Vista Gold Corp. Announces the Appointment of a New VP Project Development, Additional Drilling at Its Mt. Todd Gold Project,...
04 November 2011 - 3:58PM
PR Newswire (Canada)
DENVER, Nov. 7, 2011 /CNW/ -- Vista Gold Corp. ("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. Vista Gold Corp.
CONTACT: Web Site: http://www.vistagold.com
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