Progress on mining licence: Baita Plai Polymeta...
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
2 September 2015
Vast Resources plc
("Vast" or "the Company")
Progress on mining licence: Baita Plai Polymetallic Mine
Vast Resources plc, the AIM-listed resource and development company, is pleased to announce a positive development towards its Romanian subsidiary, African Consolidated Resources SRL ("Vast Romania"), obtaining the right to mine (an "Association") at the Baita Plai Polymetallic Mine in Romania.
It was announced on 26 August 2015 that miners at Baita Plai Polymetallic Mine had started a sit-in demonstration underground at the mine in support of Vast and in protest at the delay in the grant of an Association to Vast Romania from the Romanian State owned company, Baita SA.
The demonstration turned into a hunger strike on 31 August 2015. This precipitated official meetings on 1 September 2015. Andrew Prelea and Gabriela Dobrota, President and General Manager respectively of Vast Romania, met firstly with the President of the Romanian National Mining Agency ("ANRM") as well as the Secretary of State of Romania (Ministry of Economy) and secondly with Mr Mihai Tudose, the Minister of Economy for Romania. The ANRM President stated that all that was necessary to enable the issue of the Association to Vast Romania would be processed with due expedition. This was confirmed by the Minister of Economy, who, in subsequent conversations with Andrew Prelea and Gabriela Dobrota on 2 September 2015, committed to arranging a meeting with Vast Romania within a week to sign a memorandum to establish the practical steps for the implementation of the Association in as short a time as possible. The Minister of Economy also published a press release which stated his hope for local economic development, the protection of private investors, and the creation of an appropriate environment for mining along with communication with the Romanian authorities in order to encourage successful mining operations.
As a result of the press release and of the assurances that had been given at the respective meetings, the miners have ceased their protest action.
Since these events, the management of Baita SA, who had previously been uncooperative, have granted Vast Romania the right to connect directly to the electricity network and to take over and manage the underground shafts and pumps in preparation for the recommencement of mining following the grant of the Association.
For the record, Vast has now for many months been in a position where it has satisfied all the requirements necessary for the grant of the Association to Vast Romania.
Andrew Prelea, President of Vast Romania, said:
"The personal intervention of the Minister of Economy, Mr Mihai Tudose, following the workers' action and the consequent direct dialogue is the greatest step forward towards overcoming the delays that Vast has encountered in obtaining the right to mine the polymetallics at the 1.8Mt Baita Plai Polymetallic Mine."
** 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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