Vista Provides Report on Status of Change of Land Use Permit for Paredones Amarillos Project
22 Mai 2008 - 2:28AM
PR Newswire (US)
DENVER, May 21 /PRNewswire-FirstCall/ -- Vista Gold Corp. ("Vista")
(TSX: VGZ; Amex: VGZ) is pleased to report on the status of the
Change of Land Use Permit for the Paredones Amarillos Project in
Baja California Sur ("BCS"), Mexico (as described in Vista's press
releases dated April 30 and May 8, 2008). During the past week,
Vista has held a number of meetings with staff from the National
Office for the Coordination of Mines in the Department of Economy,
Environmental and Natural Resource Service (SEMARNAT) and the
National Commission for Natural Protected Areas (CONANP), the
Governor of BCS, and various state officials. Based on discussions
with government staff and officials at these meetings and advice
from Vista's advisors, management is confident that the outstanding
issues relating to the status of the Change of Land Use Permit will
be resolved favorably over the next few months. Assuming favorable
results from the definitive feasibility study and completion of
project financing, construction of the Paredones Amarillos Project
is currently planned to start before the end of 2008, with first
gold production planned to commence before the end of 2009. Vista
reported that in these meetings the Secretary of SEMARNAT indicated
that he supported the earlier opinion issued by the BCS office of
SEMARNAT that the Change of Land Use Permit issued in 1997 had
expired. However, the Secretary also indicated that he recognized
the importance of the Project and would commit his department to
promptly process an application for a new Change of Land Use
Permit. The application requires a number of prerequisite steps
which Vista is undertaking with the cooperation of the National
Office for the Coordination of Mines, and the payment of a fee
(based on the size of the area affected by the Project) which Vista
intends to make. Vista's legal counsel in Mexico remains of the
view that the original permit is valid and has advised Vista to
proceed with a judicial appeal of the opinion issued by the BCS
office of SEMARNAT to preserve certain legal rights, but has also
recommended that a new application is likely to be the most
expeditious way to obtain the necessary approvals. Fred Earnest,
President and COO, attended the meetings and commented, "It is
evident to us that there is a lot of goodwill and support for Vista
and the development of the Paredones Amarillos Project by the
officials present at these meetings. We are particularly grateful
for the support and efforts made by the Governor of BCS to assist
in arranging the meetings and for the presence of the Governor at
the meeting with the Secretary of SEMARNAT." 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. For more information about our projects, including
technical studies and resource estimates, please visit our website
at http://www.vistagold.com/. 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
the timing and receipt of required land use, environmental and
other permits for the Paredones Amarillos Project and timing for
starting and completion of drilling and testing programs at the
Paredones Amarillos Project; plans to confirm the validity of the
Change of Land Use Permit for the Paredones Amarillos Project and
timing for confirmation of the status of this permit; timing,
performance and results of feasibility studies including the
ongoing bankable feasibility study for the Paredones Amarillos
Project; potential funding requirements and sources of capital;
anticipated timing of commencement of construction and commencement
of production at the Paredones Amarillos Project; 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; preliminary
assessment results and 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,
including uncertainty relating to timing and receipt for required
governmental permits; uncertainty relating to timing and receipt
for confirmation of the validity of the Change of Land Use Permit
for the 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
and Mt. Todd Project; risks of significant cost increases; 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, 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, 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, +1-720-981-1185, for Vista Gold Corp. Web site:
http://www.vistagold.com/
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