Vista Gold Corp. Announces Filing of Technical Reports for Various Properties and a Resource Estimate for the Amayapampa Project
19 Oktober 2006 - 2:17AM
PR Newswire (US)
DENVER, Oct. 18 /PRNewswire-FirstCall/ -- Vista Gold Corp.
(AMEX:VGZ) Toronto is pleased to announce that, in connection with
the preparation of a Management Information and Proxy Circular to
be delivered to its securityholders for the meeting being held to
approve matters relating to the previously announced transaction
that will result in the transfer of the Corporation's Nevada based
properties into a recently incorporated company and the acquisition
by that new company of the Nevada based mineral assets of Carl and
Janet Pescio, it has filed updated technical reports, prepared in
accordance with Canadian National Instrument 43-101, for six of the
Nevada mineral properties to be transferred by Vista to the new
company, Allied Nevada Gold Corp. ("Allied Nevada"), and new NI
43-101 compliant technical reports for 19 of the 53 Nevada mineral
properties in which the Pescios currently hold interests. There has
been no material change in the information contained in the updated
technical reports for Vista's existing Nevada properties from
information disclosed in previous reports for those properties. The
updated technical reports for Vista's properties relate to the
Hycroft mine and the Wildcat, Maverick Springs, Mountain View,
Hasbrouck and Three Hills projects. The new technical reports for
the properties underlying the interests to be acquired from the
Pescios relate to the Beowawe, Cobb Creek, Dixie Flats, Dome, Wild
Horse, Eden, Elder Creek, NAD, North Carlin, North Mill Creek, Pony
Creek, Switch, Six Mile, Toy, Tusk, Rock Creek, Santa Renia, South
Silver Cloud, Tonka and Woodruff properties. The reports may be
viewed on SEDAR at http://www.sedar.com/ under Vista Gold Corp. and
also under Allied Nevada Gold Corp. In addition, Vista has filed an
updated scoping study containing a mineral resource analysis for
the Amayapampa project, a project located 186 miles southeast of La
Paz, Bolivia, that was completed on September 21, 2006 by GR
Technical Services Ltd. of Calgary, Alberta and Giroux Consultants
Limited of Vancouver, British Columbia in accordance with Canadian
National Instrument 43-101. The Amayapampa project is being
purchased by Luzon Minerals Ltd. ("Luzon") under terms and amended
terms previously disclosed in press releases and summarized in
Vista's 2005 annual report on Form 10-K. The resource estimate was
completed in September 2005 for Luzon under the direction of Mr. G.
H. Giroux, P.Eng., MA Sc., an independent qualified person,
utilizing standard industry software and resource estimation
methodology. The mineral resource data base contains 10,264 assay
intervals from 45 core drill holes, 96 reverse circulation drill
holes, and underground channel samples done by Da Capo Resources
Ltd. and Vista between 1994 through 1997, with assaying by the
Bondar Clegg laboratory in Oruro, Bolivia. The results of the study
indicates that the known Amayapampa deposit, at a cutoff grade of
0.012 ounces gold per ton (0.4 grams per tonne), contains the gold
resources shown in the following table. Tons Tonnes Gold Gold Gold
Ounces (000's) (000's) (opt) (g/t) (000's) Measured (1) 5,677 5,150
0.047 1.60 265 Indicated (1) 10,020 9,030 0.040 1.37 336 Inferred
(2) 2,161 1,960 0.027 0.94 59 (1) Cautionary Note to U.S. Investors
concerning estimates of Measured Resources and Indicated Resources:
This table uses the terms "measured resources" and "indicated
resources". We advise U.S. investors that while these terms are
recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize them. U.S.
investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be converted into
reserves. (2) Cautionary Note to U.S. Investors concerning
estimates of Inferred Resources: This table uses the term "inferred
resources". We advise U.S. investors that while this term is
recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize it. "Inferred
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. U.S. investors are
cautioned not to assume that any part or all of an inferred
resource exists or is economically or legally minable. The
Amayapampa project is located along the east flank of a north-south
trending regional anticline near the top of an Ordovician sequence
of weakly metamorphosed Ordovician black argillites, quartzites,
and siltites. Bedding dips are steep at 60 to 80 degrees west, with
the east limb of the anticline being overturned and thus, also
dipping steeply west. Gold occurs free and associated with sulfides
in a northwest-trending structural zone in which quartz veins were
emplaced then sheared prior to introduction of sulfides and gold
mineralizing solutions. The overall dip of the mineralized envelope
is 80 to 90 degrees to the west. The mineral envelope is
approximately 1,970 feet in strike length and 98 to 230 feet in
width. The depth extent of continuous mineralization is in excess
of 656 feet, although some mineralization is present below this
depth. The deposit is defined by about 48 diamond drill holes; 96
reverse-circulation drill holes; and 315 underground channel
samples totaling 17,585 feet from more than 200 accessible
cross-cuts in 43 different levels and sub-levels extending over a
vertical distance of 682 feet. The scoping study for the Amayapampa
project may be viewed on SEDAR at http://www.sedar.com/ under Vista
Gold Corp. Vista Gold Corp., based in Littleton, Colorado,
evaluates and acquires gold projects with defined gold resources.
Additional exploration and technical studies are undertaken to
maximize the value of the projects for eventual development. The
Corporation's holdings include the Maverick Springs, Mountain View,
Hasbrouck, Three Hills, Wildcat projects, the F.W. Lewis, Inc.
properties and the Hycroft mine, all in Nevada, the Long Valley
project in California, the Yellow Pine project in Idaho, the
Paredones Amarillos and Guadalupe de los Reyes projects in Mexico,
the Amayapampa project in Bolivia, the Awak Mas project in
Indonesia, and the Mt. Todd project in Australia. Forward-Looking
Statements This press release contains forward-looking statements
within the meaning of the U.S. Securities Act of 1933 and U.S.
Securities Exchange Act of 1934. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that Vista expects or
anticipates will or may occur in the future, including such things
as future business strategy, competitive strengths, goals,
expansion and growth of Vista's or Allied Nevada's businesses,
operations, plans and other such matters are forward-looking
statements. When used in this press release, the words "estimate",
"plan", "anticipate", "expect", "intend", "believe" and similar
expressions are intended to identify forward-looking statements.
The statements made in this press release about the anticipated
impact the contemplated transaction described herein may have on
the operations of Vista or Allied Nevada, as well as the benefits
expected to result from the contemplated transaction, are
forward-looking statements. Other forward-looking statements
include but are not limited to those with respect to reserve and
resource estimates and production costs. These statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Vista and
Allied Nevada, including anticipated consequences of the
contemplated transaction described herein, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors include, among others, risks that Vista's or Allied
Nevada's acquisition, exploration and property advancement efforts
will not be successful; risks relating to fluctuations in the price
of gold; the inherently hazardous nature of mining-related
activities; uncertainties concerning reserve and resource
estimates; potential effects on Vista's or Allied Nevada's
operations of environmental regulations in the countries in which
they operate; risks due to legal proceedings; uncertainty of being
able to raise capital on favorable terms or at all; and risks that
may affect Vista's ability to complete the proposed spin-off
transaction including risks that Vista may be unable to obtain
required securityholder, court or third party approvals; as well as
those factors discussed in Vista's latest Annual Report on Form
10-K and Quarterly Report on Form 10-Q and other documents filed
with the U.S. Securities and Exchange Commission. Although Vista
has attempted to identify important factors that could cause actual
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Vista assumes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise. For further
information, please contact Greg Marlier at (720) 981-1185, or
visit the Vista Gold Corp. website at http://www.vistagold.com/.
DATASOURCE: Vista Gold Corp. CONTACT: Greg Marlier of Vista Gold
Corp., +1-720-981-1185 Web site: http://www.vistagold.com/
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