DENVER, Oct. 18, 2013 /PRNewswire/ -- Vista
Gold Corp. ("Vista" or the "Company") (NYSE MKT and TSX: VGZ)
announced the closing of its previously announced sale of the Los
Cardones gold project in Baja California
Sur, Mexico, to the Invecture Group ("Invecture") and RPG
Structured Finance S.a r.l. (together with Invecture (the
"Purchasers")) for US$13 million.
As previously announced, Vista agreed to sell 100% of its debt
and equity participation in the Los Cardones gold project to the
Purchasers for US$13 million
(US$7 million of which was paid today
and US$6 million of which is due by
January 30, 2014). The
Purchasers have the option to elect, in their discretion, not to
make the second payment of US$6
million, in which case, Vista will retain the US$7 million received today and the project will
be returned to Vista.
About Vista Gold Corp.
Vista is a gold company currently conducting a strategic review
of its portfolio of gold assets, and is focused on advancing its
flagship Mt. Todd gold project in Northern
Territory, Australia. Vista's portfolio of assets also
includes a 24.9 % holding in Midas Gold Corp., the Guadalupe de los
Reyes gold/silver project in Mexico (a preliminary economic
assessment was completed in March 2013), the Awak Mas gold
project in Indonesia (One Asia Resources Ltd. working to
earn an 80% interest), the Long Valley gold project
in California and a royalty on the Amayapampa gold
project in Bolivia (being advanced by LionGold Corp
Ltd.). For more information about our projects, including technical
studies and resource estimates, please visit our website
at www.vistagold.com.
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, receiving the US$6 million
payment from the Purchasers, and other such matters are
forward-looking statements and forward-looking information. The
material factors and assumptions used to develop the
forward-looking statements and forward-looking information
contained in this press release include the following:
mineral reserve estimates, terms and conditions of our
agreements with contractors and our approved business plans,
management's assessment of potential transactions and strategic
options, and the Company's ability to cut costs and improve
liquidity. When used in this press release, the words
"optimistic," "potential," "indicate," "expect," "intend," "plans,"
"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, reliance on the Purchasers to
complete their obligations under its agreements with Vista;
uncertainty of resource and reserve estimates; estimates of results
based on such resource and reserve estimates; risks relating to
completing metallurgical testing; risks relating to cost increases
for capital and operating costs; 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 Annual Report Form 10-K as filed on March 14,
2013 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.
For further information, please contact Connie Martinez at (720) 981-1185, or visit the
Company's website at www.vistagold.com.
SOURCE Vista Gold Corp.