Harare – AIM-Listed Vast Resources says it hopes to restart production at Eureka gold mine, in which the company’s 25 percent-owned Dallagio Investments holds a 95 percent interest, in the first half of 2019, according to information on the company’s website.

Currently, multiple programmes are underway at the mine to restore production.

Over the years, before Vast’s involvement, the open pit was completely flooded and the miner announced last week that it has started dewatering, after which grade control drilling will be undertaken.

The company said alongside an assessment of the mine, it has completed a thorough review of the 1.8-million-tonne-a-year processing plant and in-situ associated infrastructure.

“This has enabled us to finalise design plans for the mine and processing operation and work has begun to refurbish old equipment, remove any historical equipment no longer required, and place orders for additional equipment required.”

“The initial start-up at Eureka is currently being funded by surplus cash from gold mine Pickstone-Peerless, in which Vast holds a 25 percent indirect interest.”

The miner said it intends to use credit facilities, which are currently being established in Zimbabwe, to finance the majority of the start-up capital at the project going forward.

Vast Resources has transitioned from an exploration company to a mining company, with a portfolio of high quality assets.

Additionally, the Company intends to retain its interest in certain interests in Zimbabwe, including its current controlling 25% interest in the Pickstone-Peerless Gold Mine, which was commissioned in 2015, and the proximal Giant Gold Mine Project, where recommencement of operations is now being evaluated.

Vast continues to actively manage its Zimbabwean gold portfolio and intends to retain its controlling interest in the Pickstone-Peerless Gold Mine.

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