Vista Gold Corp. Comments on Concordia Gold Project Permitting Process
24 Januar 2011 - 3:25PM
PR Newswire (Canada)
DENVER, Jan. 24, 2011 /CNW/ -- 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 Connie Martinez of Vista Gold Corp.,
+1-720-981-1185 Web Site: http://www.vistagold.com
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