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Vast provides an update on financing the Blueberry project

Published by , Assistant Editor
Global Mining Review,

UK-based mining company, Vast Resources plc (Vast), which has operations in Romania and Zimbabwe, has announced an update relating to the financing of the Blueberry project, located in Western Romania. The company recently acquired a 29.41% interest in this project through Vast’s newly-formed subsidiary, EMA Resources Ltd (EMA).

Further to the announcement of 15 August 2018, the vendors of the Blueberry project have reportedly agreed an extension for the procurement of funds by EMA as detailed in the aforementioned announcement, to 15 September 2018.

Vast has received an indicative term sheet with institutional investor which it is progressing to definitive documentation. The company is to make further updates as appropriate.

According to Vast, following the drilling update released on 24 August 2018, the board is pleased to report that annual drilling results have been submitted to ANRM, Romanias National Agency for Mineral Resources, on schedule. These annual drilling results are a key aspect of the final exploration report which is due to be lodged to ANRM by 3 October 2018, which under the Romanian mining law, will provide EMA with the right to be granted an exploitation licence over the Blueberry project. The subsequent application for the exploitation licence must be submitted by 31 December 2018 and accompanied by a feasibility study, development plan, environmental impact and rehabilitation study and a social impact assessment.

Andrew Prelea, CEO of Vast, commented: “I am delighted with both the strong support from Vast shareholders and with the funding intention of the new institutional investor for this opportunity at Blueberry. I look forward to providing further updates shortly.”

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