Vista Gold Corp. Receives $1.5 Million Guadalupe de los Reyes Payment
20 Juli 2020 - 3:35PM
Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) today announced receipt of the final $1.5 million
payment (“Purchase Price Payment”) from Prime Mining Corp. (“Prime
Mining”) and through its wholly-owned subsidiary, Minera Gold
Stake, S.A. de C.V. (“MGS”), has executed a transfer agreement that
assigns MGS’s legal title to the claims covering the Guadalupe de
los Reyes gold / silver project to a subsidiary of Prime Mining.
As previously announced on June 15, 2020 (see
news release), Prime Mining is required to pay Vista an additional
$2.1 million in lieu of being granted certain royalties and back-in
rights:
- $1,100,000 no later than six months from receipt of the
Purchase Price Payment; and
- $1,000,000 no later than twelve months from receipt of the
Purchase Price Payment.
If Prime Mining fails to make the two payments,
Vista will have the right to reinstate its royalties and back-in
rights.
All dollar amounts in this press release are in
U.S. dollars.
About Vista Gold Corp.
The Company is a gold project developer. The
Company’s flagship asset is the Mt Todd gold project in Northern
Territory, Australia. Mt Todd is the largest undeveloped gold
project in Australia and if developed as presently designed, would
potentially be Australia’s 6th largest gold producer on an annual
basis.
For further information about Vista or the Mt
Todd Gold Project, please contact Pamela Solly, Vice President of
Investor Relations, at (720) 981-1185 or visit the Company’s
website at www.vistagold.com to access important information,
including the current Technical Report.
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 we expect or anticipate
will or may occur in the future, including such things as our
expectation that we will receive $1,100,000 no later than six
months from the receipt of the Purchase Price Payment and
$1,000,000 no later than twelve months from the receipt of the
Purchase Price Payment, our ongoing efforts to seek development of
Mt Todd to potentially be Australia’s 6th largest gold producer 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: our
discussions and contractual arrangements with Prime Mining, our
reliance that Prime Mining will be able to raise funds to finance
its business plans; our approved business plans, exploration and
assay results, results of our test work for process area
improvements, mineral resource and reserve estimates and results of
preliminary economic assessments, prefeasibility studies and
feasibility studies on our projects, if any, our experience with
regulators, and positive changes to current economic conditions and
the price of gold. 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 the Company 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 and reserve
estimates, uncertainty as to the Company’s future operating costs
and ability to raise capital; risks relating to cost increases for
capital and operating costs; 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 our 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;
uncertainty as to the results of bulk metallurgical test work; and
uncertainty as to completion of critical milestones for Mt Todd; as
well as those factors discussed under the headings “Note Regarding
Forward-Looking Statements” and “Risk Factors” in the Company’s
latest Annual Report on Form 10-K as filed February 26, 2020 and
other documents filed with the U.S. Securities and Exchange
Commission and Canadian securities regulatory authorities. Although
we have 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, we assume no
obligation to publicly update any forward-looking statements or
forward-looking information; whether as a result of new
information, future events or otherwise.
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