REG-Romanian Operational Update <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

08/06/2017 08:05

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

8 June 2017
Vast Resources plc
("Vast" or "the Company")

Romanian Operational Update: 
Drilling Commenced at Proposed Second Open Pit at Manaila Polymetallic Mine  
Faneata Feasibility Study Nearing Completion

Vast Resources plc, the AIM-listed mining company with operations in Romania
and Zimbabwe, is pleased to provide an update on its Romanian mining
activity.   Drilling has commenced at Carlibaba, the proposed location of a
second open pit mining operation at the Manaila Polymetallic Mine in Romania
("Manaila" or "the Project"), which supports the Company's plans to establish
an enlarged Manaila mining complex.  Furthermore, technical consultants to
the Company have confirmed that the Feasibility Study for the Faneata Tailings
Storage Facility ("Faneata"), which consists of more than 40 years' material
from the proximal Baita Plai Polymetallic Mine, is nearing completion.

Highlights:
* 10-hole drill programme for 1,000 metres commenced at the Carlibaba prospect

* Objective to prove up potential to support a second open pit mining
operation at Manaila and establish an enlarged mining complex that will
utilise a centralised metallurgical processing facility 
* Historic drilling previously undertaken at Carlibaba highlights polymetallic
potential 
* Drilling programme expected to be concluded in June 2017 with results
anticipated by September 2017 
* Feasibility Study to define the parameters for development at Faneata is
well progressed and nearing completion - results expected in the next 6 weeks 
* Once the Feasibility Study is completed, the Company will apply for a permit
to operate at Faneata
Roy Pitchford, Chief Executive Officer of Vast, commented:
"Romania has already proven its significant resource potential and work is now
underway to build on the operational presence we have established.  We
believe that Carlibaba will become central to our overall plan to develop a
significant new metallurgical complex at Manaila.  Carlibaba not only
presents an opportunity to materially increase resource tonnages and extend
the life of our 100% owned Manaila Polymetallic Mine life, but could also
become a key hub through which we can unlock the significant resource
potential of the wider area.  This drilling programme is accordingly of
paramount importance to not only unlocking the inherent potential of this
significant asset but will also be valuable in helping us secure potential
joint venture or debt financing opportunities being considered to accelerate
development of the proposed enlarged mining complex. 

"Alongside this exciting new area of development, I am pleased to confirm that
our technical consultants have indicated that the Feasibility Study at Faneata
is nearing completion.  This tailings facility offers an additional revenue
opportunity for the Company and I look forward to sharing the results of the
feasibility work with our shareholders in the coming weeks as we look to
identify the optimal route for development at Faneata."

Further Information

Carlibaba 
The Carlibaba Manaila Extension ("Carlibaba") lies within the extended Manaila
prospecting licence area, granted to S.C. Sinarom Mining Group S.R.L., the
operator of Manaila, in 2016 (see announcement dated 30 March 2016). 
Carlibaba, subject to positive confirmatory drilling success, is envisaged as
the possible site of a new metallurgical processing facility to replace the
Iacobeni facility, 34km away from the Manaila mine.  Carlibaba is connected
to Manaila by a 2km underground drive that could facilitate the transport of
ore from the Manaila open cast and underground operations to the proposed new
processing facility.

Image 1. Planned Exploration Drill Holes at the Carlibaba Manaila Extension -
see PDF link below

Faneata 
Vast holds an 80% interest in a prospecting licence over Faneata, which is
located 7km from the Baita Plai Polymetallic Mine (this licence constitutes a
separate right from the anticipated right to mine at Baita Plai itself).
 With a total polymetallic Mineral Resource (Measured, Indicated & Inferred)
of 3.0Mt (gross being 2.4Mt net to Vast), the Company believes Faneata has the
potential to be a stand-alone mining operation which could utilise Vast's
proximal Baita Plai processing facility.  The mining and processing of
Faneata also has environmental value, as the reprocessing of the tailings will
act as a "greening" process of the dam.

Once the Feasibility Study is completed, the Company will apply for a permit
to operate at Faneata.  

**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 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").

Notes

Vast Resources plc is an AIM listed mining and resource development company
focussed on the rapid advancement of high quality brownfield projects and
recommencing production at previously producing mines in Romania.

Vast Resources currently operates the Manaila Polymetallic Mine in Romania,
which was commissioned in 2015.  The Company's portfolio also includes the
Baita Plai Polymetallic Mine in Romania, where work is currently underway
towards obtaining the relevant permissions to start developing and ultimately
commissioning the mine.

The Company also has interests in a number of projects in Southern Africa
including a 25 per cent. interest in the producing Pickstone-Peerless Gold
Mine in Zimbabwe.
Full PDF with picture (http://hugin.info/138338/R/2111404/802762.pdf)



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Source: Vast Resources plc via Globenewswire