Vista Gold Corp. Announces Updated Mineral Resources for the Guadalupe de los Reyes Gold Project
04 September 2009 - 1:58AM
PR Newswire (US)
DENVER, Sept. 3 /PRNewswire-FirstCall/ -- Vista Gold Corp.
("Vista") (TSX & NYSE Amex: VGZ) announced today the updated
mineral resources for the Guadalupe de los Reyes gold project in
Sinaloa, Mexico. In January 2008, Vista consolidated the Guadalupe
de los Reyes District by acquiring the interests of Grandcru
Resources Corporation in the district. (Please refer to our
December 19, 2007, and January 24, 2008, press releases for details
of the transaction.) In July 2009, Vista retained Pincock, Allen
& Holt ("PAH") of Lakewood, Colorado, to complete a mineral
resource estimation for the district. The mineral resource estimate
found in the following table has been adjusted to reflect material
removed from old underground workings. Guadalupe de los Reyes
Project Mineral Resource Estimates (0.50 g/t Cutoff)
------------------------------------------------------------------------
Contained Metric Gold Grade Contained Silver Grade Silver Tonnes
(g/t) Gold Ounces (g/t) Ounces
------------------------------------------------------------------------
Indicated(1) 10,048,000 1.50 484,000 25.74 8,313,900
------------------------------------------------------------------------
Inferred(2) 4,888,000 2.02 316,800 59.98 9,425,500
------------------------------------------------------------------------
1. Cautionary Note to U.S. Investors concerning estimates of
Indicated Resources: This table uses the term "measured resources"
and "indicated resources". We advise U.S. investors that while this
term is recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission ("SEC") does not recognize it.
The SEC normally only permits issuers to report mineralization that
does not constitute "reserves" as in-place tonnage and grade
without reference to unit measures. The term "contained gold
ounces" used in this table is not permitted under the rules of the
SEC. 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 SEC 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. The SEC normally only
permits issuers to report mineralization that does not constitute
"reserves" as in-place tonnage and grade without reference to unit
measures. The term "contained gold ounces" used in this press
release is not permitted under the rules of the SEC. U.S. investors
are cautioned not to assume that any part or all of an inferred
resource exists or is economically or legally minable. The updated
gold resource estimate was completed on August 12, 2009, by PAH,
pursuant to Canadian National Instrument 43-101 ("NI 43-101"). This
updated gold resource estimate was completed by or under the
supervision of Mr. Leonel Lopez, C.P.G., an independent Qualified
Person, (as defined in NI 43-101), utilizing standard industry
software and resource estimation methodology. Mr. Lopez has
reviewed and verified the technical and scientific information
contained in this press release. For more information on the
Guadalupe de los Reyes project and the updated mineral resource
estimate, refer to the report entitled "Technical Report for the
Guadalupe de los Reyes Gold-Silver Project, Sinaloa, Mexico" dated
August 12, 2009, which has been filed on SEDAR simultaneously with
this press release. Since consolidating its position in the
district, Vista has completed a data compilation program which has
led Vista to its belief that the district's mineral potential has
not been fully assessed. Frank Fenne, Vista's Vice President -
Exploration commented, "Low-sulfidation epithermal systems like the
one found at Guadalupe de los Reyes can form world-class deposits.
The vein systems at Guadalupe de los Reyes aggregate over 8.5 km of
strike length and historic workings on a small part of the system
indicate over 400 meters of vertical continuity of mineralization.
Previous exploration in the Guadalupe de los Reyes District has
focused on shallow, open-pitable targets. The underground potential
has never been explored by modern methods and we believe there is
excellent exploration potential for high-grade underground
deposits." About Vista Gold Corp. Since 2001, Vista has acquired a
number of gold projects with the expectation that higher gold
prices would 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 has
taken steps to advance the Paredones Amarillos gold project located
in Baja California Sur, Mexico, towards production. These steps
include the completion of a definitive feasibility study, the
purchase of long-delivery processing equipment, and the purchase of
land for the processing facilities, related infrastructure and the
desalination plant. The results of a preliminary economic
assessment completed in 2009 on the Mt. Todd gold project in
Australia are encouraging and Vista is undertaking other studies to
advance the project, with the completion of a preliminary
feasibility study targeted for the fourth quarter of 2009. Vista's
other holdings include the Guadalupe de los Reyes gold project in
Mexico, the Yellow Pine gold project in Idaho, the Awak Mas gold
project in Indonesia, and the Long Valley gold project in
California. 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 Vista expects or
anticipates will or may occur in the future, including such things
as the estimates of mineral resources for the Guadalupe de los
Reyes gold project, exploration potential for open-pit and
underground gold resources for the Guadalupe de los Reyes gold
project , the continuity and strike length of ore for the Guadalupe
de los Reyes gold project, , ,the timing and outcome of a Mt. Todd
pre-feasibility study, estimates of future operating, annual
production and financial performance of the Mt. Todd gold project,,
uncertainty of future gold prices, future U.S.-to-Australian dollar
exchange rates, , favorable effects of Mt. Todd project economics,
Vista's ability to add value in a cost-effective manner, plans for
the construction and development of the Paredones Amarillos gold
project, and the possibility of production at the Paredones
Amarillos gold project and other such matters are forward-looking
statements and forward-looking information. When used in this press
release, the words "potential," "target," "estimate," "indicate,"
"expect," "intend," "hopes," "believe," "may," "will," "if" 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
resource estimate results and assumptions and methodology on which
such results are based; risks relating to completing metallurgical
testing and scheduling for pre-feasibility studies; risks relating
to delays at the Mt. Todd gold project; risks of shortages of
equipment or supplies; risks relating to fluctuations in the price
of gold; the inherently hazardous nature of mining-related
activities; risks relating to permitting, 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; risks related to repayment of debt; risks related to
increased leverage 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, as amended and Quarterly
Report on Form 10-Q and other documents filed with the U.S.
Securities and Exchange Commission and Canadian securities
regulatory authorities. 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. 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. All
mineral reserves and resources have been estimated in accordance
with the definition standards on mineral resources and mineral
reserves of the Canadian Institute of Mining, Metallurgy and
Petroleum referred to in National Instrument 43-101, commonly
referred to as NI 43-101. U.S. reporting requirements for
disclosure of mineral properties are governed by the United States
Securities and Exchange Commission (SEC) Industry Guide 7. Canadian
and Guide 7 standards are substantially different and the
information contained in this press release and the updated
resource estimate are not comparable to similar information
disclosed by U.S. companies. This press release and the updated
resource estimate referenced in this press release use the terms
"measured," "indicated," and "inferred" resources. We advise
investors that while those terms are recognized and required by
Canadian regulations, the SEC does not recognize them. Inferred
mineral resources are considered too speculative geologically to
have economic considerations applied to them that enable them to be
categorized as mineral reserves. 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 feasibility or
pre-feasibility studies, except in rare cases. U.S. investors are
cautioned not to assume that part or all of an inferred resource
exists, or is economically or legally minable. 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. 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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