DENVER, April 25, 2012 /PRNewswire/ -- Vista Gold
Corp. (TSX & NYSE Amex Equities: VGZ) ("Vista" or
the "Company") is pleased to announce additional results
from its ongoing drilling program at the Mt. Todd gold project in
Northern Territory, Australia. As part of the Mt. Todd
Feasibility Study, the results of which are expected later this
quarter, Vista completed a mine pit design based only on measured
and indicated mineral resources known at that time. A review
of the feasibility study pit design and the location of inferred
mineral resources relative to the feasibility study pit design led
the Company to commence an 8,500 meter drilling program in
November 2011 designed to convert
inferred mineral resources to measured or indicated mineral
resources in areas that could expand the pit shape.
Vista has now completed 13 holes totaling 7,768.8 meters.
The assay results of the first three holes (approximately 25% of
total drilled to-date) were announced previously. The following
table summarizes the results from the subsequent four holes,
representing approximately 39% of total drilled to-date:
Hole
#
|
Assay
Interval
|
Thickness
(meters)
|
Approx.
True
Thickness
(meters)
|
Gold
Grade
(gram/tonne)
|
VB11-015
|
223.0 −
242.0
|
19.0
|
17.7
|
1.35
|
|
267.0 –
283.0
|
16.0
|
14.9
|
0.48
|
|
367.0 –
386.0
|
19.0
|
17.7
|
0.41
|
|
395.0 –
409.0
|
14.0
|
13.1
|
1.01
|
|
549.0 –
557.0
|
8.0
|
7.5
|
1.29
|
|
562.0 –
577.0
|
15.0
|
14.0
|
0.73
|
|
581.5 –
640.5
|
59.0
|
55.0
|
2.20
|
including
|
589.1 –
599.1
|
10.0
|
9.3
|
6.07
|
|
645.0 –
668.0
|
23.0
|
21.4
|
0.88
|
VB12-001
|
579.8 –
622.2
|
42.4
|
36.8
|
1.22
|
|
629.5 –
637.4
|
7.9
|
6.9
|
0.88
|
|
645.2 –
680.1
|
34.9
|
30.3
|
1.11
|
|
685.0 –
695.5
|
10.5
|
9.1
|
0.51
|
|
700.9 –
720.0
|
19.1
|
16.6
|
0.50
|
VB12-002
|
89.5 −
98.4
|
8.9
|
7.6
|
1.12
|
|
355.0 –
369.3
|
14.3
|
12.2
|
0.50
|
|
377.0 –
391.2
|
14.2
|
12.1
|
0.62
|
|
440.3 –
473.0
|
32.7
|
27.9
|
1.13
|
|
479.2 –
522.0
|
42.8
|
36.4
|
0.94
|
|
531.0 –
723.0
|
192.0
|
163.5
|
0.92
|
VB12-003
|
133.0 –
155.0
|
22.0
|
18.0
|
0.44
|
|
186.0 –
202.0
|
16.0
|
13.1
|
0.68
|
|
228.0 –
278.2
|
50.2
|
40.9
|
1.31
|
|
336.0 –
354.2
|
18.2
|
14.8
|
0.92
|
|
360.0 –
398.1
|
38.1
|
31.3
|
1.12
|
Based on the initial assay results and the visual logging of
core with pending assays, Vista has increased the size of the
program from 8,500 meters to 14,300 meters and expects to complete
the expanded program in late May or early June of this year.
Fred Earnest, Vista's President
& CEO, stated, "The drill results at Mt. Todd continue to
confirm our belief that we will be able to convert a portion of the
existing estimated inferred resources to measured and indicated
resources. Upon completion of the expanded drill program and
the feasibility study on the Mt. Todd gold project, we intend to
evaluate whether a larger process facility with higher throughput
is warranted to improve the project's economics by optimizing
economies of scale and the project life."
The orientation of these drill holes relative to the deposit is
shown in cross sections found on the Company's web site at
http://vistagold.com/mt_todd.php?subpage=dr_20120424. The
sample intervals are constrained by geology and range from a
minimum of 0.2 meters to a maximum of 1.2 meters in length.
Mean grades are calculated at a 0.4 g/t Au cutoff with no upper cap
applied. The maximum length of internal waste is 4.0
meters.
The drilling to-date has been completed and the core has been
logged, photographed and sampled by employees or contractors of the
Company or its subsidiaries under the direction of Vista's Vice
President of Exploration, Mr. Frank Fenne
P.G., who is a "qualified person" within the meaning of
Canadian National Instrument 43-101―Standards of Disclosure for
Mineral Projects ("NI 43-101"). Samples were prepared and
assayed by North Australia Laboratories, Pine Creek,
Australia. Second lab check assays were completed by Northern
Territory Environmental Laboratories (Intertek Group) in Darwin,
Australia. Gold grades are based on a 50 gram fire assay
method.
In addition to completing the drill program and feasibility
study for the Batman Pit at Mt. Todd, Vista is also evaluating the
large heap leach pad on site. Vista has now completed 24 rotary
drill holes totaling 270 meters on the existing heap and has
initiated metallurgical testing to evaluate the possibility of
recovering gold from the existing heap by conventional heap
leaching methods.
Mr. Frank Fenne has approved the
scientific and technical information disclosed in this press
release.
About Vista Gold Corp.
Vista is focused on the development of the Mt. Todd gold project
in Northern Territory, Australia,
to achieve its goal of becoming a gold producer. Vista is advancing
exploration on its Guadalupe de los
Reyes gold/silver project in Mexico and has recently granted Invecture
Group, S.A. de C.V. a right to earn a 60% interest in the
Concordia gold project in
Mexico. Vista's other holdings
include 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
Mineral Resources and Reserves
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
NI 43-101 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 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 resources, expected exploration results
(including the conversion of inferred resources), timing and
completion of drilling, the timing, completion and results of a
feasibility study at the Mt. Todd gold project, the advancement of
a feasibility study to evaluate a larger plant at the Mt. Todd gold
project, and other such matters are forward-looking statements and
forward-looking information. The material factors and
assumptions used to develop the forward-looking information and the
forward-looking information contained in this press release include
the following: results of feasibility studies, mineral resource and
reserve estimates, exploration and assay results, terms and
conditions of our agreements with contractors and our approved
business plan. 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 resource estimates,
estimates of results based on such resource estimates; risks
relating to completing metallurgical testing; risks relating to
cost increases for capital and operating costs; risks relating to
delays in the completion of anticipated drilling activities
at the Mt. Todd gold project, risks related to the timing and the
ability to obtain the necessary permits, 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
"Note Regarding Forward-Looking Statements" and "Risk Factors" in
Vista's Amendment No. 1 to its Annual Report on Form 10-K as filed
on April 5, 2012 and other documents
filed with the U.S. Securities and Exchange Commission and Canadian
securities regulatory authorities. 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.
Without limiting the foregoing, this press release uses terms
that comply with reporting standards in Canada and certain estimates are made in
accordance with NI 43-101. NI 43-101 is a rule developed by
the Canadian Securities Administrators that establishes standards
for all public disclosures an issuer makes of scientific and
technical information concerning mineral projects. This press
release uses the terms "mineral reserve" and "mineral
resource." We advise U.S. investors that while these terms
are recognized by Canadian regulations, these terms are not a
defined term under the SEC Industry Guide 7 and are normally not
permitted to be used in reports and registration statements filed
with the SEC. Mineral resources have a great amount of uncertainty
as to their existence, and great uncertainty as to their economic
and legal feasibility. It cannot be assumed that all or any part of
these mineral resources will ever be upgraded to a higher
category. 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. 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 all necessary permits and government approvals 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 these categories will ever be converted into
SEC Industry Guide 7 reserves.
For further information, please contact Connie Martinez at (720) 981-1185, or visit the
Vista Gold Corp. website at www.vistagold.com.
SOURCE Vista Gold Corp.