Vast Resources offers former workers, director 10 million shares as gratuity

BULAWAYO, – Vast Resources (formerly African Consolidated Resources) has offered its former employees retrenched at its Pickstone-Peerless gold project near Chegutu an option to buy 8,403,709 shares at 0.5 pence (0.0076 cents) each as part of the their gratuities.

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The group also announced that its former director Lloyd Manokore has been given an option to buy 1,500,000 shares at 5p (0.076 cents) each.

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Both options remain valid until the end of the year.

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The company retrenched a number of workers when production at the mine dipped due to lack of capital a few years ago.

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Vast Resources announced that progress on the construction of the new plant and equipment at the mine was now at an advanced stage with delivery expected in second quarter of this year.

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“Mobilisation of the open cast mining contractor and commencement of mining are expected in Q2 2015. Hot commissioning is scheduled for Q3 2015,” said Vast Resources in an update to shareholders issued on Monday.

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The London-based miner owns 50 percent of the 584ha Pickstone-Peerless mine, after disposing of the other half to Grayfox Investments, a Zimbabwean incorporated company owned by a local consortium, for million to form Dallaglio Investments which runs the mine.

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Vast Resources started work to bring back the mine to life last year after securing a ,2 convertible loan from a company associated with its newly appointed group chairman, William Battershill. -The Source