DENVER, Dec. 6, 2011 /PRNewswire/ -- Vista Gold Corp.
(TSX & NYSE Amex Equities: VGZ) ("Vista" ) is pleased to
provide an update of activities at its Mt. Todd gold project in
Northern Territory, Australia, and
Guadalupe de los Reyes gold-silver
project in Sinaloa, Mexico.
Mt. Todd Feasibility Study
Vista now expects to complete a feasibility study for the Mt.
Todd gold project in the first quarter of 2012 and will announce
the results as soon as they are available. Recently completed
metallurgical testing has resulted in further process improvement
and optimization. Additional metallurgical testing is being
undertaken to assess the recovery and economic results of the newly
optimized operating parameters on a series of samples
representative of the Mt. Todd deposit.
Vista's President and COO, Fred
Earnest, commented, "We have long understood the importance
of the hardness of the Mt. Todd ore and have been very thorough in
determining the most effective and efficient process flow
sheet. High pressure grinding roll (HPGR) tests completed by
Polysius (one of the leading manufacturers of HPGR crushers) in
Germany have confirmed the
positive results of our previous testwork. Many of the principal
parts of the feasibility study are now complete and the additional
metallurgical testing, which we hope will have positive results,
has caused a minor delay in the completion of the feasibility
study. We are committed to delivering a feasibility study of the
highest quality and feel that additional testwork at this late
stage will add value and provide a greater degree of confidence
with respect to recovery and processing costs."
Mt. Todd Core Drilling
Vista currently has two core rigs drilling at the Batman
deposit. As announced on November 7,
2011, Vista is undertaking a 8,500 meter program with the
goal of re-classifying part of the estimated inferred resources
lying close to or within the limits of the feasibility study pit
shape to measured and indicated resources. As of this date
1,585 meters have been drilled in 3 drill holes. This
drilling program is expected to continue through the first quarter
of 2012.
Mr. Earnest explained, "As follow-up to the ongoing feasibility
study, we used the study's ultimate pit design parameters to design
an economic pit shape that incorporated both the current measured
and indicated resource estimates, as well as, the inferred resource
estimate described in our September 6,
2011 press release. We hope that the new drilling will
result in a significant reclassification of estimated inferred
resources within the economic pit shape to estimated measured and
indicated resources. Following completion of the drilling
program, we plan to complete new resource and reserve estimates for
the Batman deposit."
Exploration Drilling at Guadalupe de los Reyes
Drilling at the Guadalupe de
los Reyes gold-silver project is progressing well. As
previously announced, this program is designed to accomplish two
objectives: 1) obtain core for metallurgical testing from the
stockwork portion of the deposits that is the host for the
project's currently 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.
Thus far, a total of 1,118 meters have been drilled in 8 diamond
core holes. Core from the first 6 holes has been logged, cut
and shipped to ALS Chemex in Hermosillo,
Mexico, for sample preparation. Vista expects to
announce the first assay results in the first quarter 2012.
Vista's VP of Exploration, Frank
Fenne, commented, "Each of the drill holes completed to date
has intersected the stockwork or low-sulfidation epithermal vein
style mineralization that we expected. We have completed the
initial drill holes designed to obtain core for metallurgical
testing and have completed our Phase I drilling on the Guadalupe
West vein and have initiated drilling on the Laija vein. We
plan to test the Zapote,
Noche Buena and San Miguel vein systems prior to the
completion of this program. Drilling will be suspended on
December 16, 2011 for the holidays
and is planned to resume on January
9, 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 Gold Corp.
("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,
completion and announcement of a Feasibility Study at the Mt. Todd
gold project, the timing and results of metallurgical testing at
the Mt. Todd gold project, the conversion of inferred resources to
measured and indicated resources, location of inferred resources at
the Mt. Todd gold project, timing and completion of the drilling
program at the Mt. Todd gold project, potential growth of proven
and probable reserves, timing and completion of an updated resource
and reserve estimate at the Mt. Todd gold project, the anticipated
timing and completion of assay results from drilling 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 the timing and completion of the Feasibility Study at
the Mt. Todd gold project; risks related to the timing and results
of metallurgical testing at the Mt. Todd gold project; risks
related to timing, completion and results of the assays at the
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 November 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.