Vista Gold Corp. Announces the Following Update on Activities at Its Paredones Amarillos Project
13 Januar 2009 - 2:09AM
PR Newswire (US)
DENVER, Jan. 12 /PRNewswire-FirstCall/ -- Vista Gold Corp.
("Vista") (TSX & NYSE-A: VGZ) announced on September 8, 2008,
the results of a bankable feasibility study (filed with SEDAR on
October 22, 2008) and provided an update on the permitting of the
Paredones Amarillos Project. As previously announced (see press
releases dated September 8 and July 2, 2008), Vista indicated that
it had decided to apply for a new Change of Land Use Permit
("CUSF"). In a press release dated November 10, 2008, Vista
indicated it was in final negotiations to purchase the land
required for the process plant and tailings impoundment facility
and had presented an application for a Temporary Occupation Permit
("TOP") for the use of the federal land which overlies the deposit.
The land purchase and TOP are necessary pre-requisites for the CUSF
application. On December 23, 2008, we reached agreement to purchase
approximately 500 hectares of land for the mill site and other
infrastructure. We have not yet received the TOP, which was
expected by the end of 2008. Communications that our advisors have
had with the office of the General Director of Mines of the
Ministry of Economy (the department responsible for awarding the
TOP) indicate that the approval process is proceeding normally, but
at a slower pace than expected. Vista has already obtained the
necessary environmental permit and completed the other prerequisite
studies for the submittal of the CUSF permit application and will
file that permit application as soon as the TOP is received. On
December 5, 2008, Vista completed another transaction to purchase
the land for a desalination plant for the Paredones Amarillos
Project. The property is located on the Pacific Coast, 25
kilometers SW of the Paredones Amarillos Project. The four-acre
parcel of land is zoned for industrial use and approval has been
received from the Municipality of La Paz for the installation of
the desalination plant. Fred Earnest, President and COO of Vista,
commented, "The acquisition of the two parcels of land are
important steps in the development of the project. We are
disappointed that the process to acquire the Temporary Occupation
Permit is taking longer than we had expected; however, we are using
the time to undertake other critical path programs for the
development of the project." About Vista Gold Since 2001, Vista has
acquired a number of gold projects with the expectation that higher
gold prices would significantly increase their value. For more
information about our projects, including technical studies and
resource estimates, please visit our website at
http://www.vistagold.com/. Vista has undertaken programs to advance
the Paredones Amarillos Project, including the completion of a
definitive feasibility study and the purchase of long delivery
equipment items for use at that project. A drilling program was
completed on the Mt Todd project in 2008 and a new resource
estimate is expected to be completed early in 2009. Metallurgical
studies are underway and a new feasibility study is expected to be
completed during 2009. Vista's other holdings include the Guadalupe
de los Reyes Project in Mexico, the Yellow Pine Project in Idaho,
the Awak Mas Project in Indonesia, and the Long Valley Project in
California. 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 and
forward-looking information within the meaning of Canadian
securities laws. 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 the timing and receipt of required land use, environmental and
other permits for the Paredones Amarillos Project; plans to confirm
the validity of the Change of Land Use Permit and to obtain the
Temporary Occupation Permit for the Paredones Amarillos Project and
timing for confirmation of the status of such permits; plans for
evaluation of the Mt. Todd Project including estimates of silver,
copper and gold resources; preliminary assessment results; results
of drilling programs and prospects for exploration and conversion
of resources at the Mt. Todd Project and plans for a feasibility
study at the Mt. Todd Project; Vista's future business strategy;
plans; potential project development; Vista's potential status as a
producer including plans, timing and targeted initial production
levels; and other such matters are forward-looking statements and
forward-looking information. When used in this press release, the
words "estimate", "plan", "anticipate", "expect", "intend",
"believe" and similar expressions are intended to identify
forward-looking statements and forward-looking information. These
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Vista to be materially different from any future
results, performance or achievements expressed or implied by such
statements. Such factors include, among others, risks relating to
general economic conditions, delays and incurrence of additional
costs in connection with our Paredones Amarillos Project, including
uncertainty relating to timing and receipt for required
governmental permits; uncertainty relating to timing and receipt
for confirmation of the validity of the Change of Land Use Permit
for the Paredones Amarillos Project, uncertainty of feasibility
study results and preliminary assessments and of estimates on which
such results are based; risks relating to delays in commencement
and completion of construction at the Paredones Amarillos Project
and Mt. Todd Project; risks of significant cost increases; risks of
shortages of equipment or supplies; risks that Vista'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 operations of environmental regulations in the
countries in which it operates; risks due to legal proceedings;
risks relating to political and economic instability in certain
countries in which it operates; risks related to repayment of debt;
risks related to increased leverage; and uncertainty of being able
to raise capital on favorable terms or at all; 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 and Canadian securities
commissions. Although Vista has attempted to identify important
factors that could cause actual results to differ materially from
those described in forward-looking statements and forward-looking
information, 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. Except as required by law, Vista assumes no
obligation to publicly update any forward-looking statements or
forward-looking information, whether as a result of new
information, future events or otherwise. For further information,
please contact Connie Martinez at (720) 981-1185, or visit the
Vista Gold Corp. website at http://www.vistagold.com/. DATASOURCE:
Vista Gold Corp. CONTACT: Connie Martinez of Vista Gold Corp.,
+1-720-981-1185 Web Site: http://www.vistagold.com/
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