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Vast soars as backers show interest

Last updated: 10:44 23 Dec 2016 GMT, First published: 07:30 23 Dec 2016 GMT

Drilling for ore
Vast intends to explore the new licences with a view to developing deposits into future sources of ore

Vast Resources PLC (LON:VAST) has been granted two new prospecting licences in Romania.

The Piciorul Zimbrului and Magura Neagra licences are both located in the Bistrita-Nasaud county of Romania, near the towns of Zagra Talisua and Zagra Telciu respectively.

Both licence areas have demonstrated polymetallic mineralisation.

The former is some 19 kilometres (km) away from Vast’s Manaila polymetallic mine, while the latter is 47km away.

Vast intends to explore the new licences with a view to developing deposits into future sources of ore as part of a proposed new Manaila metallurgical complex at Manaila or at the adjacent Carlibaba Manaila Extension, which is a possible site of a future open cast mine and new metallurgical processing facility.

Roy Pitchford, chief executive officer of Vast, said: "As our production profile at Manaila continues to improve, we are contemporaneously evaluating new potential sources of ore to use as future feedstock for the planned expanded metallurgical complex in the region." 

He added: "This is a strategy that has generated significant interest from potential investors and I am pleased to report that we are currently conducting discussions with large private equity funds and investors with a view to taking an interest in our Romanian subsidiary, thereby ensuring development initiatives are expedited without diluting shareholders of the parent company."

And Vast's boss concluded: "These new licences highlight our long-term commitment to developing a significant mineralised footprint in Romania and the Romanian authorities continued support of Vast in its expansion efforts. We remain in active dialogue regarding additional licences including the outstanding right to mine at the Baita Plai Polymetallic Mine."

Shares in Vast Resources were up 39% to 0.284p at 10.40am on Friday.

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