Vista Gold Corp. Announces Retirement of Michael B. Richings and Appointment of Frederick H. Earnest as Chief Executive Officer
03 Januar 2012 - 2:01AM
PR Newswire (Canada)
DENVER, Jan. 3, 2012 /CNW/ - The Board of Directors of Vista
Gold Corp. ("Vista" or the "Corporation") is pleased to announce
that effective January 1, 2012, Frederick H. Earnest, President and
Chief Operating Officer of the Corporation was appointed to the
role of Chief Executive Officer. Mr. Earnest's new title will be
President and Chief Executive Officer of the Corporation. Mr.
Earnest's appointment follows the retirement of Michael B. Richings
as Executive Chairman and Chief Executive Officer. Mr. Richings
will continue to be actively involved with Vista in his role as a
director and the Chairman of the Board of Directors. Mr. Richings,
who returned to serve as the Chief Executive Officer of the
Corporation in 2004, leaves a legacy of creating shareholder
value. Following the acquisition of Vista's flagship Mt. Todd
gold project in 2006, Mr. Richings conceived and led the
transaction that resulted in the formation of Allied Nevada Gold
Corp. ("ANV") and a significant distribution of value to the
Corporation's shareholders in the form of ANV shares. Mr.
Richings was also integral to the recent contribution of the
Corporation's Yellow Pine project to the recently formed Midas Gold
Corp. ("Midas"). The current value of Vista's investment in
Midas is approximately US$118 million. Succeeding Mr. Richings is
Mr. Earnest, who is highly qualified for the role of Vista's Chief
Executive Officer having worked closely with Mr. Richings and the
Board of Directors for the past several years. Since August
1, 2007, Mr. Earnest has served as Vista's President and Chief
Operating Officer. Mr. Earnest holds a degree in Mining
Engineering from the Colorado School of Mines and has over 25 years
of experience in the design, evaluation, permitting, construction
and operation of mining projects in the Americas and
Australia. During his tenure with Vista, Mr. Earnest has
successfully advanced the Corporation's core projects including
overseeing the growth of the Corporation's Mt. Todd gold project in
Australia and the pending completion of the project's bankable
feasibility study. Mr. Tom Ogryzlo, the Chairman of Vista's
Corporate Governance Committee commented, "on behalf of the Board
of Directors and the shareholders of the Corporation, we thank Mr.
Richings for his leadership and dedication to the Corporation. We
are pleased to have Mr. Richings' continued leadership as our
Chairman of the Board of Directors and are equally pleased with the
smooth transition to Mr. Earnest's very capable leadership.
We know, based on Mr. Earnest's proven track record and
accomplishments with the Corporation during the past 5 years, that
we have an experienced and accomplished mining executive to lead
Vista into the future. We are looking forward to an exciting year
in 2012, and to Mr. Richings' and Mr. Earnest's continued
contributions to the growth of the Corporation and the value for
our shareholders." 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
StatementsThis 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 the pending completion of a feasibility study at the Mt. Todd
gold 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 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. Vista Gold Corp. CONTACT:
http://www.vistagold.com
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