Vista Announces Receipt of Temporary Occupation Permits for Paredones Amarillos Gold Project
28 Oktober 2009 - 12:00PM
PR Newswire (US)
DENVER, Oct. 28 /PRNewswire-FirstCall/ -- Vista Gold Corp. ("Vista"
or the "Company") (TSX & NYSE Amex: VGZ) is pleased to announce
that Minera Paredones Amarillos S.A. de C.V. ("MPA"), Vista's
wholly-owned Mexican subsidiary, has received the Temporary
Occupation Permits for the Paredones Amarillos gold project located
in Baja California Sur, Mexico. The Temporary Occupation Permits
(one for each of the seven mining concessions that cover the area
of the Paredones Amarillos gold project) formally grant MPA the
right to use the surface land in the project area owned by the
Mexican federal government. With the Temporary Occupation Permits
received, the Company has all of the documents necessary to file
its application for the Change of Forest Land Use Permit ("CFLUP")
which is required before the Company can commence development of
the Paredones Amarillos gold project. The Company intends to file
the CFLUP application in the upcoming days. Fred Earnest, Vista's
President and Chief Operating Officer, stated, "We are very pleased
to have received the Temporary Occupation Permits. This is a
significant milestone in Vista's effort to become a mid-tier gold
producer. Our advisors in Mexico City have worked tirelessly with
many different agencies to achieve the approval of the Temporary
Occupation Permits and we appreciate the support and assistance
received from each of the agencies involved in the review and
ultimate approval of these permits. With the anticipated filing of
our CFLUP application expected in the upcoming days, we believe we
will be on track to receive the CFLUP by the end of the first
quarter of 2010 and anticipate being able to move forward with
construction of the Paredones Amarillos gold project for estimated
initial production in 2011." About Vista Gold Corp. Since 2001,
Vista has acquired a number of gold projects with the expectation
that higher gold prices would 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 taken steps to advance the
Paredones Amarillos gold project located in Baja California Sur,
Mexico, towards production. These steps include the completion of a
definitive feasibility study, the purchase of long-delivery
processing equipment, and the purchase of land for the processing
facilities, related infrastructure and the desalination plant. The
results of a preliminary economic assessment completed in 2009 on
the Mt. Todd gold project in Australia are encouraging and Vista is
undertaking other studies to advance the project, with the
completion of a preliminary feasibility study targeted for late in
the fourth quarter of 2009. Vista's other holdings include the
Guadalupe de los Reyes gold project in Mexico, the Yellow Pine gold
project in Idaho, the Awak Mas gold project in Indonesia, and the
Long Valley gold 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 outcome of the application for the CFLUP
application for the Paredones Amarillos gold project, anticipated
plans and timing of commencement of construction and commencement
of production at the Paredones Amarillos gold project; the timing,
performance and results of feasibility studies including the timing
and receipt of required land use, environmental and other permits
for the Paredones Amarillos gold project; and preliminary
assessment results for the Mt. Todd gold project; and plans and
timing for a preliminary feasibility study at the Mt. Todd gold
project; Vista's future business strategy; goals; operations;
plans; potential project development; future gold prices; Vista's
potential status as a producer including plans and timing of
potential production; and other such matters are forward-looking
statements and forward-looking information. When used in this press
release, the words "estimate", "plan", "will", "target",
"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 gold prices, general
economic conditions, delays and incurrence of additional costs in
connection with our Paredones Amarillos gold project, including
uncertainty relating to timing and receipt for required
governmental permits; uncertainty relating to timing and outcome of
CFLUP application for the Paredones Amarillos gold 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 and Mt. Todd gold projects; 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, as amended and Quarterly
Report on Form 10-Q and other documents filed with the U.S.
Securities and Exchange Commission and Canadian securities
regulatory authorities. 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,
+1-720-981-1185, for Vista Gold Corp. Web Site:
http://www.vistagold.com/
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