Vista Gold Corp. Announces Renewal of Mt. Todd Agreement by the Northern Territory Government
01 Dezember 2010 - 1:09AM
PR Newswire (Canada)
DENVER, Nov. 30, 2010 /CNW/ -- Vista Gold Corp. ("Vista" or the
"Company") (TSX & NYSE Amex Equities: VGZ) is pleased to
announce that the agreement for the management of the Company's Mt.
Todd gold project in Northern Territory, Australia, has been
renewed for an additional five-year period. The Northern Territory
Government ("NTG") issued a media release today which is reprinted
in its entirety below: 30 November 2010 - Mount Todd Agreement
Renewed Resources Minister Kon Vatskalis announced today that the
agreement between the Northern Territory Government and Vista Gold
Corporation for the management of the Mount Todd mine, has been
renewed for a further five years. Mr. Vatskalis says the government
is pleased with Vista's performance in managing the mine over the
last four years. "This renewal represents the opportunity to turn a
legacy site inherited by the Labor Government into an operating
mine, which will provide the resources to rehabilitate the site in
the long term," he said. "The Labor Government is the first
government in Northern Territory to require a 100% rehabilitation
security bond to ensure that there are sufficient funds to prevent
this from occurring again." The Chairman and Chief Executive
Officer of Vista Gold, Mr. Mike Richings, also welcomed the renewal
of the agreement. "Our programs have focused on overcoming Mount
Todd's unique technical problems. The results so far have been
encouraging and we plan to advance and refine our plans for
restarting the mine." Mr. Richings added that his company had
developed an excellent working relationship with both Mr. Vatskalis
and the Department of Resources. Mr. Vatskalis said he was pleased
with Vista's long-term approach to the site and the commitment they
have shown to date. "Should the site prove economically viable, in
addition to the benefits of rehabilitation, there will be a
considerable economic benefit to the Katherine region," he said.
Commenting on the NTG's media release, Fred Earnest, Vista's
President and COO stated, "The renewal of our agreement with the
NTG for the management of the Mt. Todd mine for an additional five
years allows us to move forward with our development plans for this
project. This is a strong endorsement of Vista's project
development and environmental management program for the Mt. Todd
site. We are proud of the environmental accomplishments that have
been achieved with the joint cooperation of the NTG. Vista is
committed to developing the Mt. Todd gold project in a way that
continues to respect the values of the traditional landowners and
providing the environmental and operational leadership that can
result in the remediation of a legacy site through the development
of a new mine, designed and built to today's standards with the
financial guarantees to ensure the proper closure." 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. 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 future development plans at the Mt. Todd gold project, the
development of the Mt. Todd gold project in a way that respects
landowners, Vista's leadership in environmental and operational
matters at the Mt. Todd gold project, the potential for remediation
of the legacy site and the potential for a new mine at the Mt. Todd
gold project, the potential design at current standards and the
provision of financial guarantees for a mine at the Mt. Todd gold
project, the application and receipt of authorization of permits
for the construction of a new mine, 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 resource estimates, estimates of results based on
such resource estimates; risks relating to completing metallurgical
testing; risks relating to cost increases for capital and operating
costs; risks relating to delays in the completion of the drilling
program, risks related to the adequacy of the design of the
drilling program, risk regarding the PFS, risks relating to the
delays at the Mt. Todd gold project; risks related to the ability
to obtain the necessary permits, risks of shortages and fluctuating
costs of equipment or supplies; risks relating to fluctuations in
the price of gold; the uncertainty of costs associated with
remediation; the uncertainty of the quantum of financial
guarantees; 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
November 9, 2010, 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. 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. Connie
Martinez of Vista Gold Corp., +1-720-981-1185 Web Site:
http://www.vistagold.com
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