DENVER, Nov. 11, 2013 /CNW/
- Vista Gold Corp. (TSX & NYSE MKT: VGZ) ("Vista" or the
"Company") today announced a consolidation of its senior corporate
management and responsibilities as follows:
- Exploration and new project evaluation will now be the direct
responsibility of John W. Rozelle, Sr. Vice-President.
- Corporate development and project financing will now be the
direct responsibility of John F. "Jack"
Engele, Chief Financial Officer and Sr. Vice-President.
- Advancement of the Mt. Todd gold project, including permitting,
and optimization studies will be the responsibility of Brent Murdoch,
General Manager and Director, Vista Gold Australia.
These changes follow the elimination of certain senior
management positions in the Denver corporate office and at the Mt.
Todd gold project in Australia.
Vista's President and CEO, Frederick H. Earnest commented, "The
recent consolidation of senior management responsibilities and
broader reduction in force is designed to maintain our ability to
preserve shareholder value by advancing the development of our core
assets, preserving leverage to increases in the price of gold, and
reducing present cash expenditures. In addition to the elimination
of five positions in our Denver office, we have eliminated four
positions in our Australian Mt. Todd project office. With these
changes we believe we are better prepared to weather a protracted
period of weakness in the gold equity sector while preserving our
ability to optimize and carefully advance our core projects."
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), a royalty on the Amayapampa gold
project in Bolivia (being advanced by LionGold
Corp. Ltd.), 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 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, the Company's future ability to preserve shareholder value by
advancing the development of core assets, preserving leverage to
increases in the price of gold, and reducing present cash
expenditures, the changes better preparing the Company to weather a
period of weakness in the gold equity sector and preserving the
Company's ability to optimize and advance its core projects 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:
anticipated and estimated costs and budget expenditures to continue
to optimize and advance the Company's core assets, the perceived
extent and duration of the current weakness of gold equity
securities and other such matters. 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 related to the timing and the ability to obtain approval of
the EIS and the necessary permits for 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
"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.