Vast Resources plc, the AIM-listed mining company with operations in Romania and Zimbabwe, announces that following the announcement on 24 July 2017 in which the Company revealed that Conditional Heads of Terms had been signed with a corporate finance and investment firm with significant experience in and investment in Romania.
(the ‘Investor’) Relating to a proposed investment of up to US$10 million, Sub-Sahara Goldia Investments (‘Sub-Sahara’) has exercised its right to provide equivalent finance to the proposed investment on the same terms and conditions in place of the finance from the Investor.
Sub-Sahara has also stated that it wishes to work with the Investor, using the Investor’s expertise in Romania, to develop the Romanian assets. Sub-Sahara has invited the Investor to meet in order to decide on a mutually beneficial way forward. This meeting is expected to take place shortly.
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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.
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.
