Baita Plai Polymetallic Mine: legal opinion following completion of Merger <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

03/12/2015 07:10

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
 3 December 2015 
 Vast Resources plc 
 ("Vast" or "the Company") 
 
 Baita Plai Polymetallic Mine: legal opinion following completion of Merger 
 
 Vast Resources plc, the AIM listed mining company, is pleased to announce
that it has now received a legal opinion following the confirmation of the
merger agreement between Vast's 80 per cent. owned Romanian subsidiary,
African Consolidated Resources SRL ("Vast Romania") and its subsidiary,
Mineral Mining SA, (the "Merger") by the Appeal Court of Cluj as announced on
30 November 2015. 
 
 The following is a summary of the opinion: 
 
 * Vast Romania has the legal right to obtain the right to mine (the "Mining
Sub-Licence") at Baita Bihor Polymetallic Mine without any further legal
argument by the holder of the head-licence, Baita SA, as Vast Romania is now
the legal owner of the rights, assets and liabilities of Mineral Mining SA
("MMSA").  Under a signed protocol between Baita SA and MMSA of
6 August 2013 (referred to in the Company's announcement of
25 February 2015 as an undertaking by Baita SA) the Mining Sub-Licence
should now only be a matter of due process. 
 
 
 * The Mining Sub-Licence to be granted by Baita SA requires the approval of
the Romanian National Mining Agency ("ANRM") and such approval must be given
if Vast Romania fulfils all of three criteria required under the Romanian
mining law.  These criteria are: the owning of the relevant mining assets;
technical and financial competence; and the company not being insolvent and
with taxes and royalties paid up to date.  The technical and financial
competence requirement in relation to Vast was recently verified by ANRM in
granting the extension of the mining licence at Manaila referred to in Vast's
announcement of 23 October 2015 and the other two requirements will be
satisfied by Vast Romania when it pays creditors of MMSA which become due
contemporaneously with the granting of the Mining Sub-Licence to Vast Romania.

 
 
 * If Baita SA delays the granting of the Mining Sub-Licence, Baita SA would
be liable to pay damages to Vast Romania to compensate it for additional costs
incurred and/or loss of profits.  
 
 
 As stated in the announcement of 30 November 2015, the rights of Vast
Romania to the Mining Sub-Licence following the completion of the Merger stand
independent of the agreement that Vast Romania reached with Baita SA
announced on 23 November 2015.  The route that the Company will now follow is
to pursue vigorously its new contractual rights to obtain the Mining
Sub-Licence following the Merger.  This action is now in process.  
 
 ** 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)                                                  +40 (0) 372 988 988  (O) +40 (0) 741 111 900  (M) +44 (0) 7793 909985     
  Andrew Prelea (President of Vast Romania)                                                   +40 (0) 372 988 988  (O) +40 (0) 747 118 888  (M)                         
    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