Successful exploration is an essential component of our long-term growth strategy. In 2009, we completed the consolidation of our district holdings at our Guadalupe de los Reyes gold exploration project located in the Sierra Madre Range in Sinaloa, Mexico. Guadalupe de los Reyes is located in a historic mining district that has produced over 600,000 ounces of gold and 40 million ounces of silver. The historic workings occur in a low sulfidation, vein system that extends over one kilometer in strike length and at least 400 meters down dip with open mineralization. The project currently has a measured and indicated gold resource of 380,323 ounces and 155,209 ounces of inferred material.
In mid-2011, Vista started exploration at the Guadalupe de los Reyes gold-silver project. After completing a surface sampling and mapping program, Vista obtained the environmental permits for exploration drilling and started drilling in November 2011. The focus of the drilling program was to confirm the stockwork-hosted, previously estimated resource, obtain core for metallurgical testing and to test the hypothesis that the underlying consolidated vein system hosts mineralization with high gold grades and bonanza silver grades. The intercepts from the Guadalupe vein confirm our hypothesis that there is potential for high grade gold-silver mineralization in the district. The initial drilling program was completed on April 21, 2012 with a total of 48 holes drilled for a total of 7,215 meters. Vista is currently evaluating whether a Preliminary Economic Assessment (PEA) is appropriate at this time or whether additional drilling should be conducted prior to the completion of the PEA.