DENVER, Sept. 6, 2011 /PRNewswire/ -- Vista Gold Corp.
("Vista" or the "Company") (TSX & NYSE Amex Equities: VGZ)
today announced the results of a new mineral resource estimate for
the Batman deposit at the Company's Mt. Todd gold project in
Northern Territory, Australia.
The new mineral resource estimate includes all previous
drilling information plus the results from the 2010-2011 drilling
program, which were previously announced by the Company on
June 27, 2011. The total
mineral resource estimate for the Batman deposit is now 5.98
million ounces of measured and indicated mineral resources(1) and
2.61 million ounces of inferred mineral resources(2).
The new mineral resource estimate, as presented in the following
table, represents a 23% increase in measured mineral resources(1)
of 353,000 ounces of gold and a 14% increase in indicated mineral
resources(1) of 506,000 ounces of gold resulting in a combined 17%
increase in measured and indicated mineral resources(1). The
gold resource estimate for the Batman deposit as of September 2, 2011, reported at a cutoff grade of
0.40 grams of gold per tonne (0.015 ounces gold per ton), the same
cut-off grade as the previous estimate, is set out below. The
estimate was prepared using GEMCOM software and used whole block
kriging to estimate block values.
Resource
Classification
|
Metric
Tonnes
(x1000)
|
Average
Grade (grams/tonne)
|
Short
Tons
(x1000)
|
Average
Grade (ounces/ton)
|
Contained
Gold Ounces (x1000)
|
|
Measured (1)
|
67,166
|
0.88
|
74,017
|
0.0256
|
1,896
|
|
Indicated (1)
|
154,836
|
0.82
|
170,629
|
0.0240
|
4,087
|
|
Measured &
Indicated (1)
|
222,022
|
0.84
|
244,668
|
0.0245
|
5,983
|
|
Inferred (2)
|
103,563
|
0.78
|
114,126
|
0.0229
|
2,610
|
|
|
|
|
|
|
|
Fred Earnest, President and COO
of Vista, stated, "We are very pleased, once again, to announce
increased estimated gold resources at the Batman deposit. We have
added estimated resources in all categories (measured(1),
indicated(1) and inferred(2)) increasing the total estimated gold
resources by 1.23 million ounces of gold. A portion of the increase
in the estimated measured and indicated mineral resources(1)
reflects the conversion of inferred mineral resources(2) in the
vicinity of the pit envelope designed for the Preliminary
Feasibility Study. As a result, we are hopeful that the new
mine plan, which is being completed as part of the Definitive
Feasibility Study currently underway, will result in both further
improved project economics as well as increased estimated mineable
reserves(3)."
The updated gold resource estimate was completed on September 2, 2011, by Tetra Tech of Golden, Colorado, pursuant to Canadian
National Instrument 43-101 ("NI 43-101"). This updated gold
resource estimate was completed by or under the supervision of Dr.
Rex Bryan, SME Registered Member, an
independent Qualified Person (as defined in NI 43-101), utilizing
standard industry software and resource estimation methodology.
Dr. Bryan has reviewed and verified the technical and
scientific information contained in this press release.
Previous technical reports contain extensive geologic and
technical information related to the deposit for which the estimate
is prepared. The last technical report was filed on SEDAR on
February 7, 2011, and is entitled
"10.65 Mtpy Preliminary Feasibility Study - NI 43-101 Technical
Report - Mt. Todd Gold Project - Northern Territory, Australia" and is dated January 28, 2011. The updated resource estimate
incorporates the results of 9,635 new assay intervals from 15 drill
holes (all core holes) totaling 8,906.31 meters drilled by Vista in
2010-11 with sample preparation and assaying completed by ALS
Chemex. These results are in addition to the results of
118,550 assay intervals from 756 drill holes (250 core, 435 reverse
circulation, 70 rotary drill holes, and 1 percussion drill hole)
completed previously by BHP Resources Pty Ltd., Zapopan NL, Pegasus
Gold Australia Pty Ltd. and Vista, which were used in the previous
updates of the Mt. Todd mineral resource estimate. Vista
completed a preliminary feasibility study for the project, the
results of which were announced on January
4, 2011. The press release and full technical report are
available on Vista's website (www.vistagold.com). We expect
to file on SEDAR a technical report for the updated resource
estimate on or about October 20,
2011.
About Vista Gold Corp.
Vista is focused on the development of its Mt. Todd gold project
in Northern Territory, Australia,
and its Concordia gold project in
Baja California Sur, Mexico, to
achieve its goal of becoming a gold producer. After Midas'
IPO, Vista holds approximately 30% of Midas, which has a large
exploration property in Idaho,
including the Yellow Pine property
previously held by Vista. 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 resource estimates, please visit our website at
www.vistagold.com.
(1) Cautionary Note to U.S. Investors concerning estimates of
Measured and Indicated Resources: This press release and the
reports referred to in this press release use the terms "measured
resources," "indicated resources" and "measured & indicated
resources." We advise U.S. investors that while these terms are
Canadian mining terms as defined in accordance with Canadian
National Instrument 43-101 ("NI 43-101") – Standards of
Disclosure for Mineral Projects and the Canadian Institute of
Mining, Metallurgy and Petroleum ("CIM") - CIM Definition
Standards on Mineral Resources and Mineral Reserves, adopted by
the CIM Council, as amended (the "CIM Standards"), such definitions
differ from the definitions in U.S. Securities and Exchange
Commission ("SEC") Industry Guide 7 and are normally not permitted
to be used in reports and registration statements filed with the
SEC. 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.
The term "contained gold ounces" used in this press release
is not permitted under the rules of the SEC. 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.
(2) Cautionary Note to U.S. Investors
concerning estimates of Inferred Resources: This
press release and the reports referred to in this press release use
the term "Inferred Resources." We advise U.S. investors that while
this term is a Canadian mining term as defined in accordance with
NI 43-101 and the CIM Standards, this term is not a defined term
under SEC Industry Guide 7 and is 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 Resource will ever be upgraded to a higher category. 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.
The term "contained gold ounces" used in this press release
is not permitted under the rules of the SEC. U.S.
investors are cautioned not to assume that any part
or all of an Inferred Resource exists or is
economically or legally
minable.
(3) Cautionary Note to U.S. Investors
concerning estimates of Reserves: This press
release and the reports referred to in this press release use the
term "proven and probable reserves" and "mineral reserves". We
advise U.S. investors that while these terms are Canadian mining
terms as defined in accordance with NI 43-101 and the CIM
Standards, 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 this category
will ever be converted into SEC Industry Guide 7 reserves.
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 estimates of mineral reserves and resources, the timing and
completion of an updated technical report, the conversion of
mineral resources to mineral reserves, the potential improvement of
project economics and increased mineable reserves, the potential
for gold resources in the Batman deposit and other targets within
the Mt. Todd gold project, the timing and completion of a Mt. Todd
definitive feasibility study on the Batman deposit, 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 reserve and resource
estimates, estimates of results based on such reserve and resource
and reserve estimates; risks relating to scheduling for a
feasibility study; risks that a new technical report will not be
filed within 45 days or at all; risks that mineral reserve and
resource estimate will not be confirmed by a new pre-feasibility
study; risks that a new pre-feasibility study will contain other
risk factors important to investors; risks relating to cost
increases for capital and operating costs including cost of power;
risks relating to delays at the Mt. Todd gold project; risks
related to decreased efficiencies from the high pressure grinding
roll technology, risks related to copper affecting the leaching at
the Mt. Todd gold project, risks related to the generation and sale
of electricity produced at the Mt. Todd gold project to cover
reclamation costs, risks related to the ability to economically
recover lime from lime-stone deposits 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 14, 2011, and
Quarterly Report on Form 10-Q as filed August 9, 2011 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.