Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
3 October 2016
Vast Resources plc
("Vast" or the "Company")
Commercial Zinc Production Commences at
Manaila Polymetallic Mine, Romania
Vast Resources plc, the AIM-listed mining company with operations in Romania and Zimbabwe, is pleased to announce that full-scale commercial zinc production has commenced at its Manaila Polymetallic Mine in Romania ("MPM" or "Manaila"), providing the Company with a second commodity and revenue stream in addition to copper.
- Full scale zinc production commenced with 50 tonnes of concentrate produced since initial commissioning in first week of September.
- Targeting production of 150 tonnes per month from October 2016 onwards.
- Steady increase in zinc concentrate grade from an 18% zinc concentrate to 35% concentrate - average concentrate grade of 27% in the first month of production. Targeting a long term grade of 35% zinc.
- Reprocessing of copper tailings to extract zinc content now underway.
- Zinc concentrate contains circa. 2.5ppm gold and 250ppm silver.
Roy Pitchford, Chief Executive Officer of Vast, commented:
"Our Manaila Mine is going from strength-to-strength. The commercial production of a zinc concentrate, coupled with the high quality copper concentrate that we are now producing, will directly enhance profitability through both the increase in revenue and the reduction in costs per tonne. These recent operational achievements have transformed Manaila's performance and I look forward to presenting our next quarterly production report with this in mind."
For further information visit www.vastresourcesplc.com or please contact:
|Vast Resources plc|
Roy Pitchford (Chief Executive Officer)
+40 (0) 372 988 988 - Office Romania
+40 (0) 741 111 900 - Mobile Romania
+44 (0) 7793 909985 - Mobile UK
|Strand Hanson Limited - Financial & Nominated Adviser |
+44 (0) 20 7409 3494
|Brandon Hill Capital Ltd - Joint Broker|
+44 (0)20 3463 5016
|Peterhouse Corporate Finance Ltd - Joint Broker |
+44 (0) 20 7469 0936
|St Brides Partners Ltd|
+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").
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