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VAST Resources to up gold production

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HARARE


Vast Resources PLC, formerly African Consolidated Resources, says it has raised about $1.14 million through placing shares to fund projects in Zimbabwe and Romania. The Alternative Investment Market listed junior miner said it had placed a total of 300 000 ordinary shares of 0.1 percent subject to shareholder approval later this month. The purpose of the placing is to provide additional working capital to the company after it terminated the equity subscription agreement with Crede CG III Ltd. Chief executive Roy Pitchford said the company was happy with the strong support from shareholders, but concerned with the performance of the firm’s share. VAST Resources has forecasted that gold output at its Pickstone Peerless Mine will double to 20 000oz in the short term after it invested over $17 million over the last few years. Full mine infrastructure commissioned and came into operation in the first half of last year with gold production from the oxide cap commencing in September 2015. – Herald

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