Vista Gold Announces Extension of Deadline for Completion of Arrangement and Preparation of Updated Resource Estimate for Awak M
28 Februar 2007 - 1:11AM
PR Newswire (US)
DENVER, Feb. 27 /PRNewswire-FirstCall/ -- Vista Gold Corp.
(AMEX:VGZ) Toronto ("Vista") announced today that the deadline for
completion of the previously announced arrangement involving Vista,
Allied Nevada Gold Corp. ("Allied Nevada") and Carl and Janet
Pescio has been extended to April 30, 2007. The arrangement, if
completed, will result in Vista transferring its existing Nevada
properties to Allied Nevada, which will concurrently acquire the
Nevada mineral assets of Carl and Janet Pescio. The closing of the
transaction is subject to the satisfaction or waiver of a number of
conditions customary in a transaction of this nature. Among the
conditions is the registration of Allied Nevada's common stock
under the U.S. Securities Exchange Act of 1934. To this end, Allied
Nevada filed a registration statement on Form 10 with the U.S.
Securities and Exchange Commission, has amended the registration
statement in response to the Commission's comment and is currently
awaiting the Commission's response. The registration will not be
complete until the comment process has concluded, which Vista
currently anticipates will occur during the first quarter of 2007,
with the transaction expected to close shortly thereafter. In other
news, Vista has retained Gustavson Associates LLC ("Gustavson") of
Boulder, Colorado, to prepare an updated resource estimate on the
Vista's Awak Mas deposit on South Sulawesi Island in Indonesia in
accordance with Canadian National Instrument 43-101 standards. The
new resource estimate will incorporate the results of the drilling
program completed by Vista at the project late last year, which
consisted of 13 core holes totaling 8,440 feet of drilling. Vista
intends to complete a feasibility study on the project during 2007.
About 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 Company'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 Mt. Todd project in Australia, the Amayapampa
project in Bolivia and the Awak Mas project in Indonesia.
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. 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 contemplated transaction described herein
including risks that Vista may be unable to obtain required 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 Gregory G. Marlier at (720)
981-1185, or visit the Vista Gold Corp. website at
http://www.vistagold.com/. DATASOURCE: Vista Gold Corp. CONTACT:
Gregory G. Marlier of Vista Gold Corp., +1-720-981-1185 Web site:
http://www.vistagold.com/
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