DENVER, Oct. 28
/PRNewswire-FirstCall/ -- Vista Gold Corp. ("Vista" or the
"Company") (TSX & NYSE Amex: VGZ) is pleased to announce that
Minera Paredones Amarillos S.A. de C.V. ("MPA"), Vista's wholly-owned
Mexican subsidiary, has received the Temporary Occupation Permits for the
Paredones Amarillos gold project located in Baja California Sur, Mexico.
The Temporary Occupation
Permits (one for each of the seven mining concessions that cover the area of
the Paredones Amarillos gold project) formally grant MPA the right to use the
surface land in the project area owned by the Mexican federal government. With
the Temporary Occupation Permits received, the Company has all of the documents
necessary to file its application for the Change of Forest Land Use Permit
("CFLUP") which is required before the Company can commence
development of the Paredones Amarillos gold project. The Company intends to
file the CFLUP application in the upcoming days.
Fred Earnest, Vista's
President and Chief Operating Officer, stated, "We are very pleased to
have received the Temporary Occupation Permits. This is a significant milestone
in Vista's effort to become a mid-tier gold producer. Our advisors in Mexico
City have worked tirelessly with many different agencies to achieve the
approval of the Temporary Occupation Permits and we appreciate the support and
assistance received from each of the agencies involved in the review and
ultimate approval of these permits. With the anticipated filing of our CFLUP
application expected in the upcoming days, we believe we will be on track to
receive the CFLUP by the end of the first quarter of 2010 and anticipate being
able to move forward with construction of the Paredones Amarillos gold project
for estimated initial production in 2011."
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 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 late in 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.
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 the timing and outcome of the
application for the CFLUP application for the Paredones Amarillos gold project,
anticipated plans and timing of commencement of construction and commencement
of production at the Paredones Amarillos gold project; 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 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 gold prices, 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 CFLUP application 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 www.vistagold.com