Vista Gold Corp. Announces Commencement of New Drilling Program at the Mt. Todd Gold Project and Update on Pre-Feasibility Study
23 Dezember 2009 - 1:13AM
PR Newswire (US)
DENVER, Dec. 22 /PRNewswire-FirstCall/ -- Vista Gold Corp. ("Vista"
or the "Company") (TSX & NYSE Amex: VGZ) announced today that
it has mobilized three drill rigs to its Mt. Todd gold project in
Australia in anticipation of commencing a 14,000 meter drilling
program beginning in early January. The Company anticipates that
the Mt. Todd drilling program will use two core rigs and one
reverse circulation rig and contemplates 10 core holes (5,000
meters) and 18 reverse circulation holes (9,000 meters). The core
drilling program is designed to test areas of the Batman deposit
for potential resource expansion, to convert inferred resources(2)
to measured and indicated resources(1) and to obtain samples for
further metallurgical testing. This program is designed to
follow-up on targets identified in two previous drilling programs
which together have resulted in an increase in measured and
indicated resources of 192% or 134.5 million tonnes containing
approximately 3.37 million ounces of gold at an average grade of
0.8 grams of gold per tonne (See press releases of the Company
dated January 4, 2007 and June 4, 2009). The reverse circulation
drilling program is designed to test targets on Vista's exploration
licenses located adjacent to the Batman deposit. These targets were
identified by a recently completed field program. The drilling
program is expected to be completed during the first quarter, 2010.
The Company also announced that it continues to advance its
Pre-Feasibility Study ("PFS") for the Mt. Todd project and that the
PFS is expected to confirm the principal metallurgical parameters
used in the Mt. Todd Preliminary Economic Assessment ("PEA")
announced in June 2009 and updated in August 2009. The PFS was
originally targeted for completion by year-end 2009, but will now
be deferred to enable the Company to incorporate the results of the
new drilling program as well as to allow for additional engineering
work, particularly with respect to the best approach for tailings
disposal and storage. Fred Earnest, President and COO of Vista,
stated, "We expect the additional engineering, combined with the
larger estimated resource base expected from the new drilling
program will enhance the project economics. Assuming positive
results from the PFS, we anticipate commencing a definitive
feasibility study for Mt. Todd in the second half of 2010." Tetra
Tech Inc. of Golden, Colorado, is contracted to manage and prepare
the PFS in accordance with Canadian National Instrument
43-101?Standards of Disclosure for Mineral Projects ("NI 43-101").
The PEA was prepared under the direction of Mr. John Rozelle, an
independent qualified person under NI 43-101. The results of the
PEA are outlined in a NI 43-101 technical report entitled "Mt. Todd
Gold Project Updated Preliminary Economic Assessment Report,
Northern Territory, Australia" and is dated June 11, 2009. The PEA
is available on SEDAR at http://www.sedar.com/. John Rozelle is the
independent "qualified person," within the meaning of NI 43-101 who
supervised the preparation of the scientific and technical
information contained in this press release. 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 undertaken programs to advance
the Paredones Amarillos gold project, located in Baja California
Sur, Mexico, including a definitive feasibility study, the purchase
of long delivery equipment items, 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 a pre-feasibility study and additional
resource drilling to advance the project. Vista's other holdings
include the Guadalupe de los Reyes gold project in Mexico, Yellow
Pine gold project in Idaho, Awak Mas gold project in Indonesia, and
the Long Valley gold project in California. 1. Cautionary Note to
U.S. Investors concerning estimates of Measured and Indicated
Resources: This press release uses the terms "measured resources,"
"indicated resources" and "measured & indicated resources." We
advise U.S. investors that while these terms are defined in and
required by Canadian regulations, these terms are not defined terms
under the U.S. Securities and Exchange Commission ("SEC") Industry
Guide 7 and are normally not permitted to be used in reports and
registration statements filed with the SEC. The SEC normally only
permits issuers to report mineralization that does not constitute
SEC Industry Guide 7 compliant "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 mineral deposits in these categories will ever be
converted into reserves. 2. Cautionary Note to U.S. Investors
concerning estimates of Inferred Resources: This press release uses
the term "inferred resources." We advise U.S. investors that while
this term is defined in and required by Canadian regulations, this
term is not a defined term under SEC Industry Guide 7 and is
normally not permitted to be used in reports and registration
statements filed with the SEC. "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 SEC Industry Guide 7 compliant "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. 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 , estimates of mineral resources, the conversion of inferred
mineral resources to measured and indicated resources, the
conversion of mineral resources to mineral reserves, the potential
to expand the resource base at the Mt. Todd gold project, the
potential to enhance the project economics of the Mt. Todd gold
project through engineering studies and the drill program, the
anticipated timing, design and expected results of the drill
program, the timing for completion and expected results of the PFS,
the timing for commencement of the definitive feasibility study,
the potential for gold resources in the Batman deposit and other
targets within the Mt. Todd gold project, future gold prices, the
confirmation of the metallurgical parameters of the Mt. Todd gold
project, favorable effects of Mt. Todd project economics, the
results of the PEA, and other such matters are forward-looking
statements and forward-looking information. When used in this press
release, the words "optimistic," "potential," "indicate," "expect,"
"intend," "hopes," "believe," "may," "will," "if, "anticipate" 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 estimates, estimates of results based on such resource
estimates; risks relating to completing metallurgical testing;
risks relating to cost increases for capital and operating costs;
risks relating to delays in the completion of the drilling program,
risks related to the adequacy of the design of the drilling
program, risk regarding the PFS, risks relating to the delays at
the Mt. Todd Project; risks related to the ability to obtain the
necessary permits, risks of shortages and fluctuating costs of
equipment or supplies; risks relating to fluctuations in the price
of gold; the inherently hazardous nature of mining-related
activities; 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 under
the headings "Uncertainty of Forward-Looking Statements" and "Risk
Factors" in Vista's latest Annual Report on Form 10-K as filed on
March 13, 2009, as amended April 16, 2009, and Quarterly Report on
Form 10-Q, as filed November 9, 2009, 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. Without limiting the foregoing, this press release
uses terms that comply with reporting standards in Canada and
certain estimates are made in accordance with NI 43-101. NI 43-101
is a rule developed by the Canadian Securities Administrators that
establishes standards for all public disclosures an issuer makes of
scientific and technical information concerning mineral projects.
All mineral resource estimates contained in this press release,
including the terms "measured mineral resources," "indicated
mineral resources" and "inferred mineral resources," have been
prepared in accordance with NI 43-101, and these standards differ
significantly from the requirements of the SEC. The resource
information contained in this press release is not comparable to
similar information disclosed by U.S. companies. See the Cautionary
Notes to U.S. Investors above. 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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