Vista Gold Corp. Announces Appointment of John Rozelle as VP Technical Services and the Execution of an Additional Option Agreem
15 Juni 2011 - 1:06AM
PR Newswire (Canada)
DENVER, June 14, 2011 /CNW/ -- Vista Gold Corp. ("Vista" or the
"Corporation") (NYSE Amex and TSX: VGZ) is pleased to announce that
Mr. John W. Rozelle has been appointed VP Technical Services and
will be based in Vista's corporate office in Littleton. Mr. Rozelle
is an economic and mining geologist with more than 30 years of
experience. Most recently Mr. Rozelle was the manager of the
mineral resource division of Tetra Tech. He has personal experience
with more than 100 gold projects and other metal projects in 48
countries. Mr. Rozelle holds a BA in Geology from the State
University of New York at Plattsburgh and a MS in Geochemistry from
the Colorado School of Mines and is a Qualified Person as defined
by National Instrument 43-101. Fred Earnest, Vista's President and
COO of the Corporation, commented, "We are very pleased to have
John Rozelle join our team. John's proven ability to manage
technical studies coupled with his global gold project experience
strengthens our Mt. Todd gold project feasibility study and
development team and will increase our overall technical skills, so
that we can take better advantage of potential acquisition
opportunities going forward." Additionally, Vista announced that on
June 13, 2011, the Corporation's wholly-owned subsidiary, Vista
Gold (Barbados) Corp. ("Vista Barbados") entered into an
acquisition of additional option agreement ("Additional Option
Agreement") with Pan Asia Resources Corp. ("Pan Asia"). The
Additional Option Agreement provides Pan Asia with the opportunity
to earn an additional 20% interest in the Corporation's Awak Mas
gold project in Indonesia after it has earned a 60% interest in the
project pursuant to the JV Agreement (as defined below). Pan Asia
can acquire the additional 20% interest by (a) making cash payments
totaling US$2,500,000 over the next nine months; (b) issuing shares
with a value equal to US$2,000,000 or making a cash payment of
US$2,000,000 within 12 months, depending on whether Pan Asia
completes an initial public offering; and (c) carrying out a 5,000
meter drilling program in an area outside of the current project
resource area within 18 months. As previously announced, in
December 2009, Pan Asia and Vista Barbados executed a joint venture
agreement ("JV Agreement") allowing Pan Asia to earn a 60% interest
in the project by: (a) expending US$3,000,000 on the project within
a specified period of time; (b) completing an environmental impact
assessment and feasibility study (in compliance with Canadian
National Instrument 43-101); and (c) issuing to Vista 2,000,000
shares of Pan Asia and the right to purchase up to an additional
2,000,000 shares of Pan Asia in the event Pan Asia completes an
initial public offering of its shares. If Pan Asia completes the
undertakings required in the JV Agreement and the Additional Option
Agreement, Pan Asia will hold an 80% interest in the Awak Mas gold
project. Referring to the Pan Asia transaction, Mr. Earnest added,
"Pan Asia has demonstrated their ability to advance the Awak Mas
gold project and conduct business in Indonesia effectively. If Pan
Asia is successful in developing the Awak Mas gold project we will
have the opportunity to participate with a 20% direct interest in
the project and through our ownership in Pan Asia. Currently we own
4.4% of the issued and outstanding shares of Pan Asia. The
Additional Option Agreement will provide some additional capital
for Vista and further enable us to maintain our focus on the
development of the Mt. Todd gold project in Australia, finalizing
the permitting at the Concordia gold project and progressing our
new exploration program we have initiated at our Guadalupe de los
Reyes exploration project in Mexico." 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 holds approximately 34% of the outstanding shares
of Midas Gold Corp., a private exploration company, which has a
large exploration property in Idaho, including the Yellow Pine
property previously held by the Corporation. Vista's other holdings
include the Guadalupe de los Reyes gold-silver project in Mexico,
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 mineral resource estimates, please
visit our website at www.vistagold.com. 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, potential acquisition opportunities of
the Corporation, payment by Pan Asia of the US$4.5 million over the
next twelve months, completion by Pan Asia of the 5,000 meter
drilling program at Awak Mas gold project, Pan Asia's development
of the Awak Mas gold project, the anticipated focus of the Company
on the Mt. Todd gold project, finalizing permitting at the
Concordia gold project, expected progress on the exploration
program at Guadalupe de los Reyes, and other such matters are
forward-looking statements and forward-looking information. When
used in this press release, the words "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, the availability of
attractive acquisition opportunities, ability of Pan Asia to make
cash payments, success of Pan Asia on its exploration and
development plans, general market conditions, conducting work in
Indonesia as well as those factors discussed under the headings
"Note Regarding Forward-Looking Statements" and "Risk Factors" in
Vista's latest Annual Report on Form 10-K as filed on March 14,
2011, and other documents filed with the SEC 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. For further information, please contact Connie
Martinez at (720) 981-1185. Web Site: http://www.vistagold.com
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