DENVER, Jan. 24, 2011 /PRNewswire/ -- Vista Gold Corp.
("Vista" or the "Company") (TSX & NYSE Amex Equities: VGZ), in
response to what it believes to be misleading media coverage in
Baja California Sur, Mexico
("BCS"), today provided an interim update on the permitting process
for its Concordia gold project in
BCS. Vista is proceeding with Concordia's development in accordance with
federal mining and environmental laws and continues to be in
compliance with all statutory obligations and responsibilities in
BCS.
Fred Earnest, Vista's President
and COO commented: "Based on our ongoing dialogue with officials in
the Secretariat of Environment and Natural Resources, the
Secretariat of Agrarian Reform, the General Direction of Mines of
the Secretariat of Economy, ProMexico and our advisors in
Mexico, we remain confident of our
legal right to advance and permit this important project. We
are actively pursuing all avenues to advance the project through
the remaining permitting stages. Consistent with previous
disclosure, we cannot be certain of the timing to complete the
permitting process. Vista will allocate the appropriate
levels of project expenditure while permitting efforts
continue."
Vista believes that the Concordia gold project has been designed to
comply not only with applicable Mexican legislation, but with the
highest international standards for the protection of the
environment and the health and safety of the proposed workforce and
members of the local communities. When all permits and
approvals are in place, Vista intends to invest more than
US$200 million to construct a modern
mining facility that is expected to provide jobs for 400 to 600
workers during construction and 300 full-time employees during the
project's life. Vista's plan to construct a desalination
plant is designed to satisfy the project's water needs without
compromising the quality and supply of existing sources of water
for local communities. Upon closure of the project, the
desalination plant is intended to become a long-term, fresh water
source for the communities neighboring the project area. The
Company continues to work actively with communities in the project
area and enjoys strong support from the local community.
Mr. Earnest continued: "Vista is a gold portfolio company
offering its shareholders exposure to several advanced, large and
potentially highly prospective gold mining development
opportunities. In addition to maintaining our efforts at
Concordia, we intend to bring to
bear increased effort in 2011 on the other important assets in the
Company's portfolio. We plan to advance the development of
the Mt. Todd gold project in Australia, including the planned completion of
a bankable feasibility study by the end of 2011. In addition, we
are accelerating our plans to unitize our assets in the
Yellow Pine - Stibnite district in
Idaho, through a proposed business
combination with Midas Gold Inc. to create a significant new, gold
exploration company. We will continue to provide updates on
all of our gold projects as information becomes available."
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 potential outcome of Vista's efforts to permit the
Concordia gold project, Vista's
intention to continue with the development of the Concordia gold project, the timing to complete
the permitting process for the Concordia gold project, expected future
expenditures on the Concordia gold
project, the cost of the potential development of the Concordia gold project, the number of expected
jobs to be created for the development and operation of the
Concordia gold project, the future
water need of the Concordia gold
project and the effectiveness of the project's design to meet those
water needs, the intended future use of the desalination plant at
the Concordia gold project, the
planned focus of the Company's resources and efforts in the fiscal
year 2011, the completion of a Mt. Todd pre-feasibility study by
the end of 2011, and the completion and outcome of the proposed
Yellow Pine and Midas transaction
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 related to the permitting
process for the Concordia project,
risks related to the political and social environment in Baja Sur
California, Mexico and the effects
on the Concordia project, risks
related to Vista's rights to advance the Concordia project to development, risks
related to actual costs for development of the Concordia project, risks related to increased
future water needs and the design and implementation of the
project's plan to meet those needs, 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 Mt. Todd gold project; risks relating to projected cost
increases at the Concordia gold
project for capital and operating costs including cost of power and
water; risks relating to delays at the Concordia and Mt. Todd gold projects; 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 November 9, 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.
For further information, please contact Connie Martinez at (720) 981-1185, or visit the
Vista Gold Corp. website at www.vistagold.com
SOURCE Vista Gold Corp.