Vista Gold Corp. Announces Mineral Resource Estimate for the Quigleys Deposit at its Mt. Todd Gold Project, Northern Territory,
08 September 2010 - 12:38PM
PR Newswire (Canada)
DENVER, Sept. 8 /CNW/ -- DENVER, Sept. 8 /CNW/ - Vista Gold Corp.
(TSX & NYSE Amex Equities: VGZ) ("Vista" or the "Company") is
pleased to announce a mineral resource estimate of 179,000 ounces
of Measured and Indicated Resources 1) and 277,000 ounces of
Inferred Resources 2) at the Quigleys deposit, located 3.5 km
northeast of the Batman deposit at the Company's Mt. Todd gold
project in Northern Territory, Australia. TetraTech MM, Inc.
("TetraTech") of Golden, Colorado, was contracted to review the
geology and calculate the mineral resource estimate in accordance
with National Instrument 43-101 ("NI 43-101"). The mineral resource
estimates were conducted under the direction of Mr. John Rozelle,
an independent Qualified Person as defined by NI 43-101 using
standard industry software and resource estimation methodology.
Based on TetraTech's resource analysis report, the estimated gold
resources for the Quigleys deposit reported at a cut-off grade of
0.5 grams of gold per tonne are: Metric Tonnes Grade Contained Gold
(000s) (grams per tonne) Ounces ------ ----------------- ------
Measured Resources 1) 511 1.04 17,000 --------------------- ---
---- ------ Indicated Resources 1) 5,565 0.91 162,000
---------------------- ----- ---- ------- Measured and Indicated
Resources 1) 6,076 0.92 179,000 ---------------------- ----- ----
------- Inferred Resources 2) 9,057 0.95 277,000
--------------------- ----- ---- ------- 1) Cautionary Note to U.S.
Investors concerning estimates of Measured and Indicated Resources:
This press release and the resource analysis report use the terms
"measured resources", "indicated resources" and "measured and
indicated resources". We advise U.S. investors that while these
terms are recognized and required by Canadian regulations, these
terms are not defined terms under the United States Securities and
Exchange Commission's (the "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.
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. 2) Cautionary Note to U.S. Investors concerning estimates
of Inferred Resources: This press release and the resource analysis
report use the term "inferred resources". We advise U.S. investors
that while this term is recognized 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 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.
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. The resource description
will be included in the Mt. Todd Preliminary Feasibility Study to
be filed on SEDAR (www.sedar.com) during the latter part of this
month (please refer to Vista's August 18, 2010 press release for
results of the preliminary feasibility study). Vista's President
and COO, Fred Earnest, commented, "We plan to evaluate the
feasibility of incorporating material from this satellite deposit
into our development plans for the Mt. Todd gold project. The
Quigleys deposit is one of several satellite deposits that we have
identified on the Mineral Leases and Exploration Licenses ("EL's")
we hold at the Mt. Todd gold project. In June, we announced the
discovery of an exploration target identified as MSTS-4, which is
the largest of five new geochemical/geophysical anomalies we have
identified on the EL's. We have mobilized a drill to test this and
other targets on the EL's and expect drilling to commence this
week." Mineralization at the Quigleys deposit is interpreted to
occur within a series of mineralized shears that strike north
northwest and dip 30degrees - 35degrees to the west. The main shear
extends for nearly one kilometer along the strike and has been
drilled to a vertical depth of 230 meters. The mineral resource
estimate has been defined by 632 drill holes drilled by Pegasus
Gold Australia Pty Ltd. and Billiton Australia Gold Pty Ltd. in the
late 1980s through the mid-1990s. TetraTech reviewed the integrity
of the drill hole database and developed a computer model to
estimate and classify the estimated mineral resources. The model
reflected TetraTech's geological interpretation of the deposit,
which constrained the mineralization to the shear zones using
geological information and assays from 49,178 samples obtained from
the drilling. Lower grade, erratic mineralization in the hanging
wall of the shears has not been included in the mineral resource
estimate. About Vista Gold Corp. Vista is focused on the
development of the Concordia 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. 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 and Quigleys deposits
and other targets within the Mt. Todd gold project, the successful
completion of a metallurgical testing program on ore from the
Quigleys deposit, future gold prices, future U.S.-to-Australian
dollar exchange rates, favorable effects of Mt. Todd gold 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,
the anticipated start to and the results of a drill program to test
the Quigleys deposit and other targets, the anticipated completion
and filing of 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; uncertainty of future feasibility study results; 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 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 on August 6,
2010, and other documents filed with the SEC 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. Connie Martinez at (720) 981-1185, or
visit the Vista Gold Corp. website at www.vistagold.com
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