Vast Resources commence operations

HARARE - London-listed Vast Resources Plc (Vast), formerly known as African Consolidated Resources (ACR), has commenced operations at its Pickstone-Peerless Gold Mine (Pickstone) in Zimbabwe.

The company’s chief executive, Roy Pitchford, said Pickstone produced 8,5 kilogrammes of gold in its first month of production, with the gold bullion expected to be delivered at Fidelity Refinery in the capital.

“This milestone follows the maiden sale of approximately 450 tonnes of copper concentrate at Vast’s 50,1 percent owned Manaila Polymetallic Mine in Romania (Manaila),firmly cementing the company’s transition from an exploration to a production company,” he said.

Pitchford noted that with Pickstone and Manaila now both in production, producing gold and copper respectively, the mining concern was now firmly on track to build a significant cash generative mining company.

“With an established resource of in excess of 3,5 million ounces and a defined development strategy, Pickstone-Peerless has significant commercial value, and I am confident that we will continue to extract value for the benefit of all shareholders,” he added.

Pickstone has a current joint ore reserves committee resource of 62 million tonnes grading 1,8 grammes per tonne, containing 3,56 million ounces of gold.

The mine has a targeted initial annualised gold production of around 10 000 ounces of the yellow metal from an initial mining rate of 10 000 tonnes of ore per month.

Included in this resource is an open-pittable ore reserve of 16,6 metric tonnes grading at 1,9 g/t for 1,02 million ounces.

Vast noted that initial production was on-track at a rate of 10 000 tonnes of ore per month from the open cast oxide gold cap, with an estimated life of six years.

During this period, expansion of the plant to treat the open cast sulphides, at a rate at least double the current monthly volume, will be evaluated.

Vast, a development company focused on the rapid advancement of high quality brownfield projects and recommencing production at previously producing mines, has a broad portfolio of additional exploration and development projects in Romania and Southern Africa with significant potential for exploitation in the mid- to long- term.

The resources company changed its name to Vast Resources early this year to reflect a number of business opportunities that it undertook in 2014.

Comments (2)

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profashaf - 11 November 2015

At least location of the mine Editor, around Kadoma there!! Am sure readers can appreciate a little more detail

Tin tin - 12 November 2015

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