REG-Prospecting Licence granted at Baita Plai Tailings Facility <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

11/05/2016 16:20

Vast Resources PLC / Ticker: VAST / Index: AIM / Sector: Mining 
 
 11 May 2016 
 Vast Resources PLC 
 ("Vast" or "the Company") 
 
 Prospecting Licence granted at Baita Plai Tailings Facility 
 
 Vast Resources PLC, the AIM-listed resource development and production
company, is pleased to announce that its 80 per cent. owned Romanian
subsidiary, SC African Consolidated Resources SRL ("AFCR") has been granted,
as of 11 May 2016, a prospecting licence over the Faneata tailings dam located
7km from the Baita Plai Polymetallic Mine ("BPPM") in western Romania.  This
licence constitutes a separate right from the anticipated right to mine at
BPPM itself, which is expected shortly and which has been the subject of the
merger process as previously reported. 
 
 Highlights 
 
* The 4.6Mt tailings dam at Faneata is comprised of approximately 40 years of
tailings from the high grade BPPM 
* Historical data indicates that the tailings contain economic quantities of
minerals, including gold, silver, copper, lead and zinc 
* The Company will undertake an 825m auger exploration programme commencing in
Q3 2016 to upgrade the mineralised tailings dam to a JORC compliant Mineral
Resource and thereafter undertake a feasibility study to assess the viability
of the resource.   The total cost for the drilling, assaying and feasibility
study is expected to be US$125,000 

 
 The Faneata tailings dam has the potential to be a stand-alone mining
operation when enhanced processing technologies, that have the ability to
enable the economic extraction of the metalliferous content of the tailings,
are used. 
 
 A sampling programme undertaken by El Dore Mining Corporation Ltd ("El Dore")
in 2011 at the Faneata tailings dam, where 36 samples were submitted to ALS
Chemex in Romania for independent assay, estimated that the 4.6Mt tailings
facility contains 4,080 tonnes of copper, 6,640 tonnes of zinc, 3,100 tonnes
of lead, 35 tonnes of silver and 309kg of gold in-situ.  
 
 The Company intends to implement a confirmatory drill programme at the
beginning of the third quarter of 2016 on the El Dore estimates with an 825m
auger drilling programme to prove up a JORC compliant Mineral Resource. 
Thereafter, as part of a Feasibility Study on the Faneata tailings dam, bulk
samples compiled from the auger programme will be sent for metallurgical
testwork to determine the recoveries of the various metals contained within
the tailings dam. 
 
 Roy Pitchford, Vast CEO, commented: 
 
 "The Faneata tailings dam provides an opportunity for an additional low risk
cashflow stream from the Baita Plai area utilising the current infrastructure
at the BPPM.  From a permitting perspective, the ability to potentially
reprocess the tailings dam is mutually exclusive of the mining operation at
BPPM and will reduce the operational risk by having two sources of feed for
the processing facility. We look forward to updating the market once the
confirmatory drilling programme has been completed." 
 
 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 defined 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   
    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                                    www.stbridespartners.co.uk   +44 (0) 20 7236 1177                                                        
 

 This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients. 
 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 
 HUG#2011912