Vast Resources plc announces the release of the historical diamond parcel from Zimbabwe

Vast Resources plc, the AIM quoted mining company, is pleased to announce the successful release of the historical diamond parcel that has been held in safe custody at the Reserve Bank of Zimbabwe since early 2010. This release of the historical diamond parcel not only represents a landmark success for the Company, but also underlines that Zimbabwe is truly open for business for companies that wish to comply with due process, according to a London Stock Exchange notification.

Despite the long and difficult processes that the Company and shareholders have had to endure, the individual parcels remained untouched for over 15 years.  A valuation estimate will be provided in due course following the completion of the cleaning and re-sorting process, which will enable an accurate assessment of the carat value of the diamonds to be made and which is not possible in their current condition.  Notwithstanding this, initial inspection of the contents of the parcels has exceeded expectations of the Company’s management. The Company will make a further announcement when a valuation estimation is completed.

The parcels are now in the custody of the Company and have been despatched to the Company’s nominated Tender House in Dubai, to be cleaned and re-sorted for the sales process, which is expected to commence within a month. Upon completion of the sale of the rough diamonds, royalties, fees to Minerals Marketing Corporation of Zimbabwe, legal fees, auction fees, security and marketing, could reach approximately 20% of the gross rough diamond value of the parcels.