Northern Territory, Australia
Mt. Todd was discovered in the late 1980s by Zapopan N.L. and a Joint Venture for the project was completed between Zapopan and Billiton in 1987. The Joint Venture operated a small heap leach project at Mt. Todd from 1993-1996 that produced approximately 220,000 ounces gold over a four year period.
In 1995, Zapopan was acquired by Pegasus Gold. In 1996, Pegasus constructed a milling operation at Mt. Todd that was anticipated to produce approximately 2 million ounces of gold over 8 years.
Pegasus commissioned the Mt. Todd mill in November 1996. Because of two key technical issues (harder rock than designed for and poorly understood metallurgy) as well as low gold prices, the mill operated for only one year and was closed in November 1997 when Pegasus went bankrupt.
Multiplex (a large Australian construction firm) and General Gold operated the site for approximately one year in 1999; however the project was closed when the tax loss carry-forwards were exhausted and Mt. Todd was abandoned.
The Northern Territory Government managed the un-reclaimed mine site from 2000 until Vista Gold acquired rights to the project in 2006.
Since Vista's involvement, significant progress has been made toward mitigating and treating acidic water at the site while Vista has explored and evaluated the property.