Vast Resources has announced that it is ready to begin diamond mining operations on the Heritage Concession in Zimbabwe.
Zimbabwe: This comes after Vast Resources announced a positive update on financing and the right to mine diamonds on the Heritage Concession.
Vast Resources is now expecting term sheets from financial institutions for loan finance to bring Baita Plai (Romania) into production and to provide working capital for the group. In addition, the company has advanced discussions with a potential cornerstone equity investor to the extent that the investor has now expressed a definite interest to proceed in principle.
The interest of both the financial institutions and the potential cornerstone investor is conditional on the passing of the resolution by shareholders to approve the restructuring of Vast Resources which will be effected by the sale of its interest in Pickstone Peerless gold mine and other gold assets in Zimbabwe. The interest is also dependent upon completion of due diligence and the signing and completion of definitive legal agreements.
Concerning the right to mine diamonds on the Heritage Concession the preparation of the joint venture agreement between the Company and the Chiadzwa Community Development Trust has now reached the form of an advanced draft. Following the signature of the joint venture agreement, operations at the Heritage Concession are able to commence on the ground immediately.
Vast Resources is an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines.