DENVER, Feb. 8, 2011
/PRNewswire/ -- Vista Gold Corp. ("Vista" or the "Company")
(TSX & NYSE Amex Equities: VGZ) reported today on its recent meetings with
officials of the Northern Territory Government, Australia (the "Territory
Government"), to set development objectives for ongoing site management
and permitting activities for the Company's Mt. Todd gold project..
Vista acquired the Mt. Todd
gold project in February 2006. As part of its acquisition, Vista entered
into an agreement (the "Agreement") with the Territory Government.
As part of the Agreement, the Territory Government agreed to maintain
liability for the brownfields site rehabilitation on
the Mt. Todd gold project, until Vista receives the permits to proceed with the
development of the Mt. Todd gold project, and Vista agreed to undertake
comprehensive environmental, technical and economic studies for the potential
redevelopment of the Mt. Todd gold project. The initial term of the
Agreement was for a five-year period commencing January 1, 2006. During
the initial period of the Agreement, in addition to fulfilling its obligations
as the manager of the site, Vista successfully completed environmental
evaluations, exploration programs and various technical studies. Significant achievements during this period
include:
- Completion
of a preliminary environmental assessment of the Mt. Todd gold project,
- Improvements
to the water management plan and surface water quality monitoring program,
- Implementation
of a site environmental management plan consistent with Territory
Government policies,
- Completion
of drilling programs totaling approximately 18,000 meters,
- Completion
of technical studies which reported a significant growth in NI 43-101
mineral resources of the project and two favorable preliminary feasibility
studies with the associated reporting of NI 43-101 mineral reserves, and
- The
design, construction and ongoing operation of a water treatment facility.
As a result of the positive
preliminary feasibility studies, Vista exercised its option to extend the
Agreement for an additional five-year period in November 2010. Since
acquisition of the Mt. Todd gold project in 2006, Vista has invested $18
million to advance the project.
During recent meetings with
Territory Government officials in Darwin, Australia, Vista executives briefed
the Territory Government on recent activities at the Mt. Todd gold project and
presented Kon Vatskalis,
Minister for Resources, with a copy of Vista's January 2011 Preliminary
Feasibility Study for the development of the Mt. Todd gold project. The
Company also briefed Minister Vatskalis on the
Company's planned development activities for 2011 which are expected to include
further environmental, technical and economic studies intended to advance the
project to final feasibility. Vista executives also met with
environmental officials of the Territory Government and indicated that the
Company intends to initiate the environmental permitting process for the
project in the second quarter of this year.
Fred Earnest, Vista's
President and Chief Operating Officer said: "We have had a series of
productive meetings with Minister Vatskalis, other
senior government officials and technical officers in various departments, and
feel we have outlined an effective program for the ongoing management of the
Mt. Todd gold project, initiation of the environmental permitting process, and
the completion of other technical studies required for the further development
of the Mt. Todd gold project. As with all of our projects, we are committed
to the highest standards of responsible resource development and believe that
the development of the Mt. Todd gold project will benefit the Northern
Territory through the creation of jobs, direct and indirect revenues, and
long-term, comprehensive environmental management and remediation."
In a separate media release
issued by Minister Vatskalis, the Territory
Government expressed their continued support for Vista's management and ongoing
development of the Mt. Todd gold project, noting that, "Resources Minister
Kon Vatskalis today
welcomed an announcement by Vista Gold that they will commence the next step in
its feasibility study of the former Mount Todd Mine site and begin the process
of obtaining the necessary environmental permits for the project." Minister
Vatskalis went on to say, "I welcome Vista
Gold's enthusiasm towards this project as its development would create jobs for
the Territory and assist in the rehabilitation of the site in the future."
The full Territory Government media release can be found at the Company's
website, www.vistagold.com.
On January 4, 2011, the
Company announced the results of a new Preliminary Feasibility Study for the Mt.. Todd gold project. The
complete study can now be found on SEDAR at www.sedar.com.
About
Vista Gold Corp.
Vista is focused on the
development of the Mt. Todd gold project in Northern Territory, Australia, and
the Concordia gold project in Baja California Sur, Mexico, 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.
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, planned development activities at the Mt. Todd gold project, including,
planned environmental, technical and economic studies and a final feasibility
study, planned timing and anticipated results of environmental permitting at
the Mt. Todd gold project, anticipated benefits to the Northern Territory from
the development of the Mt. Todd gold project, including the creation of jobs,
direct and indirect revenues, and the results of long-term comprehensive
environmental management and remediation, 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 at the Mt. Todd gold project, the timing for commencement and
results of the definitive feasibility study for the Mt. Todd gold project; the
confirmation of the metallurgical parameters of the Mt. Todd gold project,
favorable effects of Mt. Todd gold project economics, 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 anticipated development
activities at the Mt. Todd gold project, risks related to the timing and the
ability to obtain the necessary permits at the Mt. Todd gold project, 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 16, 2010, and Quarterly Report on Form 10-Q, as filed November 9,
2010, 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 and the pre-feasibility study referenced in this
press release, use terms that comply with reporting standards in Canada and
certain estimates are made in accordance with Canadian National Instrument NI
43-101 ("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. This press release and the pre-feasibility study referenced in
this press release use the terms "mineral resources", "measured
resources", "indicated resources," "measured and indicated
resources" and "inferred 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. "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. This press release and the pre-feasibility
study referenced in this press release use the terms "mineral
reserves" and "proven and probable reserves". We advise
U.S. investors that while these terms are defined in and required by Canadian
regulations, such definitions differ from the definitions in SEC Industry Guide
7. Under SEC Industry Guide 7 standards, a "final" or
"bankable" feasibility study is required to report reserves, the
three-year historical average price is used in any reserve or cash flow
analysis to designate reserves and the primary environmental analysis or report
must be filed with the appropriate governmental authority. 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.
For further information,
please contact Connie Martinez at (720) 981-1185, or visit the Vista Gold Corp.
website at www.vistagold.com.