DENVER, Dec. 17, 2013 /PRNewswire/ -- Vista Gold
Corp. (TSX & NYSE MKT: VGZ) ("Vista" or the "Company") today
announced that it has closed the previously announced transaction
(the "Transaction") to convert its interest in the Awak Mas gold
project in Sulawesi, Indonesia
(the "Awak Mas Project") into a net smelter return royalty on the
project (the "Royalty").
Prior to the closing of the Transaction, the Awak Mas Project
was indirectly held by the Company through a wholly owned
subsidiary, Vista Gold (Barbados)
Corp. ("Vista Barbados") and was the subject of a 2009 joint
venture agreement, as amended and assigned, and a 2011 additional
option agreement, as amended and assigned, (together, the "Former
Agreements") each between Vista Barbados and Awak Mas Holdings Pty
Ltd. (the "Purchaser") (a wholly owned subsidiary of One Asia
Resources Corp.). The Former Agreements provided the
Purchaser with the option to acquire an 80% interest in the Awak
Mas Project by completing certain activities.
As part of the Transaction, the Former Agreements were
terminated and Vista transferred 100% of the outstanding shares of
Vista Barbados to the Purchaser. In exchange, (a) the
Purchaser agreed to forego certain cash payments due to have been
paid by the Company had the Purchaser completed the earn-in of its
interest in the Awak Mas Project, and (b) the Company received the
Royalty (2% on the first 1.25 million ounces of gold production and
2.5% on the next 1.25 million ounces of gold production from the
Awak Mas Project).
About Vista Gold Corp.
Vista's principal assets
include its flagship Mt. Todd gold project in Northern Territory,
Australia, and a 24.9% holding in
Midas Gold Corp. In addition to non-core projects in Mexico and California, Vista holds royalty interests in
projects in Bolivia and
Indonesia. For more information
about our projects, including technical studies and resource
estimates, please visit our website at www.vistagold.com.
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.