Guadalupe de los Reyes
Sinaloa, Mexico
Vista's 100% owned Guadalupe de los Reyes gold/silver project is located in the Sierra Madre Range in Sinaloa, Mexico, in a historic mining district that has produced over 600,000 ounces of gold and 40 million ounces of silver.

The historic workings at Guadalupe de los Reyes 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 and the potential for high gold and bonanza silver grades.
In March 2013, Vista completed a Preliminary Economic Assessment for Guadalupe de los Reyes. Highlights of the Preliminary Economic Assessment include:
  • Payable production of 327,681 ounces of gold and 4.39 million ounces of silver over a 11 year mine life, including average payable production of 35,031 ounces gold and 253,223 ounces silver over the first five years
  • Ore processed through a 1,500 tonne per day plant
  • Gold and silver recoveries of 93% and 83% respectively, through a conventional CIL recovery circuit
  • Gold-equivalent cash costs of $631 per ounce over the life of mine, including average gold-equivalent cash costs of $568 per ounce over the first five years
  • Initial capital costs of $88.9 million and life of mine capital costs of $124.3 million, including a 30% contingency
  • After-tax NPV8% of $57.3 million, Internal Rate of Return of 21%, and capital payback of 3.6 years using gold and silver prices of $1,480 and $28 per ounce, respectively.
Guadalupe de los Reyes Measured and Indicated Mineral Resource
Resource Classification
Metric Tonnes (x1000)
Gold Grade (grams/tonne)
Silver Grade (grams/tonne)
Contained Gold (ounces)
Contained Silver (ounces)
Note: The Preliminary Economic Assessment is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the Preliminary Economic Assessment will be realized.

The following table details the key input parameters that were used to develop the mine plans, capital and operating cost estimates, and the economic results presented in the bullets above.

Parameters Value
Average Pit Slope 45 degrees
Gold Price $1450/oz
Silver Price $28/oz
Gold Recovery Zapote 96.3%
San Miguel 98.8%
Noche Buena 93.1%
Silver Recovery Zapote 37.0%
San Miguel 85.2%
Noche Buena 90.4%
Mining Cost $4/tonne
Processing Cost $24/tonne
Gold FSR* Cost $15/oz
Silver FSR* Cost $5/oz
*FSR - Freight, Smelting, and Refining
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