DENVER, Feb. 8, 2011 /PRNewswire/ -- Vista Gold Corp.
("Vista" or the "Company") (TSX & NYSE Amex Equities: VGZ)
reported today on its recent meetings with officials of the
Northern Territory Government, Australia (the "Territory Government"), to set
development objectives for ongoing site management and permitting
activities for the Company's Mt. Todd gold project.
Vista acquired the Mt. Todd gold project in February 2006. As part of its acquisition,
Vista entered into an agreement (the "Agreement") with the
Territory Government. As part of the Agreement, the Territory
Government agreed to maintain liability for the brownfields site
rehabilitation on the Mt. Todd gold project, until Vista receives
the permits to proceed with the development of the Mt. Todd gold
project, and Vista agreed to undertake comprehensive environmental,
technical and economic studies for the potential redevelopment of
the Mt. Todd gold project. The initial term of the Agreement
was for a five-year period commencing January 1, 2006. During the initial period
of the Agreement, in addition to fulfilling its obligations as the
manager of the site, Vista successfully completed environmental
evaluations, exploration programs and various technical studies.
Significant achievements during this period include:
- Completion of a preliminary environmental assessment of the Mt.
Todd gold project,
- Improvements to the water management plan and surface water
quality monitoring program,
- Implementation of a site environmental management plan
consistent with Territory Government policies,
- Completion of drilling programs totaling approximately 18,000
meters,
- Completion of technical studies which reported a significant
growth in NI 43-101 mineral resources of the project and two
favorable preliminary feasibility studies with the associated
reporting of NI 43-101 mineral reserves, and
- The design, construction and ongoing operation of a water
treatment facility.
As a result of the positive preliminary feasibility studies,
Vista exercised its option to extend the Agreement for an
additional five-year period in November
2010. Since acquisition of the Mt. Todd gold project
in 2006, Vista has invested $18
million to advance the project.
During recent meetings with Territory Government officials in
Darwin, Australia, Vista
executives briefed the Territory Government on recent activities at
the Mt. Todd gold project and presented Kon Vatskalis, Minister for
Resources, with a copy of Vista's January
2011 Preliminary Feasibility Study for the development of
the Mt. Todd gold project. The Company also briefed Minister
Vatskalis on the Company's planned development activities for 2011
which are expected to include further environmental, technical and
economic studies intended to advance the project to final
feasibility. Vista executives also met with environmental
officials of the Territory Government and indicated that the
Company intends to initiate the environmental permitting process
for the project in the second quarter of this year.
Fred Earnest, Vista's President
and Chief Operating Officer said: "We have had a series of
productive meetings with Minister Vatskalis, other senior
government officials and technical officers in various departments,
and feel we have outlined an effective program for the ongoing
management of the Mt. Todd gold project, initiation of the
environmental permitting process, and the completion of other
technical studies required for the further development of the Mt.
Todd gold project. As with all of our projects, we are
committed to the highest standards of responsible resource
development and believe that the development of the Mt. Todd gold
project will benefit the Northern Territory through the creation of
jobs, direct and indirect revenues, and long-term, comprehensive
environmental management and remediation."
In a separate media release issued by Minister Vatskalis, the
Territory Government expressed their continued support for Vista's
management and ongoing development of the Mt. Todd gold project,
noting that, "Resources Minister Kon
Vatskalis today welcomed an announcement by Vista Gold that
they will commence the next step in its feasibility study of the
former Mount Todd Mine site and begin the process of obtaining the
necessary environmental permits for the project." Minister
Vatskalis went on to say, "I welcome Vista Gold's enthusiasm
towards this project as its development would create jobs for the
Territory and assist in the rehabilitation of the site in the
future." The full Territory Government media release can be
found at the Company's website, www.vistagold.com.
On January 4, 2011, the Company
announced the results of a new Preliminary Feasibility Study for
the Mt. Todd gold project. The complete study can now be
found on SEDAR at www.sedar.com.
About Vista Gold Corp.
Vista is focused on the development of the Mt. Todd gold project
in Northern Territory, Australia,
and the Concordia gold project in
Baja California Sur, Mexico, 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, planned development activities at the Mt. Todd gold project,
including, planned environmental, technical and economic studies
and a final feasibility study, planned timing and anticipated
results of environmental permitting at the Mt. Todd gold project,
anticipated benefits to the Northern Territory from the development
of the Mt. Todd gold project, including the creation of jobs,
direct and indirect revenues, and the results of long-term
comprehensive environmental management and remediation, estimates
of mineral resources, the conversion of inferred mineral resources
to measured and indicated resources, the conversion of mineral
resources to mineral reserves, the potential to expand the resource
base at the Mt. Todd gold project, the potential to enhance the
project economics of the Mt. Todd gold project through engineering
studies and the drill program, the anticipated timing, design and
expected results of the drill program at the Mt. Todd gold project,
the timing for commencement and results of the definitive
feasibility study for the Mt. Todd gold project; the confirmation
of the metallurgical parameters of the Mt. Todd gold project,
favorable effects of Mt. Todd gold project economics, 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 anticipated development
activities at the Mt. Todd gold project, risks related to the
timing and the ability to obtain the necessary permits 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 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.
Without limiting the foregoing, this press release and the
pre-feasibility study referenced in this press release, use terms
that comply with reporting standards in Canada and certain estimates are made in
accordance with Canadian National Instrument NI 43-101 ("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. This press release and the
pre-feasibility study referenced in this press release use the
terms "mineral resources", "measured resources", "indicated
resources," "measured and indicated resources" and "inferred
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. "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. This press release
and the pre-feasibility study referenced in this press release use
the terms "mineral reserves" and "proven and probable 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 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 these categories will ever
be converted into SEC Industry Guide 7 reserves.
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.