Vista Gold Corp. Provides Update on Feasibility Study and Drilling at its Mt. Todd Gold Project, Australia, and Drilling at i...
04 Dezember 2011 - 2:57AM
PR Newswire (Canada)
DENVER, Dec. 6, 2011 /CNW/ -- Vista Gold Corp. ("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. font size="2"
face="Arial"For further information, please contact Connie Martinez
at (720) 981-1185./font Vista Gold Corp. CONTACT: Web Site:
http://www.vistagold.com
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