DENVER, Nov. 7, 2011 /PRNewswire/ -- Vista Gold Corp.
(TSX & NYSE Amex Equities: VGZ) ("Vista" or the
"Corporation") is pleased to announce the appointment of
Tim Barnett as VP Project
Development. Vista also announced an additional core drilling
program at its Mt. Todd gold project in Northern Territory,
Australia, and the start of
exploration core drilling at its Guadalupe de los Reyes gold-silver project in
Sinaloa, Mexico.
Appointment of Tim Barnett as VP
Project Development
Mr. Barnett is a metallurgist with over 30 years of experience
in the mining industry. He started his career in process
plant operations and has worked for the last 15 years in project
construction, construction management and process plant
commissioning. He has had direct involvement in the following
projects: Mulatos and El Sauzal
gold projects in Mexico,
Phoenix gold project in
Nevada, Kensington gold project in
Alaska, San Bartolome gold-silver and San Cristobal silver projects in Bolivia, Tintaya copper project in
Peru, Bingham Canyon copper
project in Utah, and the Whyalla
and Skardon River projects in
Australia. Mr. Barnett will
initially be based in Vista's corporate headquarters in
Littleton, Colorado.
Fred Earnest, Vista's President
and COO, commented, "Tim Barnett
brings a wealth of metallurgical and project development experience
to Vista. Tim's immediate responsibility is the completion of
the process engineering and related studies as part of the ongoing
Mt. Todd feasibility study. In addition to Tim's appointment,
Vista has recently hired an engineering manager for its Mt. Todd
gold project and earlier this year Vista hired an environmental
manager for its Mt. Todd gold project - both positions are resident
in Australia. We believe
these personnel additions significantly strengthen our team as we
work to accelerate the development of the Mt. Todd gold
project."
Additional Core Drilling at Mt. Todd Gold Project's Batman
Deposit, Australia
With the onset of the rainy season at Mt. Todd, Vista has now
wrapped up its field exploration program on the Mt. Todd
exploration licenses, and has retained the two core drill rigs for
additional resource drilling at the Batman deposit. Reviews
of the geologic information generated by the most recently
completed drilling program at the Batman deposit and the geologic
model which was the base for the latest resource estimate,
announced on September 6, 2011
(available on SEDAR - www.sedar.com), have identified a number of
areas of estimated inferred resources lying close to or within the
currently proposed mine designs. Vista plans to use the core
drill rigs to complete an 8,500 meter drilling program at the
Batman deposit. The goal of the planned drilling is to obtain
additional sample information in the areas of the estimated
inferred resources to determine if they can be converted to
measured and indicated resource estimates. Mr. Earnest added,
"As the feasibility study has progressed, we have identified new
opportunities to expand our measured and indicated resource
estimates and are hopeful that this will result in further growth
of the estimated proven and probable reserves for this important
project."
Commencement of Exploration Drilling at Guadalupe de los Reyes, Mexico
On October 25, 2011, Vista
received the permits for its planned drilling program at its
Guadalupe de los Reyes gold-silver
project in Sinaloa, Mexico.
Vista is pleased to announce that drilling on a 12-hole core
program has started. This program is designed to accomplish
two objectives: 1) obtain core for metallurgical testing from
the stockwork that is the host for the project's current reported
estimated mineral resources, and 2) test the potential for high
gold grades and bonanza silver grades in the underlying
low-sulfidation epithermal vein systems. Mr. Earnest
commented, "Historical production in the district and the data from
the only deep holes available to us suggest that the district is
host to a system of low-sulfidation epithermal veins with the
potential for much higher gold and silver grades than those found
in the near-surface stockwork systems. If this initial core
drilling program is successful, we intend to undertake a more
comprehensive drilling program which would start in early 2012.
At this time, I am also pleased to announce that we will be
initiating work to complete a preliminary economic assessment based
on the presently defined open-pit resource in the first half of
2012."
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.
Cautionary Note to U.S. Investors Concerning Estimates of
Resources and Reserves
This press release and the reports referred to in this press
release use the terms "measured resources," "indicated resources,"
"measured & indicated resources" and "inferred 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.
"Inferred resources" have a great amount of uncertainty as to
their existence, and great uncertainty as to their economic and
legal feasibility. 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.
This press release and the reports referred to in this press
release use the terms "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.
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 estimates of mineral reserves and resources, the timing and
completion of a Feasibility Study at the Mt. Todd gold project, the
conversion of mineral resources to mineral reserves, estimates and
location of inferred resources at the Mt. Todd gold project, the
potential use of core drill rigs and the planned drilling program
at the Mt. Todd gold project, opportunities to expand measured and
indicated resource estimates, potential growth of proven and
probable reserves, the potential for higher gold and silver grades
at the Guadalupe de los Reyes
gold-silver project, the anticipated timing and completion of a
preliminary economic assessment at the Guadalupe de los Reyes gold-silver project,
the anticipated timing and completion of a comprehensive drill
program at the Guadalupe de los
Reyes gold-silver 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 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 mineral reserve and resource estimate
will not be confirmed by a new feasibility study; risks that a new
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 delays in the timing
and completion of the Mt. Todd drill program, risks related to
timing, completion and results of the preliminary economic
assessment at Guadalupe de los
Reyes gold-silver project; risks related to timing and completion
of the drilling program at Guadalupe de los Reyes gold-silver 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; 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.