Vista Gold Corp. Announces Option Agreement to Sell Amayapampa Project, Bolivia
Vista Gold Corp. (TSX & Amex: VGZ) is pleased to announce that it has reached an agreement to sell its Amayapampa Project in Bolivia to Luzon Minerals Ltd. of Vancouver, British Columbia, Canada.
Completion of the transaction is subject to the receipt of all regulatory and other approvals, and completion of due diligence satisfactory to Luzon by June 1, 2004. During this due diligence period, Luzon has agreed to update the feasibility study, complete a technical report in compliance with Canadian National Instrument 43-101, and seek the required financing for the project. Luzon will issue Vista 50,000 common shares initially, and during the due diligence period, Luzon will pay Vista US$10,000 per month for the first four months, then US$15,000 per month for the fifth and sixth months. At completion of the due diligence period, provided Luzon elects to proceed, Luzon will pay Vista US$930,000 and issue Vista 2,000,000 common shares. At the earlier of start of construction or January 1, 2006 Luzon will pay Vista US$4,000,000 or at Vista's election, a combination of shares and cash based on Luzon's share price, not to exceed 5,200,000 shares or US$4,000,000 cash. Luzon will grant Vista a 3% NSR type royalty where the price of gold is less than US$450 per ounce and a 4% NSR type royalty where the price of gold is $450 per ounce or more.
Vista President and CEO, Ronald J. (Jock) McGregor commented, "The potential sale of Amayapampa for cash, shares and a royalty is in keeping with the Company's strategic plan of generating a royalty income stream for the Company. Selective disposition of some of our more advanced projects while minimizing exposure to debt, hedging, or other operational risks also fits our strategic plan by creating value for our shareholders. Luzon is a good choice for this potential sale as it is in the business of developing mining operations, has good management with a proven track record in mine development, and has a presence in Bolivia with its Liphichi property."
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills, Hycroft and Wildcat projects in Nevada, the Long Valley project in California, the Yellow Pine project in Idaho, the Paredones Amarillos and Guadalupe De Los Reyes projects in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K, as amended, filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor at +1-720-981-1185, or visit the Vista Gold Corp. website at www.vistagold.com .
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Drilling Results at Maverick Springs Project in Nevada
Vista Gold Corp. (Amex: VGZ; TSX) is pleased to report final drill results from a recently completed 14-hole reverse circulation program totaling 12,920 feet at the Maverick Springs gold-silver project. The property is located approximately 50 miles southeast of Elko, Nevada, on the southeast extension of the Carlin Trend.
Maverick Springs is a large, flat-lying, Carlin-type system with gold-silver mineralization occurring in a zone 100 to 400 feet in thickness. The objective of all but one of the holes was infill drilling of previously outlined mineralization. All holes intersected mineralization, confirming gold-silver mineralization within a zone measuring approximately 2,500 feet north-south by 2,000 feet east-west. All holes were vertical and the intervals cited in the table below are thought to represent true thicknesses. One step-out hole (MR-139) was drilled 1,400 feet north of the infill area and intercepted anomalous gold mineralization, significantly expanding the potential for the project.
Intercepts indicating the potential for bulk-mineable gold mineralization include MR-141 which intersected 375 feet of mineralization at 0.011 ounces of gold per ton, MR-142 which intersected 280 feet of mineralization at 0.014 ounces of gold per ton, MR-144 which intersected 260 feet of mineralization at 0.014 ounces of gold per ton, MR-147 which intersected 245 feet of mineralization at 0.017 ounces of gold per ton, MR-143 which intersected 220 feet of mineralization at 0.011 ounces of gold per ton, and MR-138 which intersected 165 feet of mineralization at 0.011 ounces of gold per ton.
Higher grade gold intercepts included 10 feet of gold mineralization in drill hole MR-147 assaying 0.134 ounces of gold per ton.
The drilling program was performed between July 22 and October 21, 2003 under the overall supervision of Qualified Person Warren Bates, P.Geo. All samples taken were 5 feet in length and were assayed by American Assay Labs of Reno, Nevada. Sampling and assaying methods were conducted in accordance with Canadian National Instrument 43-101 best practices. A resource analysis will be done by an independent consulting firm in accordance with National Instrument 43-101 guidelines.
Silver Standard Resources, Inc. (TSX-V: SSO; Nasdaq: SSRI) funded the drilling program through a unique option/joint venture earn-in agreement with Vista, as previously disclosed, in which Silver Standard will acquire all silver mineralization hosted at Maverick Springs while Vista will retain all gold mineralization. In order to earn its interest, Silver Standard has paid cash and will contribute a total of US$1.2 million toward exploration programs, land holding costs and option payments.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills, Hycroft and Wildcat projects in Nevada, the Long Valley project in California, the Yellow Pine project in Idaho, the Paredones Amarillos and Guadalupe De Los Reyes projects in Mexico, and the Amayapampa project in Bolivia.
Selected Drill Results, Maverick Springs, Nevada
Gold Silver
Grade Grade
Weighted Weighted
Hole From To Interval Average Average
No. Coordinates (feet) (feet) (feet) (oz./ton)(oz./ton)
MR-136 644769E 210 230 20 0.027 0.5
4444079N
335 345 10 0.009 0.1
585 740 155 0.009 1.2
incl. 585 650 65 0.012 2.5
MR-137-A 644848E 395 575 180 0.007 0.2
4444031N
incl. 535 560 25 0.014 0.8
MR-138 644634E 815 980 165 0.011 1.8
4443479N
MR-139 644780E 990 1005 15 0.011 0.1
4445084N
MR-140-A 644652E 510 605 95 0.014 0.3
4444654N
770 885 115 0.013 0.4
MR-141 644769E 530 905 375 0.011 1.7
4444079N
MR-142 (1) 644587E 660 940 280 0.014 0.8
4444298N
incl. 750 765 15 0.090 2.0
MR-143 (1) 644510E 650 870 220 0.011 1.8
4444208N
MR-144 644896E 175 220 45 0.010 0.1
4444277N
270 295 25 0.006 0.0
530 790 260 0.014 0.8
incl. 710 765 55 0.037 1.2
MR-145 644800E 320 345 25 0.006 0.0
4444205N
460 615 155 0.011 0.9
MR-146 (1) 644980E 325 345 20 0.005 0.0
4444365N
410 465 55 0.009 0.0
595 690 95 0.015 2.0
MR-147 (1) 644840E 555 800 245 0.017 1.2
4444510N
incl. 650 660 10 0.134 0.4
MR-148 644950E 730 835 105 0.010 1.0
4444480N
incl. 735 760 25 0.034 0.7
MR-149 (1) 644745E 515 625 110 0.007 0.2
4444490N
(1) Hole ending in mineralization
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K, as amended, filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com.
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Completion of Resource Study for the Yellow Pine Gold Project, Option to Purchase the Project, and Third Quarter Results
Vista Gold Corp. (Amex: VGZ; TSX) is pleased to announce that it has completed its due diligence review of the Yellow Pine gold project, and it has been provided with a nine year option to purchase 100% of this project for US$1,000,000 pursuant to the terms of an Option to Purchase Agreement between an indirect, wholly-owned subsidiary of Vista and Bradley Mining Company.
The agreement calls for Vista to make an option payment of US$100,000 upon both parties executing the agreement and nine yearly payments of US$100,000 on or before each anniversary date of the agreement, for a total option payment price of US$1,000,000. If Vista decides to exercise its option to purchase the project, all option payments shall be applied as a credit against the purchase price of US$1,000,000. Vista has the right to terminate the agreement at any time in accordance with the terms of the agreement without penalty.
The Yellow Pine gold project, comprised of 17 patented mining claims and covering about 304 acres, is located 60 miles east of McCall, Idaho, in Valley County. Eleven of the claims are subject to an underlying 5% NSR type royalty.
Due diligence included completion of a resource study following Canadian National Instrument 43-101 standards. The study was performed by Pincock, Allen & Holt, of Denver, Colorado, an independent consulting firm, under the supervision of Mr. Mark Stevens, C.P.G., Qualified Person. Resources were calculated using industry-standard block modeling software. Based on the study, mineral resources(1) above a 0.025 opt gold cut-off are:
Short Tons Gold Grade Contained
Troy oz/ton Ounces
Measured and Indicated(2) 33,835,000 0.066 2,218,000
Inferred(3) 16,047,000 0.051 819,000
(1) Mineral resources, which are not mineable reserves, do not have
demonstrated economic viability.
(2) Cautionary Note to U.S. Investors concerning estimates of Measured
and Indicated Resources: This table uses the terms "measured and
indicated resources". We advise U.S. investors that while these
terms are recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize them.
U.S. investors are cautioned not to assume that any part or all of
mineral deposits in this category will ever be converted into
reserves.
(3) Cautionary Note to U.S. Investors concerning estimates of Inferred
Resources: This table uses the term "inferred resources".
We advise U.S. investors that while this term is recognized and
required by Canadian regulations, the U.S. Securities and Exchange
Commission does not recognize it. "Inferred resources" have a great
amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed
that all or any part of an inferred mineral resource will ever be
upgraded to a higher category. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of a feasibility
or other economic study. U.S. investors are cautioned not to assume
that any part or all of an inferred resource exists or is
economically or legally mineable.
Resources were calculated using data from 538 reverse circulation and core drill holes, totaling 120,922 feet. These predominantly sulfide-type gold resources are open to expansion both laterally and at depth. Gold is associated with silver, antimony and tungsten mineralization.
"The option to purchase the Yellow Pine project represents a significant addition to Vista's gold resource base," said Jock McGregor, President and CEO. "This is an ideal project for Vista because the value will be enhanced not only by a rising gold price, but also by the recent and continuing advances in metallurgical treatment techniques for gold in sulfides."
With respect to third quarter results, the Corporation reported a loss of $0.5 million ($0.04 per share) compared to a loss of $0.4 million ($0.06 per share) for the same period in 2002. The increase in costs is principally a result of increased investor relations, business development activities and property evaluation costs.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills, Hycroft and Wildcat projects in Nevada, the Long Valley project in California, the Yellow Pine project in Idaho, the Paredones Amarillos and Guadalupe De Los Reyes projects in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K, as amended, filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com .
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Signs Agreements to Acquire Wildcat Gold Property in Nevada, Initiates Drilling at Mountain View
Vista Gold Corp. (Amex: VGZ; TSX) is pleased to announce that it has signed agreements to acquire a 100% interest in the Wildcat gold project located about 35 miles northwest of Lovelock in Pershing County, Nevada.
Vista recently concluded a due diligence review and executed formal purchase agreements to acquire the claims comprising the project and the associated exploration data in three separate transactions. The total consideration for these transactions was 50,000 Vista shares and US$250,000 paid on signing, US$300,000 payable by August 15, 2004, US$50,000 payable by October 12, 2004 and an additional US$500,000 payable at commencement of commercial production. The project consists of 74 unpatented claims and 4 patented claims. NSR-type royalties vary from 0.4% to 1% on 73 unpatented claims, and there are no royalties on the remainder.
Resource studies in compliance with Canadian National Instrument 43-101 were performed by Mine Development Associates of Reno, Nevada, an independent consulting firm, under the supervision of Mr. Neil Prenn, P.Eng., a qualified person. Resources were calculated using industry-standard block modeling software on data from one underground channel sample, 245 reverse circulation drill holes and 11 diamond drill holes totaling 95,466 feet. Based on the studies, mineral resources(1) above a 0.010 opt. gold cut-off are:
Short Tons Gold Grade Contained Ounces
(Troy oz./ton)
Indicated(2) 38,108,300 0.018 679,800
Inferred(3) 28,354,600 0.015 435,600
(1) Mineral resources, which are not mineable reserves, do not have
demonstrated economic viability.
(2) Cautionary Note to U.S. Investors concerning estimates of Indicated
Resources: This table uses the term "indicated resources." We advise
U.S. investors that while this term is recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize it. U.S. investors are cautioned not to assume
that any part or all of mineral deposits in this category will ever
be converted into reserves.
(3) Cautionary Note to U.S. Investors concerning estimates of Inferred
Resources: This table uses the term "inferred resources." We advise
U.S. investors that while this term is recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize it. "Inferred resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any
part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of a feasibility or other economic
study. U.S. investors are cautioned not to assume that any part or
all of an inferred resource exists or is economically or legally
mineable.
Vista President and CEO Jock McGregor commented, "The acquisition of Wildcat is another step in Vista's strategy to grow by acquiring and adding value to properties we believe contain high quality gold resources in low risk environments."
In other developments, Vista has initiated a five hole, 4,000 foot reverse circulation drilling program at its Mountain View property in Nevada.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills, Hycroft and Wildcat projects in Nevada, the Long Valley project in California, the Paredones Amarillos and Guadalupe De Los Reyes projects in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com .
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Suspension of Proposed Private Placement
Vista Gold Corp. (Amex: VGZ; TSX) announces that due to current market volatility in the gold price and share price, and other factors, the management of Vista has decided not to pursue the previously announced private placement at this time.
"We would rather wait until market conditions stabilize to proceed with a placement," said Jock McGregor, President and CEO. "While we have sufficient funds for our immediate needs, we will continue to look at opportunities to keep our treasury healthy, so we can take advantage of new acquisition opportunities as they arise."
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills and Hycroft projects in Nevada, the Long Valley project in California, the Paredones Amarillos and Guadalupe De Los Reyes projects in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces a Proposed U.S. $6.1 Million Private Placement
Vista Gold Corp. (AMEX: VGZ) Toronto announces that subject to regulatory approval, it plans to undertake a private placement financing, in which it will raise gross proceeds of up to U.S. $6.12 million from the sale of up to 1.55 million units priced at U.S. $3.95 per unit. The proceeds will be used to acquire additional projects and to maintain and add value to projects already acquired. Each unit will consist of one common share and one three year warrant. The exercise price for each warrant will be U.S. $5.00 if exercised before the first anniversary of the closing date; $5.75 if exercised before the second anniversary of the closing date; and U.S. $6.50 if exercised before the third anniversary of the closing date.
The terms of the private placement require Vista to register for resale, under the U.S. Securities Act of 1933, the common shares issued in the placement, as well as the common shares issuable upon the exercise of warrants. The warrants have a provision for accelerating their expiry date as follows; starting six months after the share registration date, if the closing price of Vista's common shares on the American Stock Exchange is U.S. $1.00 or more above the respective exercise price (i.e., $6.00 before the first anniversary of the Closing date, U.S. $6.75 before the second anniversary, and U.S. $7.50 before the third anniversary) for a period of 20 consecutive trading days, then for 10 business days Vista has the option to request that the warrants be exercised. If the warrants are not exercised within 10 business days following this request, they will expire.
A cash finder's fee of 5% of the gross proceeds raised, and finder's legal costs not to exceed $15,000, will be paid to Global Resource Investments Ltd. in conjunction with the private placement.
The securities described above have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills and Hycroft projects in Nevada, the Long Valley project in California, the Paredones Amarillos and Guadalupe De Los Reyes projects in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com.
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor of Vista Gold Corp., +1-720-981-1185,
www.vistagold.com
Web site: http://www.vistagold.com/
Vista Gold Corp. Acquires Gold Project in Mexico, Increases Bond at Hycroft
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it has acquired a 100% interest in the Guadalupe De Los Reyes gold project in Sinaloa State, Mexico and a data package associated with the project and general area, for aggregate consideration of $1.4 million and a 2% NSR-type royalty.
Vista recently concluded due diligence reviews during an option period and executed a formal purchase agreement. Under the terms of the agreement, upon execution of the formal agreement, Vista paid the sum of $400,000 less the total of payments made during the option period. On the first anniversary of the signing of the formal agreement, Vista will pay a further $500,000 in cash or shares at the discretion of Vista. An additional $500,000 in cash will be paid by way of $100,000 payments on each of the second through sixth anniversaries of the signing of the formal agreement, with the outstanding balance becoming due upon commencement of commercial production. A 2% NSR-type royalty will be paid the previous owner and may be acquired by Vista at any time for $1 million. Vista retained the right to terminate the agreement at any time.
A resource study was completed on July 17, 2003, following Canadian National Instrument 43-101 standards. The study was performed by Pincock, Allen & Holt, of Denver, Colorado, an independent consulting firm under the supervision of Mr. Mark Stevens, C.P.G., Qualified Person. Resources were calculated using industry-standard block modeling software. Based on the study, geological resources(1) above a 0.016 opt cut-off are:
Short Tons Gold Grade Contained Ounces
(Troy oz./ton)
Indicated(2) 6,996,000 0.040 277,600
Inferred(3) 4,233,000 0.059 247,850
The project also includes significant silver values.
(1) Mineral resources, which are not mineable reserves, do not have
demonstrated economic viability.
(2) Cautionary Note to U.S. Investors concerning estimates of Indicated
Resources: This table uses the term "indicated resources." We advise
U.S. investors that while this term is recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize it. U.S. investors are cautioned not to assume
that any part or all of mineral deposits in this category will ever
be converted into reserves.
(3) Cautionary Note to U.S. Investors concerning estimates of Inferred
Resources: This table uses the term "inferred resources." We advise
U.S. investors that while this term is recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize it. "Inferred resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any
part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of a feasibility or other economic
study. U.S. investors are cautioned not to assume that any part or
all of an inferred resource exists or is economically or legally
mineable.
Resources were calculated using data from 381 reverse circulation drill holes totaling 118,633 feet. The drilling was performed by Northern Crown Mines Limited from 1993 to 1997. Standard sampling and assaying, quality control, and surveying procedures were applied.
In another matter, as discussed in the Corporation's quarterly report on Form 10-Q for the quarter ended June 30, 2003, the Bureau of Land Management, Nevada State Office requested the Corporation to increase the total surety bond amount at its Hycroft mine to $6.8 million as the result of routine re-estimation of reclamation cost estimates. Hycroft Resource Development, Inc., a wholly-owned subsidiary of Vista Gold Corp., has issued an irrevocable standby letter of credit in the amount of $1,240,728 to comply with this request.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills and Hycroft projects in Nevada, the Long Valley project in California, the Paredones Amarillos and Guadalupe De Los Reyes projects in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com .
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Corporate Update
Vista Gold Corp. (AMEX: VGZ) Toronto, provides the following update on recent activities. The Corporation currently has options to acquire two gold projects in the U.S. and one in Mexico, each subject to due diligence reviews and the usual approvals. Current activities with respect to these potential acquisitions include completing definitive agreements, due diligence reviews and technical studies consistent with Canadian National Instrument 43-101. The Corporation is focusing its efforts on closing each of these potential acquisitions before the end of the year, and, if closed, the principal terms of each of these potential acquisitions, together with the results of the technical studies, will be announced at that time.
Vista's project improvement initiatives include the previously announced 16,000 foot drill program at the Maverick Springs project near Elko, Nevada, which is now approximately 50% complete. Assays and related analyses are pending. Following completion of the Maverick Springs program, a 4,000 foot drilling program will be started at the Mountain View project, near Gerlach, Nevada. In addition, the Corporation has commissioned R.D.I. of Wheatridge, Colorado, an independent process engineering firm, to review the process flowsheet used in the Paredones Amarillos, Mexico, feasibility study completed by Echo Bay Mines in 1996, and recommend possible cost saving changes to enhance the economics of this project.
With respect to the second quarter results, the Corporation reported a loss of $0.6 million ($0.05 per share) compared to a loss of $0.4 million ($0.06 per share) for the same period in 2002. The increase in costs is principally a result of increased investor relations and business development activity.
The Corporation also reports that Chief Financial Officer, John F. Engele, has tendered his resignation effective August 31, 2003. Jock McGregor, President and CEO commented, "Jack will be sorely missed, but he has been offered a tremendous opportunity for career growth elsewhere and we wish him well in his new position." The Corporation has implemented transitional arrangements until a replacement can be named.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills and Hycroft projects in Nevada, the Long Valley project in California, the Paredones Amarillos project in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com .
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Completion of Hasbrouck, Three Hills Resource Studies; Initiates Drill Program at Maverick Springs
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it has completed resource studies on its Hasbrouck and Three Hills projects in the Tonopah district, Nevada, in compliance with Canadian National Instrument 43-101. The projects are located, respectively, five miles south and two miles west of Tonopah, Nevada. They comprise a total of 98 claims and host oxidized epithermal-style gold mineralization.
The resource studies were performed by Mine Development Associates of Reno, Nevada, an independent consulting firm, under the supervision of Mr. Neil Prenn, P. Eng., a Qualified Person. Resources were calculated using industry-standard block modeling software. Based on the studies, geological resources(1) above a 0.010 opt cut-off are:
Gold grade
Troy oz/ton Contained
Short tons (opt) Ounces
Indicated(2)
Hasbrouck 20,300,000 0.023 459,000
Three Hills 5,736,000 0.023 133,000
Total indicated 592,000
Inferred(3)
Hasbrouck 8,160,000 0.021 172,000
(1) Mineral resources, which are not mineable reserves, do not have
demonstrated economic viability.
(2) Cautionary Note to U.S. Investors concerning estimates of Indicated
Resources: This table uses the term "indicated resources." We advise
U.S. investors that while this term is recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize it. U.S. investors are cautioned not to assume
that any part or all of mineral deposits in this category will ever
be converted into reserves.
(3) Cautionary Note to U.S. Investors concerning estimates of Inferred
Resources: This table uses the term "inferred resources." We advise
U.S. investors that while this term is recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize it. "Inferred resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any
part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of a feasibility or other economic
study. U.S. investors are cautioned not to assume that any part or
all of an inferred resource exists or is economically or legally
mineable.
The Hasbrouck model was developed using data from 54,339 feet of drilling, principally comprised of 105 reverse circulation holes totaling 44,400 feet and 22 rotary drill holes totaling 8,980 feet. The drilling database was compiled from work performed by FMC Gold Co., Cordex Syndicate and Franco Nevada Inc. between 1974 and 1988. The newly developed model shows that mineralization may extend in an easterly direction at the Hasbrouck property.
The Three Hills model was developed using data from 62,874 feet of drilling, comprised of 183 reverse circulation holes totaling 54,657 feet, 45 air-track and rotary holes totaling 6,320 feet and 9 diamond drill holes totaling 1,897 feet. The drilling was completed by Echo Bay Mines Ltd., Eastfield Resources, Saga Exploration and Cordex Syndicate between 1974 and 1996.
"These projects have excellent potential," said Jock McGregor, Vista's President and CEO. "The Tonopah area has recently produced new exploration successes as well as the revival of mature mining districts at Goldfield, Nevada. We believe Vista can increase resources at Hasbrouck and Three Hills by taking a new look at the old data, and drilling new areas at Three Hills."
At the Maverick Springs project, 50 miles southeast of Elko, Nevada, the Corporation and Silver Standard Resources Inc. (NASDAQ: SSRI) have started a 16-hole, 16,000 foot drill program. The program has the potential to significantly increase resources at Maverick Springs by in-fill drilling in the mineralized extension discovered last fall, as summarized in the Corporation's December 16, 2002 press release. Exploration holes will also be drilled north and south of the previously identified mineralization. The program is being funded by Silver Standard under an option agreement as summarized in the Corporation's November 7, 2002 press release. Maverick Springs is a large silver-rich Carlin style deposit.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills and Hycroft projects in Nevada, the Long Valley project in California, the Paredones Amarillos project in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com .
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Completes Grant of Option on Silver Resources at the Maverick Springs Project
Vista Gold Corp. (AMEX: VGZ) Toronto, is pleased to announce that it has completed the formal agreement to grant to Silver Standard Resources Inc. (NASDAQ: SSRI) (Toronto-VEN: SSO) an option to acquire Vista's interest in the silver resources hosted in the Maverick Springs project in Nevada. The terms of the agreement are as summarized in Vista's November 7, 2002 press release. Consistent with the terms of the agreement, Silver Standard has paid U.S. $300,000 to Vista and has also reimbursed Vista approximately U.S. $189,000 for costs incurred in its 2002 drilling program. Vista and Silver Standard are planning an additional drilling program, to commence in the third quarter 2003, designed to expand the gold and silver resources at the project. Maverick Springs is a large Carlin-type gold-silver deposit located at the southeast extension of the Carlin trend.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills and Hycroft projects in Nevada, the Long Valley project in California, the Paredones Amarillos project in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor, or Jack Engele, both of Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Completion of Acquisition of Newmont Projects and First Quarter Results
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it has completed the acquisition of a 100% interest in two Nevada gold projects, Hasbrouck and Three Hills, from Newmont Mining Corporation (NYSE: NEM), as previously announced March 20, 2003.
The Corporation has engaged Mine Development Associates of Reno, Nevada to complete an independent technical study and report in compliance with Canadian National Instrument 43-101 for each of the projects.
"The acquisition of these projects continues our excellent relationship with Newmont and gives us a solid foothold in the Tonopah area," said Jock McGregor, President and CEO.
With respect to the first quarter results, the Corporation reported a loss of $0.8 million ($0.07 per share) compared to a loss of $0.5 million ($0.09 per share) for the same period in 2002. The increase in costs is principally a result of increased investor relations and business development activity. At March 31, 2003, the Corporation had $5.3 million in working capital and no debt.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's projects include the Maverick Springs, Mountain View and Hycroft projects in Nevada, the Long Valley project in California, the Paredones Amarillos project in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com.
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor or Jack Engele of Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Letter of Intent to Acquire Newmont Projects
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it has signed a non-binding letter of intent to purchase a 100% interest in two Nevada gold projects currently controlled by Newmont Mining Corporation ("Newmont") (NYSE: NEM). Completion of the transaction is subject to a due diligence review of the projects by Vista, governmental and regulatory approvals, and negotiation and execution of a definitive purchase agreement, with closing expected in April.
The two projects, Hasbrouck and Three Hills, are located five miles south and two miles west of Tonopah, Nevada, respectively. The projects comprise a total of 98 claims. They both host epithermal style gold-silver mineralization and have sufficient drilling completed on them to support a measured and indicated resource calculation. An independent consultant will be commissioned to prepare a resource report in compliance with Canadian National Instrument 43-101.
Under the terms of the letter of intent, the total purchase price for both projects includes Vista assuming all of Newmont's obligations with respect to the properties, and paying Newmont US$250,000, of which US$50,000 would be payable in cash at closing and US$200,000 would be payable on the first anniversary of the closing, either in cash or through the issuance of Vista common shares, at Vista's discretion. In the event that Vista elects to issue common shares, the value of the common shares will be based on the average AMEX closing price of the common shares over the ten-trading-day period ending one day before the first anniversary. Newmont, at its option, would retain either: (a) a 2% net smelter returns royalty in each project together with the right to a US$500,000 cash payment at the start of commercial production at either project and a further US$500,000 cash payment if, after the start of commercial production, the gold price averages US$400 per ounce or more for any three-month period; or (b) the right to acquire 51% of either or both projects. The latter right would be exercisable only after the later of four years or the time when Vista has incurred aggregate expenditures of US$1.0 million to acquire, explore and hold the projects and would include Newmont paying Vista cash equaling 200% of the expenditures made by Vista on the related property. In this event, Newmont would become operator of a joint venture with Vista and both parties would fund the project through to a production decision. Vista's contribution to the joint venture during this period is capped at US$5.0 million, US$3.0 million of which Newmont would finance for Vista and recover, with interest, exclusively from related project cash flows. Vista would also grant Newmont a right of first offer with respect to subsequent sale of the projects by Vista.
"The acquisition of these projects will add to our growing gold resource base and gives Vista a foothold in the Tonopah area which has recently emerged as one of the more exciting rediscovered gold districts in Nevada," said Jock McGregor President and CEO.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View and Hycroft projects in Nevada, the Long Valley project in California, the Paredones Amarillos project in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-KSB, as amended, filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com .
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor, or Jack Engele, both of Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Shareholder Approval of $3.4 Million Financing
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that at the Special General Shareholders' Meeting of the Corporation held on February 27, 2003 the shareholders of the Corporation voted in favor of a $3.4 million private placement as more fully described in the Corporation's press releases of December 30, 2002 and February 13, 2003 and in the related Notice of Meeting and Management Information and Proxy Circular mailed to shareholders on February 3, 2003.
The private placement closed on February 7, 2003 and the gross proceeds of $3.4 million were placed in escrow, pending approval by the shareholders. The escrow agent will be instructed to release the full $3.4 million to the Corporation within three business days, and the 1,400,000 Special Warrants issued to the investors at the closing will automatically be converted to 1,400,000 common shares and 1,400,000 warrants to purchase common shares.
The securities described above have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
"This funding will allow us to continue with our strategy of acquiring gold resources and adding value to our existing gold resource base," said Jock McGregor, President and Chief Executive Officer.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold projects with defined resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The Corporation's holdings include the Maverick Springs, Mountain View and Hycroft projects in Nevada, the Long Valley project in California, the Paredones Amarillos project in Mexico, and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-KSB, as amended, filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com .
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor, or Jack Engele, both of Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Closing of Previously Announced $3.4 Million Private Placement
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce the closing of the private placement financing announced on December 30, 2002. The transaction involved the private sale of 1.4 million special warrants, each priced at U.S.$2.43, for gross proceeds of U.S.$3.4 million. Subject to receipt of shareholder approval for the transaction, each special warrant is exercisable to acquire one common share and one common share purchase warrant with the terms previously announced by the Corporation. The U.S.$3.4 million gross proceeds of the transaction will be held in escrow pending receipt of shareholder approval. The Corporation will seek shareholder approval for the transaction at a special general meeting to be held on February 27, 2003.
The securities described above have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Paredones Amarillos project in Mexico; the Hycroft mine, Maverick Springs and Mountain View projects in Nevada; the Long Valley project in California and the Amayapampa project in Bolivia.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-KSB, as amended, filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor, or Jack Engele, both of Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Completion of Resource Study for the Long Valley Project and Intent to Proceed with Purchase
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it has completed its due diligence review of the Long Valley gold project, and will proceed with the purchase, as outlined in the Corporation's press release of November 20th. The project, comprised of 95 claims covering 1,800 acres, is located in Mono County, 30 miles northwest of Bishop, California. It is being acquired under a purchase option agreement with Standard Industrial Metals, Inc. The aggregate purchase price of $750,000 would be paid in annual installments over a five-year period ending January 2007.
Due diligence included completion of a resource study following Canadian National Instrument 43-101 standards. The resource study was performed by Mine Development Associates of Reno, Nevada, an independent consulting firm, under the supervision of Mr. Neil Prenn, P. Eng., Qualified Person. Resources were calculated using industry-standard block modeling software. Based on the study, geological resources(1) above a 0.010 opt cut-off are:
Short Tons Gold Grade Contained
Troy oz/ton Ounces
(opt)
Measured and indicated(2)
Oxide resources 36,073,000 0.018 660,800
Sulfide resources 32,203,000 0.017 550,400
Total measured
and indicated 68,276,000 0.018 1,211,200
Inferred(3)
Oxide resources 11,540,000 0.019 219,400
Sulfide resources 21,374,000 0.016 352,100
Total inferred 32,914,000 0.017 571,500
Oxidation of the mineralization extends to depths of 250 feet from
surface. The oxidized material forms about 55% of the measured and
indicated resource and 38% of the inferred resource.
(1) Mineral resources which are not mineable reserves do not have
demonstrated economic viability.
(2) Cautionary Note to U.S. Investors concerning estimates of Indicated
Resources: This table uses the terms "measured and indicated
resources." We advise U.S. investors that while these terms are
recognized and required by Canadian regulations, the U.S. Securities
and Exchange Commission does not recognize them. U.S. investors are
cautioned not to assume that any part or all of mineral deposits in
this category will ever be converted into reserves.
(3) Cautionary Note to U.S. Investors concerning estimates of Inferred
Resources: This table uses the term "inferred resources." We advise
U.S. investors that while this term is recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize it. "Inferred resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any
part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred mineral
Resources were calculated using data from 816 reverse circulation and 20 diamond drill holes, totaling 262,315 feet. Drill spacing averages 120 feet. The bulk of the drilling was performed by Royal Gold, Battle Mountain Gold and Amax Gold, between 1990 and 1997. Standard sampling and assaying, quality control and surveying procedures were applied.
Gold mineralization forms two large flat-lying "blankets", from surface to depths of up to 500 feet. The Hilton Creek zone is approximately 8,000 feet by 1,200 feet in plan view, and the Southeast zone is approximately 5,000 feet by 1,000 feet. Mineralization is open to the east, north and south as well as at depth. In addition to the presently defined resource, there is extensive historical exploration data, suggesting significant exploration potential.
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in the Corporation's periodic reports, including the annual report on Form 10-KSB, as amended, filed with the U.S. Securities and Exchange Commission. The Corporation assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact Jock McGregor or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com
SOURCE: Vista Gold Corp.
CONTACT: Jock McGregor or Jack Engele, of Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
