REG-Update on Baita Plai Association Licence & Interim Bridging Loan <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

13/09/2017 07:05

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

13 September 2017
Vast Resources plc
("Vast" or "the Company")

Update on Baita Plai Association Licence & Interim Bridging Loan

Vast Resources plc, the AIM-listed mining company with operations in Romania
and Zimbabwe, is pleased to announce that further to its announcement on 30
August 2017, the process of agreeing the contractual terms of the association
on the licence granting the right to mine polymetallic ore at the Baita Plai
mine in Romania ("Baita Plai"), with Baita SA, the holder of the head-licence
at the mine, is being finalised and is expected to be completed during
September.  A payment of US$1.6 million is a required step in this process,
and finance for this has been provided by a 180-day loan facility from
Sub-Sahara Goldia Investments ("Sub-Sahara") (the "Loan").  This Loan of
US$1.68 million (including fees) has been added to the existing US$4 million
loan previously announced on 30 January 2017 and is on the same terms. The
Loan carries an interest of 1 per cent. per month and is repayable on or
before 9 March 2018. The Company's 49.9 per cent. stake in Sinarom Mining
Group SRL acquired by the Company and announced on 22 March 2017 has been
provided as additional security for the Loan. 

The Loan enables the process of securing the Baita Plai association on the
licence to progress further without any funding delays whilst Sub-Sahara and
the strategic investor, as referred to in the Company's announcement of 24
July 2017, continue negotiations with each other and Vast to determine a
mutually acceptable investment strategy and future corporate strategy.

The formal right to mine at Baita Plai takes effect when the association on
the licence is endorsed by the Minister of Economy and approved by Romania's
National Agency for Mineral Resources (ANRM).  Under Romainan legislation,
this must follow within 60 days of the approval of the association on the
licence by Baita SA. 

Obtaining the right to mine at Baita Plai will represent a significant
milestone in the process of expanding the mining operations of Vast in
Romania, becoming the Company's second mine in country alongside its Manaila
Polymetallic Mine ("Manaila").  Vast now looks forward to securing the
strategic investment to support growth initiatives planned at both mines.

A further announcement will be made in due course.

**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 Martin Lampshire and Fungai Ndoro  www.pcorpfin.com +44 (0) 20 7469 0930            
 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