LONDON (ShareCast) - (Sharecast News) - Vast Resources said in an update on Monday that it plans to begin initial tenders for its long-awaited diamond parcels this month, as the AIM-traded miner pushed ahead with efforts to maximise the value of stones recovered under a historic settlement while continuing a strategic review of its Romanian operations.
The company said both public and private tenders of the diamonds were expected to run through October.

It said it had been working with specialist consultants to develop bespoke cleaning and sorting techniques tailored to the eluvial stones, which it described as "unique in character" and requiring several layers of preparation to achieve full value at sale.

Vast said it had implemented a five-stage cleaning process that had "greatly improved the value of the parcels", with example images of stones at various stages of beneficiation to be shared on its X and LinkedIn channels.

The firm reiterated its strategy of seeking direct and indirect involvement across the value chain to maximise shareholder returns, noting that the approach required additional time but could deliver materially improved financial recoveries.

It added that the process could open further opportunities for the company in future.

In Romania, Vast said it remained focused on a comprehensive geological review and reassessment of the mining strategy at its Baita Plai site, where operations were currently suspended.

The technical review had been expanded to also cover its Manaila project and was being carried out alongside advanced discussions with potential joint venture partners and off-take financiers.

Vast said work to date was yielding positive results and that it expected to provide an update in the fourth quarter as it worked towards restarting production at both sites.

At 1147 BST, shares in Vast Resources were down 12.84% at 0.32p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE