Vista Provides Update on Exploration Results at the Mt. Todd Project in NT, Australia and Announces the Appointment of a New Vic
04 September 2008 - 3:30AM
PR Newswire (US)
DENVER, Colo., Sept. 3 /PRNewswire-FirstCall/ -- Vista Gold Corp.
(Amex: VGZ; TSX) ("Vista" or the "Company") is pleased to report on
the results of five core holes drilled as part of an 8,000 meter
program being undertaken at its Mt. Todd Project in Northern
Territory, Australia. A summary of the gold assay and preliminary
copper assay results of these five holes are shown below: Gold Gold
Cop- Drill Interval Intercept (grams/ Copper Including Intercept
(grams/ per Hole (meters) (meters) tonne) (ppm) (meters) (meters)
tonne) (ppm) VB08027 193-219 26 3.65 1,230 531-633 102 1.85 504
532-583 51 2.63 512 VB08028 442-589 147 1.63 685 491-541 50 2.65
1,052 559-589 30 1.77 627 VB08029 Hole lost at 26m and re-drilled
as VB08030 VB08030 151-161 10 2.93 611 203-213 10 1.54 1,057
329-478 149 1.37 645 378-398 20 2.00 854 416-446 30 1.73 907
448-458 10 2.00 652 VB08031 286-293 7 5.59 725 435-597 162 1.28 649
502-553 51 1.86 805 581-597 16 2.16 738 The results of the four
completed holes are encouraging, confirming the continuity of
mineralization at depth and showing the same pattern of higher gold
grades at depth that was evident in the 2007 program results as
previously reported in Vista's May 30, 2007 and September 4, 2007
press releases. Preliminary copper assays also demonstrate a
pattern of higher grades compared to the previously reported
resource estimates as referenced below. All four holes had long
intercepts of mineralization over 100 meters including hole VB08027
which averaged 102 meters (332 ft) at 1.85 g/t (0.054 opt) and hole
VB08031 which averaged 162 meters (531 ft) at 1.28g/t (0.037 opt).
All holes were angle holes drilled to intersect mineralization at
close to right angles; however, due to physical constraints and the
complex nature of the deposit, true thickness of the drilled
intervals cannot be assumed from the measured intercepts. The
program is designed to increase the sampling density to support the
conversion of inferred gold resources to measured and indicated
resources at depth, and to explore for additional resources down
dip. At present, 13 holes have been completed with gold and
preliminary copper assays received for the first five holes
completed. The results from the first hole were reported in Vista's
press release dated July 21, 2008. The assay analysis has been
completed by ALS Chemex in accordance with industry accepted
standards and has been reviewed by and prepared under the
supervision of Tim Tuba, P. Geo., a qualified person under National
Instrument 43-101. The current drilling program began in April
2008, under the direct supervision of Tim Tuba, Vista's Exploration
Manager in Australia. The core drilling is being completed by Boart
Longyear Australia Pty Ltd., with the sample preparation being
completed by ALS Chemex in Adelaide, South Australia, followed by
assaying for gold by ALS Chemex in Perth, Western Australia. A
sample quality control/quality assurance program has been
implemented and check assaying is being done by Genalysis
Laboratory Services Pty Ltd. in Perth. Multi-element analyses,
including copper, are being done by ALS Chemex, also in Perth.
Sampling and assaying methods are being conducted in accordance
with the CIM Mineral Exploration Best Practices Guidelines. All
samples taken were one meter in length, except the last interval of
the drill hole. For further information on the Mt. Todd project,
see our technical report filed on SEDAR on June 4, 2008, entitled
the "Mt. Todd Gold Project, Resource Update, Northern Territory,
Australia, dated May 15, 2008." The Company is currently conducting
technical programs that management expects will lead to the
completion of a preliminary feasibility study early in 2009. The
Company is currently reviewing proposals and hopes to announce the
award of a contract for the completion of a preliminary feasibility
study shortly. For more information on the resource estimates
completed on the Mt. Todd Project, please refer to Vista's January
4, 2007, February 27, 2008 and April 24, 2008 press releases, or to
the completed technical studies, which have previously been filed
on http://www.sedar.com/ and may also be found on Vista's website
at http://www.vistagold.com/. Vista Gold is also pleased to
announce that Frank K. Fenne, P.G., has accepted the position of
Vice President, Exploration effective August 25, 2008. Mr. Fenne
brings over 25 years of U.S. and international experience in
exploration, project development and mine operations. Mr. Fenne was
most recently employed by Kinross Gold Corporation as the Technical
Services Manager at the Round Mountain Gold Mine in Nevada. Mr.
Fenne replaces Robert Perry, who resigned to pursue other
professional interests. Fred Earnest, President and COO stated, "We
are very pleased with these results as they confirm the down-dip
extension, and most importantly, the increase in grade at depth,
which was noted in last season's drilling results." He continued,
"We welcome Frank Fenne to our team. We expect that his unique
combination of exploration, project development and operations
experience will prove to be valuable not only in the present and
future exploration programs at the Mt. Todd Project but also in all
of Vista's exploration and development programs, including the
Paredones Amarillos Project in Mexico." 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. 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, the
Yellow Pine Project in Idaho, the 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 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; resource estimates 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; 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; and
other such matters, are forward-looking statements and 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 forward-looking
statements and information. Such factors include, among others,
risks relating uncertainty of preliminary assessment results and of
feasibility study results and estimates on which such results are
based; uncertainties involved in the determination of the economic
viability of a deposit, including estimates of mineral reserves,
metallurgical recoveries, costs and gold prices; risks relating to
scheduling for feasibility studies; risks relating to delays and
incurrence of additional costs in connection with the feasibility
study underway at Vista's Paredones Amarillos Project, including
uncertainty relating to timing and receipt for required
governmental permits; 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 significant cost
increases; risks of inability to achieve anticipated production
volumes; 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;
intense competition in the mining industry; 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 regulators. Although Vista has attempted to identify
important factors that could cause actual results to differ
materially from those described in forward-looking statements and
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 and information will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements and information. 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. 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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