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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
1 February 2022
Vast Resources plc
(‘Vast’ or the ‘Company’)
Ghaghoo Diamond Mine
Vast Resources plc, the AIM-listed mining company, announces an update regarding the proposed acquisition of Gem Diamonds Botswana (pty) Ltd (‘GDB’), a wholly owned subsidiary of Gem Diamonds Ltd (‘Gem Diamonds’) which owns the Ghaghoo Diamond Mine in Botswana (‘Ghaghoo’).
The Company has informed Botswana Diamonds PLC (‘BOD’) & Gem Diamonds (together ‘the parties’) of its intention not to proceed with the acquisition of GDB, as announced on 23 August 2021.
The parties are working together to ensure a mutually beneficial outcome and in the interim an agreement has been reached to extend the longstop date to 31 March 2022 to allow BOD to secure an alternative joint venture partner.
For further information, visit www.vastplc.com or please contact:
Vast Resources plc
Beaumont Cornish – Financial & Nominated Advisor
Shore Capital Stockbrokers Limited – Joint Broker
Axis Capital Markets Limited – Joint Broker
St Brides Partners Limited
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.
The Company's Romanian portfolio includes 100% interest in the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.