DENVER, Sept. 8, 2014 /PRNewswire/ -- Vista Gold
Corp. (TSX & NYSE MKT: VGZ) ("Vista" or the "Company") today
announced that the Environmental Impact Statement ("EIS") for the
Mt Todd gold project (the "Project") located in the Northern
Territory of Australia has been
approved. The EIS has been the subject of an exhaustive
review process by the Northern Territory Environmental Protection
Authority ("NT EPA"), which included public consultation. In its
formal notification to the Company, the NT EPA has advised that it
has assessed the environmental impacts of the Mt Todd gold mine and
concluded that it can proceed, subject to a number of
recommendations which are outlined in the Assessment Report.
Fred Earnest, Vista's President
and CEO commented, "We are pleased with the accomplishment of this
significant milestone. This marks the conclusion of a
rigorous environmental risk assessment and review process that
started in 2011. Vista now has a key legal entitlement required to
move forward with the Mt Todd gold project at the appropriate
time."
Mr. Earnest added, "With the successful completion of the EIS
process, the permitting risk is substantially reduced and the
development timeline at Mt Todd is well defined. This sets Mt Todd
apart from most other large undeveloped gold projects. Our next
steps will focus on obtaining the necessary approvals under the
Environmental Protection and Biodiversity Conservation Act 1999
("EPBC Act") from the federal government (as it relates to
the Gouldian Finch) and then turn our efforts to obtaining the mine
operating permit (known as the Mine Management Plan or "MMP") from
the NT Department of Mines and Energy. Because the EIS was
based on a 50,000 tonne per day operation and thus the largest
possible impact, we have the flexibility to scale the Project down
initially, if the economics of a smaller project prove to be more
compelling and undertake an expansion of the project at a later
date, if justified. Our plan is to continue to evaluate
opportunities to optimize and improve the Mt Todd gold project
pending an improved gold price that will allow us to seek to
develop the project and potentially achieve the economic returns
that our shareholders expect."
The Company has started planning for the submission of the
documents required for the authorization required under the EPBC
Act and for the approval of the MMP. The NT EPA Assessment
Report includes 28 recommendations which are to be addressed as
part of the MMP. Included in these recommendations are four
that relate directly to the Gouldian Finch. Vista estimates
that authorization under the EPBC Act will require 3-4 months from
the submission of documents and that approval of the MMP will
require approximately 6 months from the submission of the
plan. At this time, Vista intends to undertake studies in the
2nd quarter of 2015 for the EPBC Act
authorization. Preparation of the MMP will continue
internally and we plan to have it ready to submit when there are
signs of a sustained recovery in the gold market.
Management Conference Call
A conference call with management to discuss the significance of
the approval of the Mt Todd EIS and to provide an update on
corporate and project activities is scheduled for Friday, September 12, 2014 at 9:30 a.m. MDT.
Toll-free in North America:
1-866-233-5249
International: 416-642-3300
This call will also be web-cast and can be accessed at the
following web location:
http://www.snwebcastcenter.com/webcast/vistagold/2014/0912/
This call will be archived and available at www.vistagold.com
after September 12, 2014. Audio
replay will be available for 21 days by calling toll-free in
North America: 1-866-245-6755,
passcode 354468.
If you are unable to access the audio or phone-in on the day of
the conference call, please email questions to Connie Martinez, Manager – Investor Relations
(email: connie@vistagold.com), and we will try to address these
questions prior to or during the conference call.
About Vista Gold Corp.
Vista's principal asset is its flagship Mt Todd gold project in
Northern Territory, Australia. We also hold 11.2% of the
outstanding common shares of Midas, non-core projects in
Mexico and the United States and 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.
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 Mt Todd gold project proceeding with the recommendations in
the Assessment Report, permitting risk being reduced, development
timelines, timing and potential approval under the EPBC Act, timing
and approval of the MMP, the Project having the flexibility to be
scaled down economically and then have production expanded at a
later date, the anticipated timeline to develop the Project,
development of the Project leading to economic returns that
shareholders expect 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: assumed timing for regulatory approvals and studies,
approved business plans, 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," "would," "could," 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, risks relating to, 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
necessary permits for the Mt Todd gold project, risks and costs
associated with completions of studies required for permitting,
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 17, 2014 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.