15th Sep 2015 14:54
LONDON (Alliance News) - Vast Resources PLC on Tuesday reported a loss in its most recently completed financial year, as the AIM-listed resource company continued its mine development programme.
The company reported a USD6.6 million net loss in the year to March 31, narrowing from the USD11.7 million net loss in the prior year.
The company has switched focus to production from exploration.
A local investor acquired a 50% interest in the Pickstone-Peerless gold mine and Giant gold mine, both in Zimbabwe, to enable Pickstone-Peerless gold mine to be put into production, with Vast Resources retaining management constrol.
It said that Pickstone-Peerless gold mine development is "well advanced". Mining operations began in June, followed by commissioning of the plant in August. First bullion sales are expected within days, Vast Resources said.
"Expansion in Romania continues with acquisition of 80% interest in Baita Plai polymetallic mine (formerly known as Baita Bihor polymetallic mine)and, post period end, 50.1% interest in Manaila polymetallic mine," Vast said.
"Output achieved at Manaila polymetallic mine on August 13, 2015 and anticipated at Baita Plai polymetallic mine by late 2015," Vast added.
Shares in Vast Resources were down 5.6% at 1.70 pence on Tuesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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