Vista Gold Corp. Announces Increased Estimated Gold Resources at the Batman Deposit at its Mt. Todd Gold Project, Northern Te...
06 September 2011 - 2:01PM
PR Newswire (Canada)
DENVER, Sept. 6, 2011 /CNW/ -- 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. Average Contained Average Grade Grade Gold
Metric (grams/ (ounces/ Ounces Resource Tonnes tonne) Short Tons
ton) (x1000) Classification (x1000) (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 & 222,022 0.84 244,668 0.0245 5,983 Indicated
(1) 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 Web Site: http://www.vistagold.com
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