Vista Gold Corp. Reviews Mt. Todd Development Plans With Northern Territory Officials and Announces Filing of New Preliminary Fe
09 Februar 2011 - 2:32AM
PR Newswire (Canada)
DENVER, Feb. 8, 2011 /CNW/ -- 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. Connie Martinez of Vista Gold Corp.,
+1-720-981-1185 Web Site: http://www.vistagold.com
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