REG-Reserve Bank Approval for USD4 million Disposal of Non-Controlling Interest in Zimbabwean Gold Projects <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

30/05/2017 08:05

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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

30 May 2017
Vast Resources plc
("Vast" or "the Company")

Reserve Bank Approval for US$4 million Disposal of Non-Controlling
Interest in Zimbabwean Gold Projects

Vast Resources plc, the AIM-listed mining company with operations in Romania
and Zimbabwe, is pleased to announce that it has now received approval of the
assignment of 49.99 per cent. of Vast's loan account with Canape by the
Reserve Bank of Zimbabwe ("RBZ") ensuring that the US$4 million payment from
SSCG Africa Holdings Ltd and its group (SSA) can now be transferred to Vast.
 This will complete the US$8 million financing announced on 30 January 2017
principally to advance the Company's core activities in Romania.

As announced on 22 March 2017, discussions are continuing concerning further
transactions in relation to Sinarom Mining Group SRL (100% Vast), which could
include the introduction of a joint venture partner and / or securing debt at
the subsidiary company level to help increase production at both Manaila
Polymetallic Mine and advance the newly acquired nearby Piciorul Zimbrului and
Magura Neagra prospecting licences.

Roy Pitchford, Chief Executive Officer of Vast, commented:
"I am delighted to report the formal approval from RBZ for our disposal of a
non-controlling interest in our Pickstone-Peerless Gold Mine and Giant Gold
Project in Zimbabwe.  This transaction, together with the possible further
transactions with Sinarom as referred to above, will provide us with the
capital to move forward with our optimisation plans for our producing Manaila
Polymetallic Mine and other interests in Romania. We believe this area will
yield the best long term value opportunity for the Company without the need to
dilute our shareholders. Importantly, we have also retained the controlling
interest in our Zimbabwean projects and have exposure to the upside which
these may deliver through our ongoing 25% economic interest."

**ENDS**

For further information, visit www.vastresourcesplc.com or please contact:

 Vast Resources plc Roy Pitchford (Chief Executive Officer)                            www.vastresourcesplc.com +44 (0) 20 7236 1177    
 Beaumont Cornish - Financial & Nominated Adviser (Nomad) Roland Cornish James Biddle  www.beaumontcornish.com                          
                                                                                       +44 (0) 020 7628 3396                            
 Brandon Hill Capital Ltd - Joint Broker Jonathan Evans                                www.brandonhillcapital.com +44 (0) 20 3463 5016  
 Peterhouse Corporate Finance Ltd - Joint Broker Duncan Vasey                          www.pcorpfin.com +44 (0) 20 7469 0936            
 St Brides Partners Ltd Susie Geliher Charlotte Page                                   www.stbridespartners.co.uk                       
                                                                                       +44 (0) 20 7236 1177                             

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR").
This announcement is distributed by Nasdaq Corporate Solutions on behalf of
Nasdaq 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