Maiden sale of copper concentrate at Manaila Po...
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
22 September 2015
Vast Resources plc
("Vast" or "the Company")
Maiden sale of copper concentrate at Manaila Polymetallic Mine
Vast Resources plc, the AIM-listed resource, development and production company, is pleased to announce that it has concluded a maiden sale of approximately 450 tonnes of concentrate at its 50.1 per cent. owned Manaila Polymetallic Mine in Romania ("Manaila").
Of the concentrate sold, 40 tonnes constituted stock on hand produced prior to the acquisition by Vast, with the balance derived from 11,960 tonnes of ore mined in the Company's first month of operations from 14 August 2015 to 14 September 2015. The grade of the copper concentrate was 21.2% and the head grade was 1.19%.
The period was one where the pit had to be rehabilitated and made safe, the plant was in the process of recommissioning, and all procedures whether for mining or processing were required to be initiated, developed, and tested. As a result of these factors the concentrate sold is not expected to be representative of the standard obtained on a regular basis once all systems are fully in place. In particular the installation of the flotation line for lead and zinc has yet to be completed and consequently no credit has been obtained for these minerals. It is expected that completion of the lead and zinc flotation line and the establishment of a standard quality of concentrate will be achieved within four to eight weeks.
The Company notes that the production targets announced on 7 July 2015 of 10,000 tonnes mined per month and an increase to above 19% copper in the concentrate have both been achieved. Furthermore the head grade of 1.19% Cu for the initial production corresponds well with the reported in-situ grade of 1.25% Cu for the Manaila open pit.
Andrew Prelea, President of Vast Romania, said:
"The achievements since acquisition of the Manaila Polymetallic Mine are remarkable and exemplify what can be achieved in a short time in Romania. The opportunities in country will continue to grow as the Vast team develops, whilst achieving targets."
Roy Pitchford, Chief Executive Officer, commented:
"Notwithstanding that the maiden concentrate sale is not representative of steady state concentrate that will be produced, the first production income earned by the Company post its evolution from an exploration to a mine production company is a very satisfying milestone achievement. A special thank you is extended to the Romanian team for their hard work and commitment to securing the first concentrate sale. We look forward to working together to improve and increase the quality and quantity of concentrate, and to developing our mining operations in Romania."
** ENDS **
For further information visit www.vastresourcesplc.com or please contact:
| Vast Resources plc Roy Tucker (Finance Director) | +44 (0) 1622 816918 +44 (0) 7920 189012 |
| Roy Pitchford (Chief Executive Officer) | +263 (0) 7721 69833 +40 (0) 7411 11900 +44 (0) 7793 909985 |
| Strand Hanson Limited - Financial & Nominated Adviser James Spinney James Bellman | www.strandhanson.co.uk +44 (0) 20 7409 3494 |
| Daniel Stewart and Company plc - Joint Broker Martin Lampshire David Coffman | www.danielstewart.co.uk +44 (0) 20 7776 6550 |
| Dowgate Capital Stockbrokers Ltd - Joint Broker Jason Robertson Neil Badger | www.dowgatecapitalstockbrokers.co.uk +44 (0)1293 517744 |
| St Brides Partners Ltd Charlotte Heap Hugo de Salis | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
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
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