Romania and exploring and developing the proximal area with the objective of establishing a multi-pit mining operation and new metallurgical processing complex. In addition, the Company intends to commission the Baita Plai Polymetallic Mine, also in Romania, once the relevant approvals are granted.
The Board sees that the Manaila and Baita Plai mines will serve as a test case for future developments in Romania, which includes pursuing the Company’s relationship with Remin SA., amongst other interesting prospects.
Additionally, the Company intends to retain its interest in certain interests in Zimbabwe, including its current controlling 25% interest in the Pickstone-Peerless Gold Mine, which was commissioned in 2015, and the proximal Giant Gold Mine Project, where recommencement of operations is now being evaluated. Vast continues to actively manage its Zimbabwean gold portfolio and intends to retain its controlling interest in the Pickstone-Peerless Gold Mine.
The Company also has a pipeline of additional assets at various stages in the development curve, from deposit discovery to previously producing mines; the Board aims to realise these assets within a sensible time frame. In the interim, the Company is committed to keeping a low-cost base and generating revenues.
