Vast Resources surges as it commissions Zimbabwe gold mine

20th Aug 2015 09:59

(ShareCast News) - Shares in Vast Resources surged after it announced the commissioning of the ball mill and the carbon in leach plant at the Pickstone-Peerless gold mine in Zimbabwe.The AIM-listed resource and development group said this will facilitate the start of gold absorption, marking a further milestone in its transition into a cash-generative company.The mine is being commissioned with a targeted initial annualised gold production of circa 10,000 ounces from an initial mining rate of 10,000 tonnes of ore per month, from the project's open cast oxide gold cap. The first gold production is targeted for the end of August 2015.Chief executive officer Roy Pitchford said: "The commencement of gold production at Pickstone-Peerless Gold Mine in Zimbabwe, following the commencement of production at the Manaila Polymetallic Mine in Romania, will be a further step in the process of transitioning Vast into an operating mining entity. With first gold sales targeted for the end of the month, we will have revenue from two operating mines."Whilst the focus will remain in ensuring optimal production levels are achieved at the Pickstone-Peerless Gold Mine and Manaila Polymetallic Mine, more focus is now being placed in bringing the third mine in our portfolio, the Baita Plai (formerly Baita Bihor) Polymetallic Mine, into production."At 1007 BST, shares in Vast Resources were up 10.7% at 1.38p.