Vista Gold Announces Confirmatory Drilling Program at Paredones Amarillos Gold Project and Update on Permitting Progress
August 04 2009 - 6:12PM
PR Newswire (US)
DENVER, Aug. 4 /PRNewswire-FirstCall/ -- Vista Gold Corp. (TSX
& NYSE Amex: VGZ) ("Vista" or the "Company") announced today
that it will be initiating a diamond drilling program at the
Paredones Amarillos gold project, located in Baja California Sur,
Mexico. The program of diamond drill holes is designed to obtain
samples to confirm process plant design criteria and provide
additional validation of the mineral reserve model used for the
feasibility study completed in September 2008 and announced in a
press release dated September 8, 2008. Vista received the final
authorization to proceed with the drilling program on Friday, July
31, 2009, and plans on mobilizing the drilling contractor within
two weeks. The Company expects to complete the drilling by
mid-October and complete the evaluation of the results later in the
fourth quarter. Vista's advisors and management have been working
with Mexican authorities to expedite the permitting process at the
Paredones Amarillos gold project. Vista's advisors have informed
management that the Company's application for the Temporary
Occupation Permit ("TOP") for the use of the federal land which
overlies the Paredones Amarillos deposit is in the final review
stages and that the application process continues to advance
favorably. Receipt of the TOP is a pre-requisite for filing an
application for the Change of Land Use Permit ("CUSF") which will
enable the Company to commence development of Paredones Amarillos.
The Company has already prepared the CUSF application and obtained
the environmental permit necessary to submit the application. The
Company intends to submit the CUSF application as soon as the TOP
is received. Fred Earnest, the Company's President and COO, said,
"Approval of the drilling program is a positive sign and we are
hopeful that the final stages of the Paredones Amarillos permitting
process will now move more rapidly. We expect that the receipt of
the TOP and the results of the drilling program will enable us to
commence detailed engineering and refurbishment of the milling
equipment we purchased in April 2008, as well as advance project
financing efforts. We are currently in the final stages of updating
the capital and operating costs and project economics for the
development of the Paredones Amarillos gold project and plan to
release the results shortly." 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 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, Yellow Pine gold project in
Idaho, Awak Mas gold project in Indonesia, and the Long Valley gold
project in California. Forward-Looking Statements 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 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 financial and operating results and estimates; potential funding
requirements and sources of capital; plans for budgeting financial
recoveries; the timing, performance and results of feasibility
studies including the timing and receipt of required land use,
environmental and other permits for the Paredones Amarillos gold
project and timing for starting and completion of drilling and
testing programs at the Paredones Amarillos gold project; the
timing and outcome of the application for the TOP and for the new
CUSF for the Paredones Amarillos gold project and timing for
confirmation of the status of such permits; anticipated timing of
commencement of construction and commencement of production at the
Paredones Amarillos gold project; preliminary assessment results
for the Mt. Todd gold project; and plans and timing for a
preliminary feasibility study at the Mt. Todd gold project; Vista's
future business strategy; goals; operations; plans; potential
project development; future gold prices; Vista's potential status
as a producer including plans and timing of potential production;
and other such matters are forward-looking statements and
forward-looking information. When used in this press release, the
words "estimate", "plan", "will", "target", "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 statements. Such factors include, among others,
risks relating to general economic conditions, delays and
incurrence of additional costs in connection with our Paredones
Amarillos gold project, including uncertainty relating to timing
and receipt for required governmental permits; uncertainty relating
to timing and outcome of the TOP and the new CUSF for the Paredones
Amarillos gold project, uncertainty of feasibility study results
and preliminary assessments and of estimates on which such results
are based; risks relating to delays in commencement and completion
of construction at the Paredones Amarillos and Mt. Todd gold
projects; risks of significant cost increases; risks of shortages
of equipment or supplies; 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; 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. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. 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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