-- Vista Gold Corp.), in
response to what it believes to be misleading media coverage in Baja California
Sur, Mexico ("BCS"), today provided an interim update on the
permitting process for its Concordia gold project in BCS. Vista is
proceeding with Concordia's development in accordance with federal mining and
environmental laws and continues to be in compliance with all statutory
obligations and responsibilities in BCS.
Fred Earnest, Vista's
President and COO commented: "Based on our ongoing dialogue with officials
in the Secretariat of Environment and Natural Resources, the Secretariat of
Agrarian Reform, the General Direction of Mines of the Secretariat of Economy, ProMexico and our advisors in Mexico, we remain confident
of our legal right to advance and permit this important project. We are
actively pursuing all avenues to advance the project through the remaining
permitting stages. Consistent with previous disclosure, we cannot be
certain of the timing to complete the permitting process. Vista will
allocate the appropriate levels of project expenditure while permitting efforts
continue."
Vista believes that the
Concordia gold project has been designed to comply not only with applicable
Mexican legislation, but with the highest international standards for the
protection of the environment and the health and safety of the proposed
workforce and members of the local communities. When all permits and
approvals are in place, Vista intends to invest more than US$200 million to
construct a modern mining facility that is expected to provide jobs for 400 to
600 workers during construction and 300 full-time employees during the
project's life. Vista's plan to construct a desalination plant is
designed to satisfy the project's water needs without compromising the quality
and supply of existing sources of water for local communities. Upon
closure of the project, the desalination plant is intended to become a
long-term, fresh water source for the communities neighboring the project area.
The Company continues to work actively with communities in the project
area and enjoys strong support from the local community.
Mr. Earnest continued:
"Vista is a gold portfolio company offering its shareholders exposure to
several advanced, large and potentially highly prospective gold mining
development opportunities. In addition to maintaining our efforts at
Concordia, we intend to bring to bear increased effort in 2011 on the other
important assets in the Company's portfolio. We plan to advance the
development of the Mt. Todd gold project in Australia, including the planned
completion of a bankable feasibility study by the end of 2011. In addition, we
are accelerating our plans to unitize our assets in the Yellow Pine - Stibnite
district in Idaho, through a proposed business combination with Midas Gold Inc.
to create a significant new, gold exploration company. We will continue
to provide updates on all of our gold projects as information becomes
available."
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 potential outcome of Vista's efforts
to permit the Concordia gold project, Vista's intention to continue with the
development of the Concordia gold project, the timing to complete the
permitting process for the Concordia gold project, expected future expenditures
on the Concordia gold project, the cost of the potential development of the
Concordia gold project, the number of expected jobs to be created for the
development and operation of the Concordia gold project, the future water need
of the Concordia gold project and the effectiveness of the project's design to
meet those water needs, the intended future use of the desalination plant at
the Concordia gold project, the planned focus of the Company's resources and
efforts in the fiscal year 2011, the completion of a Mt. Todd pre-feasibility
study by the end of 2011, and the completion and outcome of the proposed Yellow
Pine and Midas transaction 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 related to
the permitting process for the Concordia project, risks related to the
political and social environment in Baja Sur California, Mexico and the effects
on the Concordia project, risks related to Vista's rights to advance the
Concordia project to development, risks related to actual costs for development
of the Concordia project, risks related to increased future water needs and the
design and implementation of the project's plan to meet those needs,
uncertainty of reserve and resource estimates, estimates of results based on
such reserve and resource and reserve estimates; risks relating to completing
metallurgical testing and scheduling for a pre-feasibility study on the Mt.
Todd gold project; risks relating to projected cost increases at the Concordia
gold project for capital and operating costs including cost of power and water;
risks relating to delays at the Concordia and Mt. Todd gold projects; 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 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.
For further information,
please contact Connie Martinez at (720) 981-1185, or visit the Vista Gold Corp.
website at www.vistagold.com