DENVER, Oct. 7, 2011 /PRNewswire/ -- Vista Gold
Corp. (TSX & NYSE Amex Equities: VGZ) ("Vista"
or the "Company") would like to clarify its disclosure in a
presentation (the "Prior Presentation") made at the Denver
Gold Forum in Colorado Springs,
Colorado, and previously available on the Company's website.
Certain disclosure was not compliant with sections
2.2(a), 2.2(c), and 3.4 of Canadian National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI
43-101") because it aggregated measured and indicated resources
with inferred resources and did not provide required supporting
information and cautionary language. In addition, the Prior
Presentation contained certain disclosure that was not compliant
with section 2.3(1)(a) of NI 43-101 because it disclosed the
potential mineral content of a deposit without the disclosure
required by section 2.3(2) of NI 43-101. Also, non NI 43-101
compliant disclosure of an estimate of gross metal value was
included in the Prior Presentation. The Prior Presentation
did not state the name and relationship to the Company of each
qualified person responsible for preparing the technical
information disclosed in the Prior Presentation as required by
section 3.1 of NI 43-101. A new corporate presentation dated
October 2011 (the "Corporate Presentation") is available on
the Company's website, which does not contain the non-compliant
disclosure.
In the interest of complete disclosure and to avoid any possible
confusion, Vista presents below its current estimated mineral
resources and reserves for all of its projects.
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Vista Gold Corp. Estimated Total
Gold Resources
(5 Projects)
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Resource
Classification
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Contained
Gold Ounces
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Measured (1)
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2,993,000
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Indicated (1)
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8,639,000
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Measured & Indicated
(1)
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11,632,000
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Inferred (2)
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4,473,000
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Vista Gold Corp. Estimated Total
Silver Resources
(1 Project)
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Resource
Classification
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Contained Silver
Ounces
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Indicated (1)
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8,314,000
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Inferred (2)
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9,426,000
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Vista Gold
Corp. Estimated Gold Reserves by Project
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Mineral
Reserve Classification
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CutOff
Grade
(g/t)
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Metric
Tonnes
(x1000)
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Average
Grade (g/t)
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Contained
Gold
Ounces
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Mt. Todd
Gold Project – Batman Deposit
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Proven (3)
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0.4
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48,961
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0.91
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1,431,000
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Probable (3)
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0.4
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100,914
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0.83
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2,681,000
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Proven and Probable
(3)
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0.4
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149,875
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0.85
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4,112,000
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Concordia Gold
Project
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Proven(3)
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0.4
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7,147
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1.17
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268,000
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Probable(3)
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0.4
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30,801
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1.06
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1,047,000
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Proven and
Probable(3)
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0.4
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37,948
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1.08
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1,315,000
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The foregoing estimated mineral reserves are included in the
estimated mineral resources disclosed in this press release.
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Vista Gold
Corp. Estimated Gold Resources by Project (with silver
resources as noted)
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Mineral
Resource Classification
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CutOff
Grade
(g/t)
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Metric
Tonnes
(x1000)
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Average
Grade (g/t)
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Contained
Gold
(Silver) Ounces
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Mt. Todd
Gold Project – Batman Deposit
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Measured (1)
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0.4
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67,166
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0.88
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1,896,000
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Indicated (1)
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0.4
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154,836
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0.82
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4,087,000
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Measured & Indicated
(1)
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0.4
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222,002
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0.84
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5,983,000
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Inferred (2)
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0.4
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103,563
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0.78
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2,610,000
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Mt. Todd Gold Project – Quigleys
Deposit
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Measured (1)
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0.5
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511
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1.04
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17,000
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Indicated (1)
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0.5
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5,565
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0.91
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162,000
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Measured & Indicated
(1)
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0.5
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6,076
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0.92
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179,000
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Inferred (2)
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0.5
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9,057
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0.95
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277,000
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Concordia Gold
Project
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Measured (1)
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0.4
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9,390
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1.10
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332,000
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Indicated (1)
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0.4
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61,216
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0.91
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1,787,000
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Measured & Indicated
(1)
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0.4
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70,606
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0.93
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2,119,000
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Inferred (2)
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0.4
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7,694
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0.64
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158,000
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Guadalupe de los Reyes
Gold/Silver Project
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Indicated (1)
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0.5
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10,048
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1.50
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484,000
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Indicated Silver
(1)*
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*
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10,048
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25.74
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8,314,000
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Inferred (2)
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0.5
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4,888
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2.02
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317,000
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Inferred
Silver(2)*
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*
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4,888
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59.98
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9,426,000
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Long Valley Gold
Project
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Measured (1)
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0.34
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24,128
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0.58
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452,000
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Indicated (1)
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0.34
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37,810
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0.62
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759,000
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Measured & Indicated
(1)
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61,938
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0.61
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1,211,000
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Inferred (2)
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0.34
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29,858
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0.58
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572,000
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Awak Mas Gold
Project
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Measured (1)
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0.5
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7,084
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1.30
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296,000
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Indicated (1)
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0.5
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34,609
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1.22
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1,360,000
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Measured & Indicated
(1)
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41,693
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1.24
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1,656,000
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Inferred (2)
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0.5
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20,425
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0.82
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539,000
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* The Guadalupe de los Reyes
silver resources were estimated using the calculated silver grades
of the material within the respective categories above using a gold
cutoff grade of 0.5 g/t.
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Independent qualified persons (as defined in NI 43-101) prepared
or supervised the preparation of the mineral resource estimates
contained in this press release. For additional information
on these mineral resource estimates and our projects, see the
following press release and technical reports, each of which is
available on SEDAR and on the Company's website:
- The Company's press release dated September 6, 2011, setting out an updated
mineral resource estimate on our Mt. Todd Gold Project, which was
prepared by or under the supervision of Dr. Rex Bryan, SME Registered Member, an independent
qualified person (as defined in NI 43-101). We expect to file a NI
43-101 the supporting technical report by October 20, 2011, which will be available on
SEDAR and on our website;
- "10.65 MTPY Preliminary Feasibility Study, NI 43-101 Technical
Report, Vista Gold Corp., Mt. Todd Gold Project, Northern
Territory, Australia," dated
January 28, 2011, prepared by or
under the supervision of John W.
Rozelle, D. Erik Spiller,
Stephen A. Krajewski, and
Edwin C. Lips of Tetra Tech MM,
Inc., Thomas L. Dyer, Mine
Development Associates and Deepak
Malhotra, Resource Development Inc., each an independent
qualified person (as defined in NI 43-101);
- "Preliminary Feasibility Study, NI 43-101 Technical Report,
Vista Gold Corp., Mt. Todd Gold Project, Northern Territory,
Australia," dated October 1, 2010, prepared by or under the
supervision of John Rozelle,
D. Erik Spiller, Stephen A. Krajewski, and Edwin C. Lips of Tetra Tech MM, Inc.,
Thomas L. Dyer, Mine Development
Associates and Deepak Malhotra,
Resource Development Inc., each at the time of the preparation of
the report, an independent qualified person (as defined in NI
43-101);
- "Feasibility Study Update, NI 43-101 Technical Report, Vista
Gold Corp., Paredones Amarillos Gold Project, Baja California Sur, Mexico," dated
September 1, 2009 prepared by or
under the supervision of Terry Braun
of SRK Consulting (US), Inc., Steven
Ristorcelli and Thomas Dyer
of Mine Development Associates, Deepak
Malhotra of Resource Development Inc. and David Kidd of Golder Associates Inc., each an
independent qualified person (as defined in NI 43-101);
- "Technical Report for the Guadalupe de los Reyes Gold-Silver
Project, Sinaloa, Mexico," dated
August 12, 2009 and amended and
restated on December 11, 2009
prepared by or under the supervision of Leonel Lopez of Pincock, Allen & Holt, an
independent qualified person (as defined in NI 43-101);
- "Technical Report, Preliminary Assessment, Long Valley Project,
Mono County, California, USA,"
dated January 9, 2008 prepared by or
under the supervision of Neil Prenn
and Thomas Dyer of Mine Development
Associates, and Deepak Malhotra of
Resource Development Inc., each an independent qualified person (as
defined in NI 43-101); and
- "Preliminary Assessment, Awak Mas Gold Project, Sulawesi,
Indonesia," dated January 16, 2008 prepared by or under the
supervision of John Rozelle, of
Gustavson Associates, LLC, at the time of the preparation of the
report, an independent qualified person (as defined in NI
43-101).
Retraction of Previous Presentation: The Company
has withdrawn the Prior Presentation from the website and has
replaced it with the Corporate Presentation, disclosing the
Company's estimated mineral resources and reserves compliant with
NI 43-101.
Cautionary Note Regarding Public Disclosure: In
those instances where the Company has retracted, revised, clarified
or updated previous disclosure, the Company advises the recipients
of such disclosure not to rely on such statements to the extent
that they may continue to be found in the public domain.
The technical information contained in this news release has
been reviewed and approved by Vista's Vice President of
Exploration, Mr. Frank Fenne P.G.,
who is a qualified person (as defined in NI 43-101).
(1)
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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 NI 43-101 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.
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(2)
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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.
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(3)
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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.
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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 the
initial public offering of the common shares of Midas, Vista holds
approximately 30% of Midas' common shares, 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.
Forward-Looking Statement
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 resources and reserves, the timing and
completion of an updated technical report, the high in situ
potential value of resources at the Guadalupe de los Reyes project,
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 and reserve estimates, estimates of results based on
such resource and reserve estimates; risks relating to scheduling
for a technical study; risks that a new technical report will not
be filed within 45 days or at all; risks relating to cost increases
for capital and operating costs including cost of power; 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; 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.
SOURCE Vista Gold Corp.