Vista Gold Corp. Announces Status of Permit for Paredones Amarillos Project
30 April 2008 - 4:41PM
PR Newswire (US)
DENVER, April 30 /PRNewswire-FirstCall/ -- Vista Gold Corp.
("Vista") (Amex: VGZ; TSX) announced that it has received
correspondence from the local La Paz office of the Mexican
Environmental and Natural Resource Service (SEMARNAT) which
indicates that staff in that office are of the opinion that the
Change of Land Use Permit approved by SEMARNAT in 1997 in relation
to the Paredones Amarillos Project is no longer valid. This permit
is necessary for the development of the Paredones Amarillos Project
to proceed. Vista has been advised by its advisors that the permit
remains valid and is investigating the basis for the staff's
position, and intends to take immediate steps to confirm the
validity of the permit and if necessary, to address any issues
identified by SEMARNAT. Vista's management believes that any
related issues will be resolved without any significant delay to
the expected timing for completion of the definitive (bankable)
feasibility study or the proposed timetable for development of the
Paredones Amarillos Project but will provide further information as
soon as it is in a position to do so. 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 the preparation of a definitive
feasibility study and the purchase of long delivery equipment
items, so that construction can begin during the last quarter 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, and the Long Valley
Project in California. 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 applicable 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 contemplated development
scenarios for the Paredones Amarillos Project; progress, scheduling
and the performance and results of feasibility studies including
the ongoing bankable feasibility study for the Paredones Amarillos
Project; status of permits for the Project and anticipated timing
of commencement of construction and commencement of production at
the Paredones Amarillos Project; plans for a feasibility study at
the Mt. Todd 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, and other such matters are
forward-looking statements. When used in this press release, the
words "estimate", "plan", "anticipate", "expect", "intend",
"believe" and similar expressions are intended to identify
forward-looking statements. 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 forward-looking
statements. Such factors include, among others, risks relating to
delays and incurrence of additional costs in connection with the
feasibility study underway at our Paredones Amarillos Project;
uncertainty of feasibility study results and preliminary
assessments and of estimates on which such results are based; risks
relating to delays in commencement and completion of construction
at the Paredones Amarillos Project; risks of significant cost
increases; risks of shortages of equipment or supplies; 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; uncertainty
of being able to raise capital on favorable terms or at all; and
external risks relating to the economy and credit markets in
general; as well as those factors discussed in Vista's latest
Annual Report on Form 10-K 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, 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, 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 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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