REG-Extension of Manaila Polymetallic Mine Licence area <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

30/03/2016 07:05

Vast Resources PLC / Ticker: VAST / Index: AIM / Sector: Mining 
 
 30 March 2016 
 Vast Resources PLC 
 ("Vast" or "the Company") 
 
 Extension of Manaila Polymetallic Mine Licence area 
 
 Vast Resources PLC, the AIM-listed resource development and production
company, is pleased to announce that, further to the Company's announcement on
23 October 2015, its 50.1 per cent. Romanian subsidiary, SC Sinarom Mining
Group SRL ("Sinarom") has been granted, as of 29 March 2016, a prospecting
licence over an extended perimeter at the site of its Manaila Polymetallic
Mine ("MPM"). 
 
 Manaila Polymetallic Mine 
 
 * The current MPM mining licence covers an area of approximately 0.0675km 2 ,
and will, following the extension the new prospecting licence will cover an
additional area of approximately 1.323km 2 - an over 20 fold increase in the
total prospecting licence area  
 * Historical exploration indicates potential orebody extensions to both the
northwest and southeast 
 * Current resource drilling indicates additional resources on the existing
MPM mining licence area 
 * Phase 1 drilling campaign on the extended prospecting licence will commence
in the southeast during Q2 2016 
 
 
 Historical exploration has indicated that the MPM ore body extends to the
northwest and southeast.  A map showing the extended licence perimeter is
attached to this announcement and is available on the Company's website. 
 
 On completion of the exploration programme, the defining of reserves and
resources and the preparation of a mine plan, Sinarom is entitled to apply for
a mining licence on the additional area. 
 
 Resource drilling completed by Sinarom in Q3 2015 on the existing MPM mining
licence has indicated a likely increase in the current open pit resource.
Additional open pit mineralisation has been identified to the southeast of the
current resource, which will be targeted during the Phase 1 drilling campaign,
planned to commence during Q2 2016.  
 
 In addition to the potential increase in mineral resources, the drill
campaigns form part of the Company's strategy to convert its resources
currently reported under the Romanian Reserves and Resource Reporting System,
which is essentially similar to the Russian Reporting System, to the more
internationally recognised JORC reporting code. It is envisaged to convert all
of the resource, or portions thereof, to the JORC reporting code during Q4
2016. 
 
 Sinarom's application for the extension of the MPM licence also, as with the
previous renewal of its mining licence, was processed swiftly by ANRM, the
Romanian mining regulatory authority, and well within the designated time
limits for the issue of such a licence. 
 
 Baita Plai Polymetallic Mine ("BPPM") 
 
 As explained in previous announcements, 3 December 2015 and most recently on
31 December 2015, the grant of the right to mine BPPM has been delayed due to
various legal and processing issues.  The Company is in constant contact with
the relevant authorities in Romania and, all legal issues having been
resolved, is confident that the licence will be granted in the near
future.   
 
 Roy Pitchford, Chief Executive of Vast, commented: 
 "The additional prospecting area granted at our Manaila operation provides
Sinarom with the possible opportunity to increase its resource base at the
mine.  Historic exploration data indicates mineralised areas to both the
southeast and northwest of our current orebody.  The potential increase in
mineral resources from the additional area would facilitate an increase in the
MPM life-of-mine through a low risk, brownfields expansion strategy
underpinning the current robust mining operation." 
 
 This announcement has been reviewed by Mr Craig Harvey, Group Chief Geologist
of Vast, and a member of the Geological Society of South Africa and the
Australian Institute of Geoscientists.  Mr Harvey meets the definition of a
"qualified person" as set out in the AIM Note for Mining, Oil and Gas
Companies. 
 
 ** ENDS ** 
 
 For further information visit www.vastresourcesplc.com or please contact: 
 
  Vast Resources PLC                                                                                                                                                                                  
  Roy Pitchford (Chief Executive Officer)                                                 +40 (0) 372 988 988 - Romania Office +40 (0) 741 111 900 - Romania Mobile +44 (0) 7793 909 985 - UK Mobile   
  Roy Tucker (Finance Director)                                                           +44 (0) 1622 816918  +44 (0) 7920 189012                                                                  
    Strand Hanson Ltd - 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 Susie Geliher Charlotte Heap Hugo de Salis                      www.stbridespartners.co.uk                                                                               
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