DENVER, Sept. 8
/PRNewswire/ -- Vista Gold Corp. (TSX & NYSE Amex Equities: VGZ)
("Vista" or the "Company") is pleased to announce a mineral
resource estimate of 179,000 ounces of Measured and Indicated Resources 1) and
277,000 ounces of Inferred Resources 2) at the Quigleys deposit, located 3.5 km
northeast of the Batman deposit at the Company's Mt. Todd gold project in
Northern Territory, Australia.
TetraTech MM, Inc. ("TetraTech") of Golden, Colorado, was
contracted to review the geology and calculate the mineral resource estimate in
accordance with National Instrument 43-101 ("NI 43-101"). The
mineral resource estimates were conducted under the direction of Mr. John
Rozelle, an independent Qualified Person as defined by NI 43-101 using standard
industry software and resource estimation methodology.
Based on TetraTech's resource analysis report, the estimated gold resources
for the Quigleys deposit reported at a cut-off grade of 0.5 grams of gold per
tonne are:
|
|
|
Metric Tonnes
(000s)
|
Grade
(grams
per tonne)
|
Contained Gold
Ounces
|
|
Measured
Resources 1)
|
511
|
1.04
|
17,000
|
|
Indicated
Resources 1)
|
5,565
|
0.91
|
162,000
|
|
Measured
and Indicated Resources 1)
|
6,076
|
0.92
|
179,000
|
|
Inferred
Resources 2)
|
9,057
|
0.95
|
277,000
|
|
|
|
|
|
|
|
|
1) Cautionary Note to U.S. Investors concerning estimates of Measured and
Indicated Resources: This press release and the resource analysis report
use the terms "measured resources", "indicated resources"
and "measured and indicated resources". We advise U.S. investors that
while these terms are recognized and required by Canadian regulations, these
terms are not defined terms under the United States Securities and Exchange
Commission's (the "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. 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 SEC Industry Guide 7 reserves.
2) Cautionary Note to U.S. Investors concerning estimates of Inferred
Resources: This press release and the resource analysis report use the term
"inferred resources". We advise U.S. investors that while this term
is recognized 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.
The resource description will be included in the Mt. Todd Preliminary
Feasibility Study to be filed on SEDAR (www.sedar.com)
during the latter part of this month (please refer to Vista's August 18, 2010
press release for results of the preliminary feasibility study).
Vista's President and COO, Fred Earnest, commented, "We plan to
evaluate the feasibility of incorporating material from this satellite deposit
into our development plans for the Mt. Todd gold project. The Quigleys
deposit is one of several satellite deposits that we have identified on the
Mineral Leases and Exploration Licenses ("EL's") we hold at the Mt.
Todd gold project. In June, we announced the discovery of an exploration target
identified as MSTS-4, which is the largest of five new geochemical/geophysical
anomalies we have identified on the EL's. We have mobilized a drill to test
this and other targets on the EL's and expect drilling to commence this
week."
Mineralization at the Quigleys deposit is interpreted to occur within a
series of mineralized shears that strike north northwest and dip 30� - 35� to
the west. The main shear extends for nearly one kilometer along the strike and
has been drilled to a vertical depth of 230 meters. The mineral resource
estimate has been defined by 632 drill holes drilled by Pegasus Gold Australia
Pty Ltd. and Billiton Australia Gold Pty Ltd. in the late 1980s through the
mid-1990s. TetraTech reviewed the integrity of the drill hole database
and developed a computer model to estimate and classify the estimated mineral
resources. The model reflected TetraTech's geological interpretation of the
deposit, which constrained the mineralization to the shear zones using
geological information and assays from 49,178 samples obtained from the drilling.
Lower grade, erratic mineralization in the hanging wall of the shears has not
been included in the mineral resource estimate.
About Vista Gold Corp.
Vista is focused on the development of the Concordia gold project in Baja
California Sur, Mexico, and the Mt. Todd gold project in Northern Territory,
Australia, to achieve its goal of becoming a gold producer. 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. For more information about our
projects, including technical studies and resource estimates, please visit our
website at www.vistagold.com.
Forward-Looking Statements
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 production and economic analysis and
forecasts, estimates of mineral reserves and resources, the conversion of
inferred resources to measured and indicated resources, the conversion of
mineral resources to mineral reserves, life of mine estimates, the potential
for gold resources in the Batman and Quigleys deposits and other targets within
the Mt. Todd gold project, the successful completion of a metallurgical testing
program on ore from the Quigleys deposit, future gold prices, future
U.S.-to-Australian dollar exchange rates, favorable effects of Mt. Todd gold
project economics and Vista's ability to add value in a cost-effective manner,
the estimated operating and capital costs and the cash flow analysis and
sensitivity analysis in the Mt. Todd Preliminary Economic Assessment and the
Mt. Todd Preliminary Feasibility Study, the anticipated start to and the
results of a drill program to test the Quigleys deposit and other targets, the
anticipated completion and filing of the Mt. Todd preliminary feasibility
study, and anticipated processing capacity and tailings management 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 reserve and resource estimates,
estimates of results based on such reserve and resource and reserve estimates;
risks relating to completing metallurgical testing; uncertainty of future
feasibility study results; risks relating to cost increases for capital and
operating costs including cost of power; risks relating to delays at the Mt.
Todd gold project; 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 16, 2010, and Quarterly Report on Form 10-Q, as
filed on August 6, 2010, and other documents filed with the SEC 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 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 and reserve estimates contained in this press
release, including the terms "measured mineral resources,"
"indicated mineral resources", "inferred mineral
resources", "proven mineral reserves" and "probable mineral
reserves" have been prepared in accordance with NI 43-101, and these
standards differ significantly from the requirements of the SEC. The
resource and reserve 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 www.vistagold.com