Vista Gold Corp.
("Vista" or the "Company") (TSX & NYSE Amex Equities:
VGZ) is pleased to announce that the agreement for the management of the
Company's Mt. Todd gold project in Northern Territory, Australia, has been
renewed for an additional five-year period.
The Northern Territory
Government ("NTG") issued a media release today which is reprinted in
its entirety below:
30 November 2010 � Mount
Todd Agreement Renewed
Resources Minister Kon Vatskalis announced today
that the agreement between the Northern Territory Government and Vista Gold
Corporation for the management of the Mount Todd mine, has been renewed for a
further five years.
Mr. Vatskalis
says the government is pleased with Vista's performance in managing the mine
over the last four years.
"This renewal
represents the opportunity to turn a legacy site inherited by the Labor
Government into an operating mine, which will provide the resources to
rehabilitate the site in the long term," he said.
"The Labor Government
is the first government in Northern Territory to require a 100% rehabilitation
security bond to ensure that there are sufficient funds to prevent this from
occurring again."
The Chairman and Chief
Executive Officer of Vista Gold, Mr. Mike Richings,
also welcomed the renewal of the agreement.
"Our programs have
focused on overcoming Mount Todd's unique technical problems. The results
so far have been encouraging and we plan to advance and refine our plans for
restarting the mine."
Mr. Richings
added that his company had developed an excellent working relationship with
both Mr. Vatskalis and the Department of Resources.
Mr. Vatskalis
said he was pleased with Vista's long-term approach to the site and the
commitment they have shown to date.
"Should the site prove
economically viable, in addition to the benefits of rehabilitation, there will
be a considerable economic benefit to the Katherine region," he said.
Commenting on the NTG's
media release, Fred Earnest, Vista's President and COO stated, "The
renewal of our agreement with the NTG for the management of the Mt. Todd mine
for an additional five years allows us to move forward with our development
plans for this project. This is a strong endorsement of Vista's project
development and environmental management program for the Mt. Todd site.
We are proud of the environmental accomplishments that have been achieved
with the joint cooperation of the NTG. Vista is committed to developing
the Mt. Todd gold project in a way that continues to respect the values of the
traditional landowners and providing the environmental and operational leadership
that can result in the remediation of a legacy site through the development of
a new mine, designed and built to today's standards with the financial
guarantees to ensure the proper closure."
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.
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 future development plans at the Mt. Todd gold project, the development
of the Mt. Todd gold project in a way that respects landowners, Vista's
leadership in environmental and operational matters at the Mt. Todd gold
project, the potential for remediation of the legacy site and the potential for
a new mine at the Mt. Todd gold project, the potential design at current
standards and the provision of financial guarantees for a mine at the Mt. Todd
gold project, the application and receipt of authorization of permits for the
construction of a new mine, 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 gold 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 uncertainty of costs associated with
remediation; the uncertainty of the quantum of financial guarantees; 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.