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Vast Resources posts record quarterly ore output at Romanian mine

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UK-based Vast Resources said on Monday that it has posted record ore output at its Manaila Polymetallic Mine in Romania in the third quarter of the year.

This result has been unsurpassed since commissioning of the mine by Vast in August 2015, the company said in a press release.

In the July-September period, the quantity of ore mined at Manaila jumped by 46% on the quarter to 40,462 dry tonnes, while the milled ore quantity grew by 39% to 39,135 dry tonnes.

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Gold concentrate production also increased by 50% on the quarter during July-September, to 7 dry tonnes, while the gold concentrate grade fell by 30% on the quarter to 31.4 grammes per tonne.

Compared to the second quarter of 2017, copper concentrate production increased by 31% to 1,082 dry tonnes in the third quarter of the year, while  zinc concentrate production decreased by  25% to 118 dry tonnes.

“It is pleasing to be able to report improved quarterly production statistics as the company strives to become overall cash generative,” CEO Roy Pitchford said. “Separately, the progress on the Baita Plai association licence and the anticipation of recommencing mining and processing operations at this mine during the current quarter are both encouraging and we will continue to report of developments as appropriate.”

At the beginning of October, Vast announced that the results of its first phase of drilling at Manaila mine in Carlibaba perimeter are encouraging and support further development.

Results from the first 1,000 m of the total 2,200 m drilling programme confirmed Carlibaba’s suitability as a second open pit mine within the Manaila licence area, Vast Resources said at the time.

Vast Resources owns Sinarom Mining Group, the owner of the Manaila Polymetallic Mine.

In September, the company said it has secured a $1.7 million (1.42 million euro) loan from Sub-Sahara Goldia Investments to progress further in securing rights to extract polymetallic ore at its other Romanian mine, Baita Plai. Vast Resources currently has an 80% interest in the mine, which is located in the Apuseni Mountains, Transylvania region. The area hosts Romania’s largest polymetallic and uranium mines.

Vast Resources, formerly known as African Consolidated Resources Plc, is an emerging mid-tier, multi-commodity, multi-jurisdictional development and mining company with a project portfolio covering gold, nickel, copper, phosphate and diamonds. It also owns a gold mine in Zimbabwe.

Source: seenews

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