Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) is pleased to announce it has received approval of the
Mining Management Plan (“MMP”) by the Northern Territory (“NT”)
Government for the Company’s 100% owned Mt Todd gold project (“Mt
Todd” or the “Project”) located in Northern Territory, Australia.
The MMP (similar to a mine operating permit in
North America) is the final major authorization required for the
development of the Mt Todd mine. The receipt of this approval marks
the achievement of a significant de-risking milestone that has been
the focus of the Company for the last three years. This approval,
combined with the previously-approved major environmental permits,
recognizes the quality and advanced stage of engineering and
project planning, and is a fundamental part of the Company’s
strategy for gaining greater recognition of the intrinsic value of
Mt Todd.
Frederick H. Earnest, President and Chief
Executive Officer of Vista, stated, “The approval of the MMP is a
landmark achievement for Vista, its shareholders and the Northern
Territory. We believe the approval of the MMP distinguishes Mt Todd
as an attractive, de-risked, and partner-ready development-stage
gold project highlighted by a large-scale production design, low
expected operating costs, mining friendly jurisdiction, substantial
existing infrastructure, strong social and government support, and
all major authorizations in hand.”
“At a gold price of $1,900 and a foreign
exchange rate of US$0.775=A$1.00, the after-tax NPV5% is estimated
to be $1.7 billion with an after-tax IRR of more than 38.8%. We are
committed to realizing the full value of Mt Todd for our
shareholders.” Vista Gold CEO Video.
Mr. Earnest continued, “Following extensive
consultation with the Jawoyn people and local environmental,
community and business stakeholders, we’re very pleased to be
another step closer to delivering a project that is expected to
provide significant economic benefit to the Northern Territory. We
would like to thank our employees and consultants for their
unyielding determination as they worked diligently and
cooperatively with the NT Government to advance the permitting
process, and express our appreciation to the people in the
surrounding communities for the strong support they have
demonstrated for Mt Todd and Vista. We will continue to work
closely with all stakeholders to ensure the safe and responsible
development of Mt Todd.”
Technical Report on Mt Todd
For further information on the Mt Todd Gold
Project, see the Technical Report entitled “NI 43-101 Technical
Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility
Study Northern Territory, Australia” with an effective date of
September 10, 2019 and an issue date of October 7, 2019, amended
September 22, 2020, which is available on SEDAR as well as on
Vista’s website under the Technical Reports section. John Rozelle,
Vista’s Sr. Vice President, a Qualified Person as defined by
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects, has approved the information in this press release.
About Vista Gold Corp. and Mt Todd
Vista is a gold project developer. The Company’s
flagship asset is the Mt Todd gold project located in the Tier 1,
mining friendly jurisdiction of Northern Territory,
Australia. Situated approximately 250 km southeast of
Darwin, Mt Todd is the largest undeveloped gold project in
Australia and, if developed as presently designed, would
potentially be Australia’s fourth largest gold producer on an
annual basis, with lowest tertile in-country and global all-in
sustaining costs. Mt Todd’s extensive 1,501 km2 of exploration
licenses offer excellent potential to expand gold resources and
reserves and increase the life of the mine. All major operating and
environmental permits have now been approved.
For further information, please contact Pamela
Solly, Vice President of Investor Relations, at (720) 981-1185 or
visit the Vista Gold 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 we expect or anticipate
will or may occur in the future, including such things as the
belief Mt Todd is an attractive, de-risked, and partner-ready
development-stage gold project; the future value of Mt Todd
including estimates of after-tax NPV5% and after-tax IRR; that Mt
Todd is the largest undeveloped gold project in Australia; our
commitment to a strategy that maximizes shareholder value; our
expectation that Mt Todd will be Australia’s fourth largest gold
producer on an annual basis, with lowest tertile in-country and
global all-in sustaining costs; the belief that greater recognition
of the intrinsic value of Mt Todd will be gained; the expectation
that the Mt Todd mine will achieve large-scale production and low
operating costs; the expectation that the Project will provide
significant economic benefit to Northern Australia; the belief that
Mt Todd’s exploration licenses offer potential to expand gold
resources and reserves and increase the life of the mine; and other
anticipated mine development and operating costs and results at Mt
Todd 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 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; whether potential partners exist and what views
they may have regarding expeditious development of the Mt. Todd
project; 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; whether
anticipated gold recoveries and production would be achieved;
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
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.
Cautionary Note to United States
Investors
The United States Securities and Exchange
Commission (“SEC”) limits disclosure for U.S. reporting purposes to
mineral deposits that a company can economically and legally
extract or produce. The technical reports referenced in this press
release uses the terms defined in Canadian National Instrument
43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)
and the Canadian Institute of Mining, Metallurgy and Petroleum (the
“CIM”) – CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended (the “CIM
Definition Standards”). These standards are not the same as
reserves under the SEC’s Industry Guide 7 and may not constitute
reserves or resources under the SEC’s newly adopted disclosure
rules to modernize mineral property disclosure requirements (“SEC
Modernization Rules”), which became effective February 25, 2019 and
will be applicable to the Company in its annual report for the
fiscal year ending December 31, 2021. Under the currently
applicable SEC Industry Guide 7 standards, a “final” or “bankable”
feasibility study is required to report reserves, the three-year
historical average price is used in any reserve or cash flow
analysis to designate reserves and all necessary permits and
government approvals must be filed with the appropriate
governmental authority. Additionally, the technical reports uses
the terms “measured resources”, “indicated resources”, and
“measured & indicated resources”. We advise U.S. investors that
while these terms are Canadian mining terms as defined in
accordance with NI 43-101, such terms are not recognized under SEC
Industry Guide 7 and normally are not permitted to be used in
reports and registration statements filed with the SEC. Mineral
resources described in the technical reports have a great amount of
uncertainty as to their economic and legal feasibility. The SEC
normally only permits issuers to report mineralization that does
not constitute SEC Industry Guide 7 compliant “reserves” as
in-place tonnage and grade, without reference to unit measures.
“Inferred resources” have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that any or all part of an
inferred resource will ever be upgraded to a higher category.
U.S. Investors are cautioned not to assume that any part or
all of mineral deposits in these categories will ever be converted
into SEC Industry Guide 7 reserves.
Under the SEC Modernization Rules, the
definitions of “proven mineral reserves” and “probable mineral
reserves” have been amended to be substantially similar to the
corresponding CIM Definition Standards and the SEC has added
definitions to recognize “measured mineral resources”, “indicated
mineral resources” and “inferred mineral resources” which are also
substantially similar to the corresponding CIM Definition Standard.
However there are differences between the definitions and standards
under the SEC Modernization Rules and those under the CIM
Definition Standards and therefore once the Company begins
reporting under the SEC Modernization Rules there is no assurance
that the Company’s mineral reserve and mineral resource estimates
will be the same as those reported under CIM Definition Standards
as contained in the technical reports prepared under CIM Definition
Standards or that the economics for the Mt Todd project estimated
in such technical reports will be the same as those estimated in
any technical report prepared by the Company under the SEC
Modernization Rules in the future.
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