DENVER, Aug. 18 /CNW/ -- Vista Gold Corp. ("Vista" or the
"Company") (TSX & NYSE Amex Equities: VGZ) is pleased to
announce estimated proven and probable mineral reserves of two
million ounces and the positive results of a Preliminary
Feasibility Study ("PFS") for the Batman deposit at the Company's
wholly-owned Mt. Todd gold project in Northern Territory,
Australia. The PFS was managed by TetraTech MM Inc. ("TetraTech")
of Golden, Colorado, which also undertook the resource modeling and
estimation, geotechnical, environmental and site reclamation
engineering and design. Mr. John Rozelle, PG, Manager of
TetraTech's Mineral Resource Division and Principal Geologist, an
independent Qualified Person as defined by Canadian National
Instrument 43-101 ("NI 43-101"), prepared or supervised the
preparation of material on behalf of TetraTech. Thomas Dyer, P.E.,
of Mine Development Associates, an independent Qualified Person as
defined by NI 43-101, prepared or supervised the preparation of
material on behalf of Mine Development Associates. Mr. Rozelle and
Mr. Dyer prepared or supervised the preparation of the information
that forms the basis for the scientific and technical information
disclosed herein and have reviewed this press release and have
consented to its release. The PFS study will be filed on SEDAR (at
www.sedar.com) in its entirety within 45 days. All dollar amounts
in this press release are in US dollars unless otherwise noted.
Management plans to review the results of the PFS in a conference
call, details of which are shown at the end of the press release.
The PFS base case (the "Base Case") was evaluated using the
three-year trailing average gold (Au) price of $950 per ounce.
Mineral reserve estimates and production highlights from the Base
Case are tabulated below. DENVER, Aug. 18 /CNW/ -- Base Case
Production Highlights Base Case Reserves and Production Estimates
at $950/ounce Au Proven and Probable Mineral Reserves (at a 60.05
million tonnes at 0.55 g Au/tonne cut-off)*(1) 1.05 g Au/tonne
Contained Gold 2,026,000 ounces Life of Mine Production 1,662,000
ounces Average Annual Production (based on 8.86 year 187,500 ounces
gold per mine life) year 22.9 million tonnes per Mining Rate year
Mill Throughput Rate 18,500 tonnes per day Stripping Ratio
(waste:ore) 2.37 Mine Life 8.86 years * Elevated cutoff grades were
used to constrain the total estimated mineral reserve tonnes to the
remaining tailings capacity while maximizing return. In most areas,
a cutoff grade of 0.55 g Au/tonne was used. Select benches in the
first two phases of mining used a cutoff grade of 0.60 g Au/tonne.
The PFS was completed using a foreign exchange rate of $0.85 =
A$1.00 and incorporates mid-2010 costs. The following table
summarizes the Base Case economic results with a comparison to the
Base Case sensitivity at a gold price of $1200 per ounce and a
foreign exchange rate of $0.90 = A$1.00. DENVER, Aug. 18 /CNW/ --
Summary of Base Case Economic Results $950/oz Au & $0.85/A$1.00
$1200/oz Au & $0.90/A$1.00 Average Cash Operating Cost ($ per
oz Au produced) $476 $493 Average Total Cash Production Costs ($
per oz Au produced) $487 $507 Pre-Production Capital Cost:
$441,258,000 $459,820,000 Sustaining Capital Cost: $32,981,000
$32,981,000 Internal Rate of 25.4% before Return 14.9% before tax
tax 16.2% after 9.8% after tax tax Cumulative Cash Flow (pre-tax)
$472,615,000 $848,724,000 Net Present Value at 5% discount (pre-
tax) $210,144,000 $487,156,000 In addition to the Base Case, Vista
also studied a larger 30,000 tonnes per day case (the "Sensitivity
Case") using a gold price of $1200 per ounce. The operating costs
in the Sensitivity Case were completed to pre-feasibility level
standards. The mining capital costs are based on mid-2010 costs,
while the process capital costs are based on late-2009 costs. The
capital costs for the tailings impoundment are factored from the
Base Case, as were the water treatment and closure costs and do not
meet the standards required for a preliminary feasibility study,
however they are within the level of accuracy for a preliminary
assessment. Vista intends to commission TetraTech to undertake
further work to optimize and bring the Sensitivity Case to a
preliminary feasibility level over the next few months. Highlights
from the Sensitivity Case are tabulated below. Sensitivity Case
Production Highlights ======================================
Sensitivity Case Production Estimates at $950/ounce Au
------------------------------------------------------ In Pit
Estimated Measured & Indicated Mineral Resources (at a 0.40 g
Au/tonne 139.18 million tonnes at 0.87 g cut-off)(2) Au/tonne
Contained Gold 3,897,000 ounces gold Life of Mine Production
3,196,000 ounces gold Average Annual Production 251,600 ounces gold
per year Mining Rate 33.2 million tonnes per year Mill Throughput
Rate 30,000 tonnes per day Stripping Ratio (waste:ore) 2.03 Mine
Life 12.7 years Sensitivity Case Economic Highlights $950/oz Au
& $0.85/A$1.00 $1200/oz Au & $0.90/A$1.00 Average Cash
Operating Cost ($ per oz Au produced) $525 $545 Average Total Cash
Production Costs ($ per oz Au produced) $541 $563 Pre-Production
Capital Cost: $646,904,000 $677,113,000 Sustaining Capital Cost:
$230,951,000 $230,951,000 Internal Rate of 10.1% before Return tax,
21.0% before tax, 6.2% after tax 13.0% after tax Cumulative Cash
Flow (pre-tax) $513,006,000 $1,219,408,000 Net Present Value at 5%
discount (pre- tax) $154,524,000 $631,027,000 Commenting on the
positive Mt. Todd PFS, Fred Earnest, President and COO of Vista,
stated, "We believe that the comprehensive program of work we have
undertaken over the last four years has addressed the technical
issues experienced by Pegasus, Mt. Todd's prior owner. It is our
view that based on our improved understanding of the ore body,
together with the selection of a proven milling process and
equipment, the proposed re-opening of Mt. Todd will be technically,
operationally and economically attractive at a conservative gold
price of $950 per ounce and very attractive at current gold prices.
The larger Sensitivity Case has good economics at current gold
prices and we intend to optimize and upgrade this alternative to a
pre-feasibility level study over the next few months. If the
proposed work confirms the Sensitivity Case results, we believe we
may be able to double the project's proven and probable mineral
reserves estimates to approximately 3.5 to 4.0 million ounces.
Additionally, we believe there is significant potential to grow Mt.
Todd's mineral resource estimates through exploration on the
project's 160,878 hectares of exploration tenements." General The
Mt. Todd gold project mine site is located 230 km southeast of the
port of Darwin and 56 km by road north-northeast of the regional
center of Katherine. Katherine and Darwin are connected by a
railroad and the Stuart Highway. An existing paved road connects
the mine site to the Stuart Highway. Vista acquired the project in
February 2006 for approximately $2.0 million, reaching agreements
with Ferrier Hodgson, the Deed Administrators for Pegasus Gold
Australia Pty Ltd., the government of the Northern Territory of
Australia and the Jawoyn Association Aboriginal Corporation.
Pegasus reported investing over $200 million to develop the Mt.
Todd gold project mine and operated it from 1993 to 1997, when the
Mt. Todd gold project was closed as a result of technical
difficulties and low gold prices. The mine's plant and most of the
equipment were sold in June 2001 and removed from the mine, but the
tailings facility, fresh water storage reservoir, natural gas
pipeline (for power generation), and various buildings and useful
foundations remain. Since acquiring the project in 2006, Vista has
undertaken various studies and programs, including an initial
Preliminary Economic Assessment ("PEA") issued on December 29,
2006, an updated PEA issued on June 11, 2009, extensive sampling
and diamond drilling (over 26,000 meters), an extensive
metallurgical test program which included crushing and grinding,
flotation and leach test work, mine design, as well as various
preliminary engineering studies and cost estimates. Mineral
Resources and Reserves Estimates The PFS is based on Vista's
updated gold mineral resource estimate for the Batman deposit as of
June 11, 2009, which assumed a cutoff grade of 0.40 grams of gold
per tonne. The resource estimate is detailed in the report "Mt.
Todd Gold Project - Updated Preliminary Economic Assessment Report
- Northern Territory, Australia" dated June 11, 2009 and is
available on SEDAR at www.sedar.com. The resources are tabulated
below. Metric Contained Resource Tonnes Average Grade Short Tons
Average Grade Gold Ounces Classification (x1000) (grams/tonne)
(x1000) (ounces/ton) (x1000) -------------- ------- -------------
------- ------------ ------- Measured (2) 52,919 0.91 58,333 0.026
1,543 ------------ ---- ---- ---- ----- ----- Indicated (2) 138,020
0.81 152,139 0.024 3,581 --------- ------- ---- ------- ----- -----
Measured & 190,939 0.84 210,472 0.024 5,125 Indicated (2)
------- ---- ------- ----- ----- --------- Inferred (3) 94,008 0.74
103,625 0.022 2,244 ============ ==== ==== ======= ===== ===== The
estimated measured and indicated mineral resources included in the
table above includes 60.049 million tonnes of proven and probable
reserves shown in the table of estimated proven and probable
reserves below. Mine Development Associates used the June 2009
resource model to develop an open pit mine design, including
intermediate pits plans and production schedules. The mineral
reserve estimates prepared and reported by Mine Development
Associates, under the supervision of Mr. Dyer, and using the June
2009 resource model at a gold price of $950 per ounce of gold and
cut-off grade of 0.55* grams of gold per tonne are summarized in
the following table. Mt. Todd Proven & Probable Reserve
Estimate Metric Reserve Tonnes Average Short Tons Average Contained
Classification (x1000) Grade (x1000) Grade Gold Ounces (grams/
-------------- ------- tonne) ------- (ounces/ton) (x1000) --------
------------ ------- Proven (1) 24,458 1.09 26,960 0.032 854
---------- ----- ---- ----- ----- -- Probable (1) 35,591 1.02
39,232 0.030 1,172 ------------ ------ ---- ------ ----- -----
Proven & Probable (1) 60,049 1.05 66,192 0.031 2,026 =========
====== ==== ====== ===== ===== *Elevated cutoff grades were used to
constrain the total reserve tonnes to the remaining tailings
capacity while maximizing return. In most areas, a cutoff grade of
0.55 g Au/tonne was used. Select benches in the first two phases of
mining used a cutoff grade of 0.60 g Au/tonne. Capital and
Operating Cost Estimate Estimated life-of-mine average total cash
production costs are projected to be $487 per ounce, with the
highest costs occurring in the first five years of the project. The
latter half of the project life benefits from decreases in the
required stripping. Pre-production capital costs including
contingency, owner's costs and working capital are estimated to be
$441 million and sustaining capital over the life of the mine is
estimated to be $33 million. Post-operation reclamation costs are
not included in the total capital costs, but are included in the
cash flow analyses and return on investment calculations. Mining
Vista plans to extract ore from the mine using conventional open
pit mining equipment and techniques. A waste mining fleet
consisting of 180-tonne trucks and 21 m3 shovels has been selected
to complement the 140-tonne truck and loader ore mining fleet. The
Company would be the owner and operator of the mining fleets and
expects to enter into maintenance and repair contracts for the
major mining equipment. In the Base Case, ore will be mined in
three pit development phases over a period of 8.86 years. Waste
rock will be placed in a single waste dump and concurrent
reclamation is planned for the lower benches of the dump.
Processing Following an extensive review of the plant performance
data from previous operators, it was clear to Vista that there were
a number of key reasons why these operations were unsuccessful. As
a result, Vista undertook mineralogical and metallurgical studies
to fully understand the type of ore that would be treated over the
life of the proposed mine. This was followed by laboratory test
programs that evaluated the metallurgical process, proposed
equipment and the expected performance and cost parameters. Vista
believes that principal reasons that led to the previous
operational failure were: -- Ore hardness - the plant built by the
previous operator was poorly designed to handle the hard ore and
failed to produce a satisfactory product or achieve design
capacity. Vista tested and determined the expected ore hardness and
then evaluated various combinations of equipment. The best
combination of equipment involved primary and secondary crushing,
tertiary crushing employing high pressure grinding rolls (HPGR)
followed by a large ball mill. The use of HPGR is expected to
result in a product which significantly improves the efficiency of
the grinding circuit. For the Base Case the circuit is very simple
with a large primary gyratory crusher, a secondary cone crusher, a
single HPGR unit and a single ball mill. HPGR technology is
currently being successfully used by Newmont Mining Corporation, at
Australia's largest gold mine, the 20 million ounce Boddington mine
in Western Australia. The circuit has been designed to reflect the
results of leach tests that indicate that the optimum grind size
should be 80% passing 100 mesh, coarser than used in previous
operations. -- Metallurgy - A number of metallurgical problems were
encountered in the past, mostly related to copper minerals in the
ore. Vista's test program focused first on understanding the form
and distribution of the copper minerals in the ore body and then on
the best metallurgical approach to deal with the copper. In the
mineralogical review it became apparent that the form of the copper
minerals changes with depth. In the upper part of the ore body,
mostly mined out by previous operators the copper existed mainly as
secondary copper minerals such as chalcocite, bornite and
covellite; these minerals are very soluble in cyanide which greatly
increased the expense of leaching. The remaining ore contains
mainly primary copper minerals like chalcopyrite which generally
has a very minor effect on leaching and cyanide consumption. The
tests Vista undertook on representative samples of the ore to be
mined showed that whole ore leaching combined with a carbon-in-pulp
recovery circuit yields acceptable recoveries of 82%. The proposed
plant for the Base Case will have a design capacity of 18,500
tonnes per day and has been designed to be simple, efficient and
easy to maintain. The proposed flowsheet indicates that following
grinding the slurried ore will be sized by cyclones, thickened,
pre-aerated, and then leached in tanks prior to recovery in a
hybrid carbon-in-pulp circuit. Gold will be stripped from the
carbon and precipitated in an electrowinning cell prior to refining
into doré bars. The tailings would be detoxified using the SO2/Air
process and deposited in the existing tailings impoundment
facility. Further contributing to lower costs, the proposed project
will self-generate power using low cost natural gas which can be
supplied to the site via the existing natural gas pipeline. The
project also includes plans to produce lime from near-by limestone
deposits, thereby significantly reducing the supply cost for this
reagent. Infrastructure As a previously operated project, the Mt.
Todd gold project site has existing infrastructure which includes:
a fresh water storage reservoir with sufficient capacity to sustain
the proposed operation, paved access roads, concrete foundations
for some of the crushing circuit, a natural gas pipeline and an
electrical power line. Power will be generated on site using a
gas-turbine generator which is included in the project capital. The
power plant is designed to have excess capacity to meet higher
loads during large equipment starting up. Excess power during
operations will be sold into the grid further reducing expected
costs. During the 9-year post-closure period, Vista intends to
continue operating the natural gas turbine power generating plant.
Revenues derived from selling power to the grid during this period
are expected to fund all of the reclamation activities.
Environmental Both the Base Case and Sensitivity Case include
engineering designs for the closure of the mine site following
cessation of production. The closure plan was designed to meet all
requirements for long-term reclamation of the site and cost
estimates include provisions for monitoring required under
applicable law. Economic Analysis The Base Case economic analysis
was completed using the three-year trailing average gold price of
$950 per ounce and a foreign exchange rate of $0.85 = $A1.00. Vista
has also completed sensitivity analyses calculated at gold prices
of $1000, $1100, $1200 and $1500 per ounce. The $1200 and $1500
sensitivity analyses incorporate the current foreign exchange rate
of $0.90 = A$1.00. Estimated before and after tax economic results,
showing the internal rate of return (IRR) and net present value at
a 5% discount rate (NPV5%), cumulative cash flow and sensitivity to
changes in gold price are shown in the following tables. Before-Tax
Economic Results Gold Price Scenario Before Tax Before Tax Before
Tax IRR (%) NPV5% ($ 000's) Cumulative Cash Flow ($ 000's) Base
Case $950 Gold Price 14.9 % $210,144 $472,615 $1000 Gold Price 17.5
% $272,260 $554,865 $1100 Gold Price 22.6 % $396,494 $719,366 $1200
Gold Price 25.4 % $487,156 $848,724 $1500 Gold Price 39.3 %
$859,856 $1,342,227 ================ ===== ======== ==========
After-Tax Economic Results Gold Price Scenario After Tax After Tax
After Tax IRR (%) NPV5% ($ 000's) Cumulative Cash Flow ($ 000's)
Base Case $950 Gold Price 9.8 % $71,127 $252,490 $1000 Gold Price
11.4 % $100,497 $207,598 $1100 Gold Price 14.5 % $158,192 $359,190
$1200 Gold Price 16.2 % $198,827 $418,218 $1500 Gold Price 23.9 %
$359,612 $624,317 ================ ===== ======== ======== Mike
Richings, Executive Chairman and CEO of Vista added the followings
comments, "We are very pleased with the results of the Mt. Todd
gold project PFS. We believe we have demonstrated that development
of the Mt. Todd gold project can generate value that is a multiple
of Vista's current market capitalization for a project we acquired
for less than three million dollars. This once again underscores
the benefits of Vista's historic value-based acquisition strategy
to acquire discovered gold projects and to hold them for higher
gold prices. In 2007, we created significant value for our
shareholders through the spin-out of Allied Nevada Gold Corp. and
we are once again posed to take advantage of high current gold
prices to generate additional value for shareholders through
development or execution of other strategic alternatives for the
Mt. Todd gold project." Exploration Potential Vista controls a
large land package (160,878 hectares) of Exploration Tenements
surrounding the Mt. Todd gold project. As previously announced by
the Company, Vista's geologists have identified four new
exploration targets at the Mt. Todd gold project that are now being
followed up on through additional sampling and testing. Of note, at
the target identified as MSTS-4, rock chip sampling, in an area
with limited exposure, returned a 25.0 g/t gold sample from a small
outcrop of fault breccia. Further sampling returned 23.0 g/t and
7.7 g/t gold assays in vein and breccias located 15 meters and 50
meters, respectively, north of the original sample. Due to the
sparse outcrop, the orientation and thickness of the mineralized
zone is not currently known. A soil sampling program over the area
has recently been completed on a 20 meter grid. The survey returned
a strong coherent gold anomaly approximately 400 meters in diameter
with coincident anomalous base metals and arsenic. The Company
plans to conduct diamond core drilling in the area of this target
later this year. Management Conference Call A conference call with
management to review the Mt. Todd gold project preliminary
feasibility results is scheduled on Monday, August 23, 2010, at
4:00 p.m. ET. Toll-free in North America: 1-866-443-4188
International: 1-416-849-6196 This call will also be web-cast and
can be accessed at the following web location:
http://www.snwebcastcenter.com/event/?event_id=1075 This call will
be archived and available at www.vistagold.com after September 13,
2010. Audio replay will be available for three weeks by calling in
North America: 1-866-245-6755, passcode 59130. If you are unable to
access the audio or phone-in on the day of the conference call,
please feel free to email questions to Connie Martinez, Manager -
Investor Relations, (email: connie@vistagold.com) and we will try
to address these questions prior to or during the conference call.
About Vista Gold Corp. Vista is focused on the development of the
Paredones Amarillos gold project in Baja California Sur, Mexico,
and the Mt. Todd gold project in Northern Territory, Australia, to
achieve its goal of becoming a gold producer. 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. For more
information about our projects, including technical studies and
resource estimates, please visit our website at www.vistagold.com.
DENVER, Aug. 18 /CNW/ -- (1) Cautionary Note to U.S. Investors
concerning estimates of Reserves: This press release and the PFS
referred to in this press release use the term "Proven and Probable
Reserves" and "Mineral Reserves". We advise U.S. investors that
while these terms are defined in and required by Canadian
regulations, such definitions differ from the definitions in U.S.
Securities and Exchange Commission ("SEC") Industry Guide 7. Under
SEC Industry Guide 7 standards, a "final" or "bankable" feasibility
study is required to report reserves, the three-year historical
average price is used in any reserve or cash flow analysis to
designate reserves and the primary environmental analysis or report
must be filed with the appropriate governmental authority. U.S.
investors are cautioned not to assume that any part or all of
mineral deposits in this category will ever be converted into SEC
Industry Guide 7 reserves. (2) Cautionary Note to U.S. Investors
concerning estimates of Measured and Indicated Resources: This
press release and the PEA referred to in this press release use the
terms "Measured Resources", "Indicated Resources" and "Measured
& Indicated Resources." We advise U.S. investors that while
these terms are defined in and required by Canadian regulations,
these terms are not defined terms under SEC Industry Guide 7 and
are normally not permitted to be used in reports and registration
statements filed with the SEC. The SEC normally only permits
issuers to report mineralization that does not constitute SEC
Industry Guide 7 compliant "reserves" as in-place tonnage and grade
without reference to unit measures. The term "contained gold
ounces" used in this press release is not permitted under the rules
of the SEC. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into SEC Industry Guide 7 reserves. (3) Cautionary Note
to U.S. Investors concerning estimates of Inferred Resources: This
press release and the PEA referred to in this press release use the
term "Inferred Resources". We advise U.S. investors that while this
term is defined in and required by Canadian regulations, this term
is not a defined term under SEC Industry Guide 7 and is normally
not permitted to be used in reports and registration statements
filed with the SEC. "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 Resource will ever be upgraded to a
higher category. The SEC normally only permits issuers to report
mineralization that does not constitute SEC Industry Guide 7
compliant "reserves" as in-place tonnage and grade without
reference to unit measures. The term "contained gold ounces" used
in this press release is not permitted under the rules of the SEC.
U.S. investors are cautioned not to assume that any part or all of
an Inferred Resource exists or is economically or legally minable.
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of the U.S.
Securities Act of 1933, as amended, and U.S. Securities Exchange
Act of 1934, as amended, 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 production and economic analysis and forecasts, estimates of
mineral reserves and resources, the conversion of inferred
resources to measured and indicated resources, the conversion of
mineral resources to mineral reserves, life of mine estimates, the
potential for gold resources in the Batman deposit and other
targets within the Mt. Todd gold project, the waste-to-ore ratio at
the Mt. Todd gold project, the successful completion of a
metallurgical testing program at the Mt. Todd gold project, the
completion of a Mt. Todd pre-feasibility study for the Sensitivity
Case, future gold prices, future U.S.-to-Australian dollar exchange
rates, the improved efficiencies of high pressure grinding roll
technology, the effect of copper on leaching at the Mt. Todd gold
project, operating efficiencies at the Mt. Todd gold project,
revenues from the future sale of electricity generated at the Mt.
Todd into the grid and the use of those revenues to cover
reclamation costs, the recovery of lime from lime-stone deposits at
the Mt. Todd gold project, the favorable effects of Mt. Todd gold
project economics, the Base Case and Sensitivity Case production
and economic highlights, favorable effects of Mt. Todd project
economics and Vista's ability to add value in a cost-effective
manner, the estimated operating and capital costs and the cash flow
analysis and sensitivity analysis in the Mt. Todd Preliminary
Economic Assessment and the Mt. Todd Preliminary Feasibility Study,
and anticipated processing capacity and tailings management and
other such matters are forward-looking statements and
forward-looking information. When used in this press release, the
words "optimistic", "potential", "indicate", "expect", "intend",
"hopes," "believe," "may," "will," "if, "anticipate" 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, uncertainty of reserve and resource
estimates, estimates of results based on such reserve and resource
and reserve estimates; risks relating to completing metallurgical
testing and scheduling for a pre-feasibility study on the
Sensitivity Case; risks relating to cost increases for capital and
operating costs including cost of power; risks relating to delays
at the Mt. Todd gold project; risks related to decreased
efficiencies from the high pressure grinding roll technology, risks
related to copper affecting the leaching at the Mt. Todd gold
project, risks related to the generation and sale of electricity
produced at the Mt. Todd gold project to cover reclamation costs,
risks related to the ability to economically recover lime from
lime-stone deposits at the Mt. Todd gold project, risks of
shortages and fluctuating costs of equipment or supplies; risks
relating to fluctuations in the price of gold; the inherently
hazardous nature of mining-related activities; 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
under the headings "Uncertainty of Forward-Looking Statements" and
"Risk Factors" in Vista's latest Annual Report on Form 10-K as
filed on March 16, 2010, and Quarterly Report on Form 10-Q, as
filed August 6, 2010, 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. 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. Without
limiting the foregoing, this press release uses terms that comply
with reporting standards in Canada and certain estimates are made
in accordance with NI 43-101. NI 43-101 is a rule developed by the
Canadian Securities Administrators that establishes standards for
all public disclosures an issuer makes of scientific and technical
information concerning mineral projects. All mineral resource and
reserve estimates contained in this press release, including the
terms "measured mineral resources," "indicated mineral resources",
"inferred mineral resources", "proven mineral reserves" and
"probable mineral reserves" have been prepared in accordance with
NI 43-101, and these standards differ significantly from the
requirements of the SEC. The resource and reserve information
contained in this press release is not comparable to similar
information disclosed by U.S. companies. See the Cautionary Notes
to U.S. Investors above. For further information, please contact
Connie Martinez at (720) 981-1185, or visit the Vista Gold Corp.
website at www.vistagold.com. Connie Martinez of Vista Gold Corp.,
+1-720-981-1185 Web Site: http://www.vistagold.com
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