Vista Gold Corp., Mt. Todd Gold Project - Updated Resource Calculation Increases Estimated Measured and Indicated Resources by 6
28 Februar 2008 - 12:54AM
PR Newswire (US)
DENVER, Feb. 27 /PRNewswire-FirstCall/ -- Vista Gold Corp. (Amex:
VGZ; TSX: VGZ) is pleased to announce that an updated gold resource
estimate for the Batman deposit at the Mt. Todd Gold Project in
Northern Territory, Australia was completed on February 26, 2008,
by Tetra Tech of Golden, Colorado, in accordance with Canadian
National Instrument 43-101 standards. This updated gold resource
estimate was completed under the direction of Mr. John Rozelle,
P.G., an independent Qualified Person, utilizing standard industry
software and resource estimation methodology. The previous resource
estimate was originally reported by Vista in a press release dated
June 26, 2006. The updated resource estimate incorporates the
results of 9,460 assay intervals from 25 drill holes (all core
holes) drilled by Vista in 2007 with assaying completed by Northern
Australia Labs in Pine Creek and ALS-Chemex in Perth. These results
are in addition to the results of 91,225 assay intervals from 730
drill holes (225 core, 435 reverse circulation and 70 rotary drill
holes) done by BHP Resources Pty Ltd., Zapopan NL and Pegasus Gold
Australia Pty Ltd. used in the previous Mt. Todd resource estimate.
Vista has also completed a preliminary evaluation of the
development of the project, the results of which were announced in
January 2007. For more information on both studies please refer to
the Corporation's June 26, 2006 and January 4, 2007 press releases
or the Company's website (http://www.vistagold.com/) for complete
studies. A technical report for the updated resource estimate will
be filed on SEDAR on or about March 14, 2008. The new resource
estimate as presented in the following table represents an increase
in Measured Resources(1) of 769,633 ounces of gold and an increase
in Indicated Resources(1) of 367,686 ounces of gold resulting in a
combined increase in Measured and Indicated Resources(1) of
1,137,319 ounces of gold at a cutoff grade of 0.50 grams of gold
per tonne (0.015 ounces of gold per ton). The gold resource
estimate for the Batman deposit as of February 26, 2008, reported
at a cutoff grade of 0.015 ounces of gold per ton is set out below.
The estimate was prepared using GEMCOM software and used whole
block kriging to estimate block values. Contained Metric Average
Gold Resource Tonnes Average Grade Short Tons Grade Ounces
Classification (x1000) (grams/tonne) (x1000) (ounces/ton) (x1000)
Measured(1) 43,543 0.96 47,987 0.028 1,346 Indicated(1) 45,746 1.05
50,425 0.031 1,549 Measured & Indicated(1) 89,280 1.01 98,413
0.029 2,895 Inferred(2) 58,816 0.81 64,832 0.024 1,532 1)
Cautionary Note to U.S. Investors concerning estimates of Measured
and Indicated Resources: This table uses the terms "measured
resources" and "indicated resources". We advise U.S. investors that
while these terms are recognized and required by Canadian
regulations, the U.S. Securities and Exchange Commission does not
recognize them. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves. 2) Cautionary Note to U.S. Investors
concerning estimates of Inferred Resources: This table uses the
term "inferred resources". We advise U.S. investors that while this
term is recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize it. "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 all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. U.S. investors are
cautioned not to assume that any part or all of an inferred
resource exists or is economically or legally minable. Fred
Earnest, President and COO of Vista Gold Corp., stated, "The
updated resource estimate reflects the success of the 2007 drilling
program and the results of a detailed blasthole data study, both of
which exceeded our initial expectations. The combined program was
successful in three key areas: the conversion of inferred resources
to measured or indicated resources, the discovery of new resources
at depth and along strike, and improved variography resulting from
the analysis of over 158,000 assay intervals in the blasthole
database. The drill assay results indicated better gold grades at
depth and this is reflected in the new resource model. We plan to
undertake a new drilling program in 2008 with the goals of
increasing the estimated measured and indicated gold resources and
testing the lower areas of the Batman deposit for higher grade
mineralization. We intend to complete a preliminary feasibility
study later this year which will evaluate significant technical and
economic issues and determine what portion of the measured and
indicated resources in the Batman deposit could be classified as
ore reserves. In the coming months we expect to be able to report
the results of other technical studies currently underway. Tetra
Tech is estimating the copper resources in the Batman deposit and
Resource Development Inc. is completing metallurgical studies to
evaluate among other things, the recovery of both copper and gold
in a marketable concentrate from the mineralized resources and the
effectiveness of high pressure crushing rolls to process the hard
mineralized material." About Mt. Todd The Mt. Todd Project is
situated within the southeastern portion of the Early Proterozoic
Pine Creek Geosyncline. The Batman deposit geology consists of a
sequence of hornfelsed interbedded greywackes and shales with minor
thin beds of felsic tuff. Bedding consistently strikes at 325
degrees, dipping 40 to 60 degrees to the southwest. Northerly
trending sheeted quartz sulfide veins and joints striking at 0 to
20 degrees and dipping 60 degrees to the east are the major
location for mineralization in the Batman deposit. The veins are
0.04 to 4 inches in thickness with an average thickness of around
0.4 inches and occur in sheets with up to 6 veins per horizontal
foot. In general, the Batman deposit is 4,800 to 5,100 feet in
length by 1,200 to 1,500 feet in true width and 1,500 to 1,800 feet
in known down-dip extension (the deposit is open along strike and
at depth). The deposit has a drill hole spacing that varies from 80
feet by 80 feet to 260-330 feet by 260-330 feet and generally
averages 160 feet by 160 feet. All assaying was by fire assay on
50-gram charges with atomic absorption ("AA") finish. It is the
opinion of Tetra Tech that quality control and quality assurance
methods employed by the various companies working at Mt. Todd were
standard at the time of the work. According to Tetra Tech, quality
control and quality assurance methods for previous drilling
programs has been audited several times by independent consultants.
The 2007 drilling program consisted of 25 core holes resulting in a
total of 9,460 assay intervals. As the Qualified Person, Mr.
Rozelle reviewed the quality control and quality assurance methods
implemented by Vista. Core was logged and cut under the direction
of Vista's geologists and half-core segments were sent to
independent labs in Pine Creek (Northern Australia Labs) and Perth
(ALS-Chemex) for sample preparation and fire assay analysis/AA
analysis. Both labs prepared and analyzed a statistically
significant number of duplicate samples. In addition to submitting
commercially acquired blanks and standards, Vista submitted pulps
for re-analysis to the opposing lab. Mr. John Rozelle, P.G., an
independent Qualified Person, has reviewed and verified the
technical and scientific information contained in this press
release. Vista holds a large exploration land package to the North
and East of the Batman deposit and will be undertaking preliminary
exploration activities on the prospective land package in 2008.
Several localized soil sampling programs were completed prior to
the start of the wet season in 2007. Plans are being made for the
start of more extensive field mapping and sampling programs with
the expectation that conditions in the field will allow the
programs to resume in April or May. About Vista Gold Corp. Since
2001, Vista has acquired a number of gold projects with the
expectation that higher gold prices would significantly increase
their value. Vista is undertaking programs to advance the Paredones
Amarillos Project, including a definitive feasibility study and the
purchase of long delivery equipment items, so that construction can
begin during the second half of 2008. The results of a preliminary
assessment completed in 2007 on the Mt. Todd Project in Australia
were encouraging and additional technical studies are underway with
a definitive feasibility study planned for completion by mid-2009.
Vista's other holdings include the Guadalupe de los Reyes Project
in Mexico, Yellow Pine Project in Idaho, Awak Mas Project in
Indonesia, Long Valley Project in California, and Amayapampa
Project in Bolivia. This press release contains forward-looking
statements within the meaning of the U.S. Securities Act of 1933
and U.S. Securities Exchange Act of 1934 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 plans for evaluation of the Mt. Todd
Project including preliminary assessment results and timing and
anticipated results for drilling, field mapping and sampling
programs to be undertaken at the Mt. Todd Project; potential for
increasing estimated resources at the Mt. Todd Project and
potential for higher grade mineralization at the Mt. Todd Project;
estimates of ore reserves at the Batman deposit; estimates of
copper resources at the Batman deposit and results of metallurgical
studies in connection with recovery of copper and gold in a
marketable concentrate, and effectiveness of high pressure crushing
rolls to process hard mineralized material; anticipated timing and
results for preliminary and definitive feasibility studies to be
undertaken at the Mt. Todd Project; anticipated timing and results
for a definitive feasibility study being undertaken at the
Paredones Amarillos Project; anticipated timing for construction
and development activities at the Paredones Amarillos Project;
Vista's future business strategy, competitive strengths, goals,
operations, plans, potential project development, future share
price and valuation; future gold prices; Vista's potential status
as a producer including plans, timing and targeted initial
production levels; and other such matters are forward-looking
statements and forward-looking information. When used in this press
release, the words "estimate", "plan", "anticipate", "expect",
"intend", "believe" 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 preliminary assessment results and of feasibility
study results and estimates on which such results are based; risks
relating to scheduling for feasibility studies; risks relating to
cost increases for capital and operating costs including cost of
power; risks relating to delays in commencement and completion of
construction at the Paredones Amarillos Project and the Mt. Todd
Project; risks of shortages of equipment or supplies; risks of
inability to achieve anticipated production volume or manage cost
increases; risks that Vista's acquisition, exploration and property
advancement efforts will not be successful; risks relating to
fluctuations in the price of gold; the inherently hazardous nature
of mining- related activities; uncertainties concerning reserve and
resource estimates; 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; and
uncertainty of being able to raise capital on favorable terms or at
all; as well as those factors discussed in Vista's latest Annual
Report on Form 10-K and Quarterly Report on Form 10-Q and other
documents filed with the U.S. Securities and Exchange Commission
and Canadian securities commissions. 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. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. 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. The
forward-looking statements in this press release are based, in
part, upon certain assumptions made by Vista and its consultants
including, but not limited to no material delay in the current
timing for completion of the preliminary and definitive feasibility
studies; no material delays in the securing of environmental
permits; adequacy and availability of labor, water, and power; no
material delays in the acquisition of surface rights; no material
delays in the start and completion of construction; and no material
changes in prices of labor, materials and supplies other than
normal inflation. For further information, please contact Connie
Martinez at (720) 981-1185, or visit the Vista Gold Corp. website
at http://www.vistagold.com/ DATASOURCE: Vista Gold Corp. CONTACT:
Connie Martinez of Vista Gold Corp., +1-720-981-1185 Web site:
http://www.vistagold.com/
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