Harare – London-listed miner, Vast Resources said it had raised £852,500 through a placing and subscription of shares in the company to help develop its projects in Zimbabwe and Romania. In a statement on its website, Vast said the placing was for 550,000,000 Ordinary Shares and was undertaken by the Company’s Joint Broker SVS Securities Plc. The Subscription was for 7,189,542 Ordinary Shares with an investor known to the Company. Vast added that proceeds will go towards corporate purposes, as well as operations in the Baita Plai polymetallic mine in Romania and the Marange diamond fields in Zimbabwe. Vast Resources now has 7.50 billion shares issued overall. Vast has interests in a number of projects in Zimbabwe including a controlling 25 percent interest in the producing Pickstone-Peerless Gold Mine, a 23.75 percent economic interest in the Eureka Gold Mine, and an 86.67 percent interest in a SPV which has a due diligence access agreement and pre-agreed joint venture terms on a diamond concession within the Marange Diamond Fields, widely considered to be one of the richest sources of alluvial diamonds globally. The 584ha Pickstone-Peerless Gold Mine is located 100km south-west of Harare and has historically produced over 400,000oz gold. Pickstone-Peerless has a current JORC Resource of 62 million tonnes grading 1.8 g/t, containing 3.56 million ounces of gold. Included in this Resource is an open-pittable Ore Reserve of 16.6Mt grading at 1.9 g/t for 1.02 million ounces of gold. Eureka is a modern gold mine designed to produce up to 70,000oz of gold per annum from an open pit operation. Operations were suspended in 2000 due to high costs and low gold prices. The mine is currently on care and maintenance and the Company is focused on recommencing production in the near term. Eureka has a NI43-101 Mineral Resource of 22.3 million tonnes at an average grade of 1.90g/t for 1,367,600oz Au, of which 13.4 million tonnes is an Indicated Mineral Resource at an average grade of 1.78g/t for 1,081,700oz Au. Equity Axis News