Vista Gold Corp. Announces Appointment of CFO and Extension of Amayapampa Due Diligence Period
Vista Gold Corp. (Amex: VGZ; TSX) announced today the appointment of Gregory G. Marlier to the position of Chief Financial Officer effective immediately. This follows a search lasting several months for an experienced CFO with a substantial mining industry background. Greg brings over 25 years of experience in corporate finance, accounting and securities regulatory compliance, much of which has been in the mining industry. He has a B.S. degree in Business Administration/Accounting from John Carroll University. Most recently, he was CFO at Pacific Western Technologies, Ltd. in Lakewood, Colorado, and has served in similar positions with Apex Silver Mines, Ltd. of Denver, Colorado, and Cambior USA, Inc., of Englewood, Colorado.
Michael B. Richings, President and CEO, stated, "Vista's former President and CEO Jock McGregor recommended to the board that we hire Greg, and Jock and I both worked with him in the past and found him to be highly talented and capable. I am pleased that he will join us and assist the Company in its continued growth."
On another matter, the Company has granted Luzon Minerals, Ltd. ("Luzon") a two-month extension, to August 1, 2004, to complete its due diligence program on the Company's Amayapampa project in Bolivia. As previously reported, in December 2003 the Company agreed to sell its Amayapampa project to Luzon, which is in the process of updating the feasibility study completed by Vista in 2000 and negotiating a socio-economic agreement with the community surrounding the Amayapampa project. During this two-month extension, Luzon will continue to pay Vista the sum of US$15,000 per month. At the end of the due-diligence period, should Luzon decide to exercise its option, Luzon will pay the Company US$1,000,000 less payments made as of August 1 of US$100,000, and issue Vista 2,000,000 common shares.
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 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 Howard Harlan at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com
SOURCE: Vista Gold Corp.
CONTACT: Howard Harlan of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Appointment of Interim President and CEO
Vista Gold Corp. (AMEX: VGZ) Toronto announced today that Michael B. Richings, former President and CEO from June 1995 to September 2000, and current member of the Board of Directors, has agreed to assume the role of President and CEO of the Company while a permanent replacement is sought for President and CEO Ronald J. (Jock) McGregor, who passed away suddenly and unexpectedly yesterday, in Littleton, Colorado. The appointment of Mr. Richings was made effective today at a meeting of the Board of Directors.
"Mike Richings is the ideal person to step in and manage the Company during the period while we search for a new President and CEO. Mike knows the business strategy of the Company and is well-acquainted with the Company's properties and its employees. The Company has developed a strong foundation, a dedicated shareholder following, a committed Board of Directors and a trusted management structure that will continue with the enthusiasm and commitment Jock exhibited," stated John Clark, board member and Chairman of the Audit and Compensation Committees. "The Board will work closely with Mike and Vista's management team to ensure the continued success of the Company and orderly transition to Mr. McGregor's successor. The plans and strategies that were developed so ably by Mr. McGregor will be continued and expanded. Meanwhile, our condolences go out to Jock's family and friends, and they are in our thoughts during this difficult time for them."
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 Howard Harlan at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com.
SOURCE: Vista Gold Corp.
CONTACT: Howard Harlan of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Loss of President and CEO
Vista Gold Corp. (AMEX: VGZ) Toronto announced today that Ronald J. (Jock) McGregor, President and CEO, passed away suddenly and unexpectedly yesterday, while jogging, in Littleton, Colorado.
"The Board of Directors and employees of Vista Gold are very saddened at the loss of Jock McGregor. He was an extremely capable president and a great friend who will be deeply missed by his associates and family," stated John Clark, a board member. "The Board of Directors is meeting later today to develop a plan to deal with this unexpected loss."
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 Howard Harlan at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com
SOURCE: Vista Gold Corp.
CONTACT: Howard Harlan of Vista Gold Corp., +1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces First Quarter Financial Results and Recent Developments
Vista Gold Corp. (Amex: VGZ; TSX) announced today its financial results for the quarter ended March 31, 2004, as filed on May 17, 2004, with the US Securities and Exchange Commission in the Corporation's Quarterly Report on Form 10-Q. For the quarter ended March 31, 2004, Vista reported a consolidated net loss of US$1.1 million or US$0.08 per share compared to the quarter ended March 31, 2003, consolidated net loss of US$0.8 million or US$0.07 per share.
Net cash used for operations in the quarter ended March 31, 2004, was US$0.4 million compared to US$0.7 million for the same period in 2003. Net cash used in investing activities in the quarter ended March 31, 2004, was US$2.4 million compared to US$0.8 million in the same period 2003. The increased spending in investing activities was primarily due to US$2.3 million paid into the reclamation bond account for the Hycroft mine in Nevada.
The Corporation received net cash from financing activities of US$2.2 million in the quarter ended March 31, 2004, compared to US$3.3 million for the same period in 2003. The US$2.2 million proceeds in the 2004 period were all from the exercise of warrants. During the same period in 2003, the Corporation raised US$2.9 million in net proceeds from a private placement and US$0.4 million from the exercise of warrants.
The financial position of the Corporation included current assets at March 31, 2004, of US$5.4 million compared to US$6.5 million at December 31, 2003, and total assets of US$27.5 million at March 31, 2004, compared to US$26.3 million at December 31, 2003.
Current liabilities were US$0.4 million at March 31, 2004, compared to US$0.4 million at December 31, 2003. Total liabilities at March 31, 2004, were US$4.6 million compared to US$4.6 million at December 31, 2003, and shareholders' equity was US$22.9 million at March 31, 2004, compared to US$21.7 million at December 31, 2003.
The Corporation's working capital as of March 31, 2004, was US$4.9 million compared to US$6.1 million at December 31, 2003. From March 31, 2004, through April 30, 2004, approximately US$628,443 has been obtained from the exercise of warrants issued during previous private placements. In order for the Corporation to continue its growth strategy and meet the final bond payment for its Hycroft mine in Nevada which is due in December 2004, it may be necessary for the Corporation to raise additional capital through private placements or sale or joint venture of certain of its assets. The financial information for the first quarter of 2004 is summarized in the following table.
Selected Financial Data
Three Months Ended March 31
U.S. $ 000's, except loss per share 2004 2003
Results of operations
Net loss $(1,146) $(815)
Basic and diluted loss per share (0.08) (0.07)
Net cash used in operations (448) (679)
Net cash used in investing activities (2,437) (775)
Net cash provided by financing activities 2,203 3,309
March 31, December 31,
2004 2003
Financial position
Current assets $5,353 $6,485
Total assets 27,526 26,280
Current liabilities 439 408
Total liabilities 4,610 4,577
Shareholders' equity 22,916 21,703
Working capital 4,914 6,077
The annual general meeting of the Corporation's shareholders was held on May 10, 2004. Re-elected to the Board of Directors for a one-year term were John M. Clark, Ronald J. McGregor, C. Thomas Ogryzlo, Robert A. Quartermain and Michael B. Richings. PricewaterhouseCoopers was re-appointed independent auditor.
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 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 Updated Resource Estimate for the Maverick Springs Project in Nevada
Vista Gold Corp. (Amex: VGZ; TSX) is pleased to announce the results of an updated resource analysis for the Maverick Springs project prepared on April 13, 2004, by Snowden Mining Industry Consultants of Vancouver, British Columbia, an independent consulting firm, in accordance with Canadian National Instrument 43-101 guidelines. The report includes drill results, previously reported, from 23 reverse circulation holes completed by Vista in 2002 and 2003. The Maverick Springs gold-silver project 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 resource estimate is based on a database containing 159 drill holes. The resource was reported at a cutoff grade of 1.0 silver-equivalent ounces per ton. Silver equivalence was calculated using metal price averages over the past three years of US$327 per ounce for gold and US$4.77 per ounce for silver. Gold and silver resources as of April 13, 2004, are:
|------------------------|----------------------|-----------------------|
| | Gold | Silver |
|--------------|---------|----------|-----------|----------|------------|
| | Tons | Grade | Contained | Grade | Contained |
| | (000s) | (o.p.t.) | Ounces | (o.p.t.) | Ounces |
|--------------|---------|----------|-----------|----------|------------|
| Indicated | | | | | |
| resources(1) | 69,630 | 0.010 | 696,300 | 1.0 | 69,630,000 |
|--------------|---------|----------|-----------|----------|------------|
| Inferred | | | | | |
| resources(2) | 85,550 | 0.008 | 684,400 | 1.0 | 85,550,000 |
|--------------|---------|----------|-----------|----------|------------|
(1) 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.
(2) 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
minable.
In November 2002, Vista reported indicated gold resources of 350,000 ounces and inferred gold resources of 747,000 ounces at a gold cutoff grade of 0.005 gold ounces per ton. At the same time, indicated silver resources were reported to be 32,321,000 ounces and inferred silver resources were reported to be 68,776,000 ounces at a silver cutoff grade of 0.50 silver ounces per ton. Gold and silver resources were estimated in separate studies using separate gold and silver cutoff grades in the November 2002 report, while in the April 13, 2004 report, they were estimated as part of a single study using a combined cutoff grade (the silver equivalent cutoff grade).
Vista President and CEO Jock McGregor stated, "Drilling conducted by Vista in 2002 and 2003 has resulted in a significant increase to our resource base at Maverick Springs. This work also demonstrates Vista's continuing commitment to enhancing shareholder value through activities that potentially increase the value of our projects."
The project is subject to an option/joint venture earn-in agreement between Vista and Silver Standard Resources Inc. (Nasdaq: SSRI; TSX: SSO), 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 paid US$300,000 in 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, Wildcat projects and Hycroft mine, all 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. Announces Year-End Financial Results and Recent Developments
Vista Gold Corp. (AMEX: VGZ) Toronto announced today its financial results for the year ended December 31, 2003, as filed on March 30, 2004 with the U.S. Securities and Exchange Commission in the Corporation's Annual Report on Form 10-K. For the year ended December 31, 2003, Vista reported a consolidated net loss of US $2.7 million or $0.22 per share compared to the 2002 consolidated net loss of US $2.8 million or US $0.41 per share.
The Corporation received net cash from financing activities of US $8.1 million in 2003 compared to US $6.8 million in 2002. Net cash used in investing activities in 2003 was US $3.0 million compared to US $1.2 million in 2002, and in 2003, uses of cash included the acquisition of six gold properties, funding of exploration activities and land holding costs. Net cash used for operations in 2003 was US $3.0 million compared to US $3.5 million in 2002. The unused cash received from financing activities in 2003 is on hand as working capital.
The financial position of the Corporation included current assets at December 31, 2003, of US $6.5 million compared to US $4.1 million in 2002 and total assets of US $26.3 million at December 31, 2003, compared to US $20.7 million in 2002. Total liabilities at December 31, 2003, were US $4.6 million compared to US $5.3 million in 2002 and shareholders' equity was US $21.7 million at December 31, 2003, compared to US $15.4 million in 2002. The Corporation's working capital as of December 31, 2003, was US $6.1 million which increased by US $2.6 million from US $3.5 million in 2002.
Due to the timing of non-discretionary and discretionary spending, working capital of US $6.1 million as of December 31, 2003, was not sufficient to cover estimated 2004 cash requirements of US $8.8 million which includes bond payments for Hycroft, general operations, exploration activities and land holding costs. As a result, the Form 10-K contains a going concern qualification from the Corporation's independent auditors. However, subsequent to year end 2003, warrants have been exercised providing US $2.2 million in cash for the Corporation, which has reduced the expected shortfall for 2004 to approximately US $0.5 million. In addition, there are outstanding warrants presently "in the money" that if now exercised, would provide approximately US $8.9 million in additional cash. There are, however, no assurances that any of these warrants will be exercised during 2004 and Vista may find it necessary to raise additional funds through private placements. While Vista has been successful in raising money by private placements in the past, there are no guarantees that Vista will be successful in the future. Management believes, however, that absent sufficient funding through warrant exercises or private placements, sale or joint venture of one or more of Vista's current projects will generate sufficient funds to cover any shortfall in 2004.
Selected Financial Data Years ended December 31 U.S. $ 000's, except loss per share 2003 2002 Results of operations Net loss $(2,745) $(2,775) Basic and diluted loss per share $(0.22) $(0.41) Net cash used in operations $(3,008) $(2,847) Net cash used in investing activities (3,002) (1,211) Net cash provided by financing activities 8,087 6,827 Financial position Current assets $6,485 $4,105 Total assets 26,280 20,688 Current liabilities 408 598 Total liabilities 4,577 5,263 Shareholders' equity 21,703 15,425 Working capital $6,077 $3,507
On another matter, Vista received notice on March 30, 2004, that the U.S. Bureau of Land Management, Nevada State Office ("BLM") accepted the replacement bond for the Hycroft Mine in Nevada in the amount of US $6.8 million. The new insurance/assurance bonding instrument, as further described in the press release of January 22, 2004, provided through member companies of American International Group, Inc. replaces the existing bond made up of a US $5.1 million non-cash collaterized bond from American Home Assurance Company, letters of credit of US $1.7 million posted directly with the BLM and the existing indemnity agreement between Vista and its wholly-owned subsidiary Hycroft Resources & Development, Inc.
The annual general meeting of the Corporation's shareholders has been scheduled for Monday, May 10, 2004 at 10:00 a.m., Vancouver time, at the offices of Borden Ladner Gervais LLP, Suite 1200, 200 Burrard Street, Vancouver, British Columbia, Canada.
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 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 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/
Vista Gold Corp. Announces a Proposed U.S. $3.4 Million Private Placement
Vista Gold Corp. (AMEX: VGZ) Toronto plans to undertake a private placement financing, subject to shareholder and regulatory approvals, in which it will raise gross proceeds of U.S. $3.4 million from the sale of 1.4 million special warrants, each priced at U.S. $2.42, which will automatically convert into equity units upon shareholder approval of the issuance of the securities comprising the equity units. Each equity unit will consist of one common share and a warrant, exercisable over a four-year period, to purchase one common share for U.S. $3.14 during the first year, U.S. $3.56 during the second year, U.S. $3.92 during the third year and U.S. $4.28 during the fourth year. Starting on the second anniversary of the closing of this private placement, if the common shares of the Corporation trade at a value of 150% or more of the respective exercise price (i.e. 150% of U.S. $3.92 before the third anniversary, and 150% of U.S. $4.28 before the fourth anniversary) for a period of 15 consecutive trading days on the American Stock Exchange, then the Corporation has the option to request that the warrants be exercised. If the warrants are not exercised within 15 business days following this request, they will be cancelled. A placement agent will earn a 10% cash finder's commission in connection with the private placement.
The Corporation anticipates requesting shareholders' approval at a Special Shareholders' Meeting before the end of February, 2003. If the transaction is completed, the proceeds will be used to evaluate and acquire additional gold projects, to further explore and improve its existing gold projects, and for general corporate purposes.
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; 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, of Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Completion of Previously Announced U.S. $2.3 Million Private Placement
Vista Gold Corp. (Amex: VGZ; TSX) is pleased to announce that it completed its previously announced private placement financing in which it raised net proceeds of U.S. $2.3 million, from the sale of 1 million units priced at U.S. $2.35 per unit. The Corporation plans to use the proceeds to acquire additional gold projects.
The securities issued in this private placement 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; 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 a U.S. $2.3 Million Private Placement
Vista Gold Corp. (AMEX: VGZ) Toronto is also pleased to announce that it has arranged a private placement financing in which it will raise net proceeds of U.S. $2.3 million from the sale of 1 million units priced at U.S. $2.35 per unit, based on a 15% discount to the five-day weighted average price of the Corporation's common shares on the TSX, adjusted to U.S. $, prior to the completion of the subscription agreement in early December. Each unit consists of one common share and a warrant, exercisable over a two-year period, to purchase one common share for U.S. $3.04 during the first year and U.S. $3.45 during the second year. 574,467 units have been issued for net proceeds of U.S. $1.3 million; issuance of the remaining 425,533 units and receipt of U.S. $1.0 million is expected before December 31, 2002. The Corporation will use the U.S. $2.3 million to acquire additional gold projects.
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; 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, of Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Extends Mineralization at Maverick Springs Project in Nevada
Vista Gold Corp. (AMEX: VGZ) Toronto has completed a 7,020-foot drill program on its Maverick Springs project, approximately 50 miles southeast of Elko, Nevada, on the southeast extension of the Carlin trend. The program consisted of seven vertical reverse circulation holes, 500 feet to 2,200 feet from previously identified mineralization. All seven holes encountered flat-lying mineralization, predominantly oxidized to depths of up to 900 feet.
Drill Hole Results-Maverick Springs, December 2002
Drill Hole From To Thickness Gold Silver
(feet) (feet) (feet) (oz./ton) (oz./ton)
MR129 695 940 245 0.008 1.521
MR130 650 850 200 0.008 3.852
Includes 670 710 40 0.008 14.129
MR131 565 940 375 0.012 0.571
MR132 600 925 325 0.011 0.519
MR133 300 400 100 0.008 0.157
MR133 515 825 310 0.008 1.016
MR134 590 790 200 0.009 0.783
MR135 690 800 110 0.026 3.068
Includes 760 775 15 0.105 0.777
The thicknesses are considered true widths. Gold assays were full assay-ton fire assays; silver assays were atomic absorption measurements from an aqua-regia leach solution. All assays were completed by American Assay Labs in Reno, Nevada, with industry-standard QA/QC procedures. All intervals are weighted averages of five-foot samples.
The program was successful in outlining continuous mineralization in a 2,200-foot by 1,200-foot area, immediately adjacent to known gold-silver resources. With additional in-fill drilling, this newly outlined mineralization has the potential to significantly increase the resources reported in our press release of November 5, 2002.
The Maverick Springs mineralization occupies an area 6,000 feet by 2,500 feet, indicating a very large mineralized system. Higher grades in gold have been intersected in the northern-most hole, MR135; and higher silver grades were encountered in MR130, the western-most drill hole. Maverick Springs is considered a silver-rich Carlin-type system and the mineralization is from 100 to 400 feet thick. As previously announced, subject to completion of a formal agreement, Vista will grant to Silver Standard Resources Inc. (Nasdaq: SSRI; TSX Venture: SSO) an option to acquire Vista's interest in the silver resources hosted in the project.
The exploration program was designed and supervised by qualified person Warren Bates, B.Sc., P.Geo., a graduate of the University of Manitoba with a B.Sc. (Honours.) majoring in Geology (1985). He is a member of the Association of Professional Geologists of Ontario.
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; 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, of Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Option to Acquire Gold Project in California; Third Quarter Results; Director Resignation
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it has signed a letter agreement with Standard Industrial Minerals, Inc. ("Standard"), based in Bishop, California, pursuant to which Vista would pay Standard $15,000 for an option to acquire Standard's 100% interest in the Long Valley gold project in east central California for a purchase price of $750,000. Completion of a formal option agreement is subject to due diligence reviews and approval by the boards of directors of both companies.
Under the terms of the letter agreement, Vista would have a three-month exclusive due diligence period ending January 15, 2003, during which it would pay Standard $5,000 per month in satisfaction of the $15,000 option price. Completion of the $750,000 property purchase would be made over a five-year period, with annual payments to be due as follows: $100,000 due on each of January 15, 2003, 2004, and 2005; $200,000 due on January 15, 2006, and $250,000 due on January 15, 2007. Vista would retain the right to terminate the agreement at any time.
During the due diligence period, Vista will complete customary geological, legal and environmental due diligence reviews.
With respect to third quarter results, the Corporation reported a third quarter loss of $0.4 million ($0.06 per share) compared to a loss of $0.6 million ($0.14 per share) in the third quarter of 2001. The improvement was principally a result of cost reductions at the Hycroft mine and the Amayapampa project. The year-to-date loss was $1.3 million ($0.21 per share) compared to a loss of $1.8 million ($0.39 per share) for the same period in 2001. At the end of the third quarter, the Corporation had $1.3 million in working capital and no debt.
The Corporation also announces that Mr. A. Murray Sinclair has resigned from the Board of Directors as of October 24, 2002 due to time demands from other responsibilities. The Corporation wishes to express appreciation for Mr. Sinclair's efforts and important contributions to the recent successes of the Corporation.
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; 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 Letter of Intent to Grant Option on Silver Resources at Maverick Springs Project in Nevada
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it has signed a non-binding letter of intent to grant to Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX Venture: SSO) an option to acquire Vista's interest in the silver resources hosted in the Maverick Springs project in Nevada. Vista will retain its 100% interest in the gold resources. Completion of the transaction is subject to regulatory approvals, and negotiation and execution of a definitive agreement, with closing expected in December. The Maverick Springs project is one of two Nevada projects that Vista acquired from Newmont USA Limited, a subsidiary of Newmont Mining Corporation (NYSE: NEM)(ASX: NEM) (TSE: NMC), in October 2002, as previously announced. The agreement with Silver Standard will be subject to the terms of the purchase agreement between Newmont and Vista.
Under the proposed agreement, Silver Standard will pay Vista U.S. $1.5 million over four years including a payment of U.S. $300,000 at closing. The remaining U.S. $1.2 million will be used to fund exploration programs, land holding costs and option payments. Silver Standard and Vista will form a committee through which they will jointly manage exploration of the Maverick Springs project. Vista will be the operator and have a 45% vote on the committee, Silver Standard will have a 55% vote. After Silver Standard has completed its U.S. $1.5 million in payments to Vista, costs will be shared by the two corporations on the same ratio as established for operation of the management committee: Vista -- 45% / Silver Standard -- 55%, subject to standard dilution provisions.
"This is a win-win situation in the truest sense," said Jock McGregor President and CEO of Vista Gold Corp., "Vista retains the gold resources and has a strong partner to fund exploration over the next four years, which we expect will add additional gold resources at no cost to us. In return, Silver Standard gains a significant silver resource. This kind of synergy maximizes the value of the Maverick Springs deposit."
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; 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 of Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Corp. Announces Completion of the Technical Study on Maverick Springs and Mountain View Projects
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that independent technical studies of the Maverick Springs and Mountain View gold projects in Nevada have been completed by Snowden Mining Industry Consultants of Vancouver, British Columbia and the related technical reports, in compliance with Canadian National Instrument 43-101, have been completed. Vista Gold Corp. recently acquired these projects from Newmont Mining Corporation (NYSE: NEM)(ASX: NEM) (TSE: NMC) as announced October 8th.
Geological resources as of October 24, 2002 above a 0.005 ounces per ton cut-off for gold at the Maverick Springs project are:
Gold
Tons (000's) Grade Contained
(o.p.t.) Ounces
Indicated resources (1) 29,181 0.012 350,000
Inferred resources (2) 67,905 0.011 747,000
Geological resources as of October 24, 2002 above a 0.50 ounces per ton cut-off for silver at the Maverick Springs project are:
Silver
Tons (000's) Grade Contained
(o.p.t.) Ounces
Indicated resources (1) 27,391 1.18 32,321,000
Inferred resources (2) 56,840 1.21 68,776,000
Geological resources as of November 4, 2002 above a 0.006 ounces per ton cut-off for gold at the Mountain View project are:
Gold
Tons (000's) Grade Contained
(o.p.t.) Ounces
Indicated resources (1) 23,219 0.013 298,000
Inferred resources (2) 4,466 0.039 175,000
"I am delighted that the technical review of these projects has confirmed our initial estimates, and we are optimistic that the drill program, which is currently underway at Maverick Springs, will further add to these resources," said Jock McGregor, President and CEO. "At a cost of about $1 per ounce of gold resource, these projects represent very good value for our shareholders. In addition, discussions are currently underway to realize additional value from the Maverick Springs silver resources."
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, the Maverick Springs and the Mountain View projects in Nevada, the Amayapampa project in Bolivia, and exploration projects in North and South America.
(1) 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.
(2) Cautionary Note to U.S. Investors concerning estimates of Inferred Resources: This table uses the terms "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 minable.
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 Acquisition of Newmont Projects
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, Maverick Springs and Mountain View, from Newmont Mining Corporation (NYSE: NEM)(ASX: NEM) (TSE: NMC), as previously announced September 3, 2002.
The Corporation has engaged Snowden Mining Consultants of Vancouver, British Columbia to complete an independent technical study and report in compliance with Canadian National Instrument 43-101, for each of the projects. The technical report will be finalized by the end of the month. Preliminary data indicate that both projects have existing resources and offer excellent potential to add to both the quality and quantity of these resources with additional drilling. Maverick Springs also has significant silver values which will be evaluated.
The Corporation plans an initial 7,000 foot drilling program on the Maverick Springs project scheduled to start mid-October.
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; 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 for Vista Gold Corp.,
+1-720-981-1185
Web site: http://www.vistagold.com/
Vista Gold Form S-3 Registration Statement Declared Effective; Convertible Debentures Converted Automatically Pursuant to Terms
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that its Registration Statement on Form S-3 filed under the United States Securities Act of 1933 for the registration for resale of 7,999,974 common shares, including shares already issued as well as shares to be issued, all in connection with the Corporation's private placement announced January 22, 2002, has been declared effective today. As a result, all of the $2,774,000 convertible debentures issued in the second part of the private placement, the closing of which was announced March 20, 2002, will automatically be converted to common shares and warrants to purchase common shares, pursuant to the debenture terms as previously disclosed in reports including the Corporation's 2001 Annual Report on Form 10-KSB.
Of the 7,999,974 common shares registered, 1,514,617 common shares have already been issued. In addition, 2,485,370 shares will now be issued on conversion of the debentures, and 3,999,987 common shares will be reserved for the exercise of warrants, including warrants to be issued on conversion of the debentures. As disclosed in the above Registration Statement, at September 12, 2002, the Corporation had 6,370,898 common shares outstanding.
"This is important for us because, as previously announced, we now have the potential to raise as much as $6.0 million in additional capital, as investors exercise their warrants," said Jock McGregor, President and C.E.O.
The Corporation is in the process of providing each debenture holder with notice of the registration statement becoming effective, together with further instructions regarding the common shares and warrants which they will be receiving.
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 in Nevada 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 http://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 (NYSE: NEM)(ASX: NEM) (TSE: NMC). 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 October.
The first project, Maverick Springs, is a Carlin-type deposit containing both gold and silver, located near Elko, Nevada. The second project, Mountain View, is located about 40 miles west of the Corporation's Hycroft mine near Winnemucca, Nevada. Both projects have sufficient drilling completed on them to support a measured and indicated resource calculation, and an independent consultant will be commissioned to prepare a resource report in compliance with 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, including work commitments, and paying Newmont US$1.5 million. Vista would pay Newmont $300,000 in cash and issue $700,000 in Equity Units (defined below), at closing, with pricing based on the weighted average closing price of the Corporation's common shares on the 10 trading days immediately preceding the date of the definitive purchase agreement. On the first anniversary of the closing, the Corporation would issue $500,000 in Equity Units, with pricing based on the weighted average closing price of the Corporation's common shares on the 10 trading days immediately preceding the first anniversary date. Vista Gold equity units (the "Equity Units") will consist of one common share and one warrant to purchase one common share. The warrants in both installments will have a two-year term and will be priced at 125% of the respective Equity Unit valuation. In addition, Newmont, at its option, would retain either a 1 1/2% net smelter returns royalty or the right to acquire 51% of either or both projects, after four years, by paying Vista cash equaling 200% of the expenditures made by Vista on the related property. In the latter event, Newmont would become operator of a joint venture with Vista and both parties would fund the project through to a production decision with Vista's contribution to the joint venture during this period capped at $2.0 million. As part of the transaction, Vista would also agree to complete at least 20,000 feet of drilling at the Maverick Springs project and 4,000 feet of drilling at the Mountain View project, within two years of closing. Vista would also grant Newmont a right of first refusal with respect to subsequent sale of the projects by Vista.
"I am very excited about these acquisitions for several reasons," said Jock McGregor President and CEO, "these are high quality assets as demonstrated by the fact that Newmont insisted on maintaining a 'back-in' provision and we look forward to developing them to their full potential. In addition, the nature of our agreement will encourage a long-term working relationship with Newmont which will be facilitated by the fact that we are both Denver-based companies. Finally, I am delighted that Newmont, the world's largest gold producer, has decided to take an equity position in our company and become a Vista Gold shareholder."
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 in Nevada 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 http://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 the Paredones Amarillos Gold Project Acquisition; Engagement of Financial Adviser
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it has completed the acquisition of the Paredones Amarillos gold project, located in Baja California Sur, Mexico, previously announced in its press release dated July 23, 2002.
Based on an independent technical report prepared by Snowden Mining Industry Consultants of Vancouver, British Columbia in compliance with Canadian National Instrument 43-101, the geological gold resources above a 0.5 grams per tonne cut-off at the Paredones Amarillos project are:
Tonnes Grade Ounces
(000's) (g/tonne) of Gold
(000's)
Measured resources 11,498 1.17 431
Indicated resources 44,170 1.02 1,451
Total measured and indicated resources* 55,668 1.05 1,882
Inferred resources 5,495 0.79 140
* Total measured and indicated resources above a 0.25 g/tonne cut-off is
87,822 tonnes grading 0.800 g/tonne for a total of 2,250 ounces of
gold.
"The closing of this acquisition at around US$1.00 an ounce is an excellent first step in our pursuit of quality gold resources," said Jock McGregor, President and CEO. "We will now focus on identifying ways to improve the economics of this project to create additional value, and we also look forward to further acquisitions, as opportunities arise."
Vista is also pleased to announce that it has engaged Endeavour Financial Corporation Inc. ("Endeavour") as financial advisor to assist the Corporation in executing its strategy of creating shareholder value through the acquisition of quality gold resources. Subject to regulatory approval, Endeavour's fees of $10,000 per month will be payable in common shares priced at Cdn $5.62, being the weighted average closing price of the Corporation's common shares for the 10 trading days immediately prior to the signing of its agreement with Endeavour. Under this agreement, other fees will be payable to Endeavour, in common shares, contingent upon the execution and close of gold property transactions.
"Endeavour's reputation in mining circles and depth of experience in evaluating and negotiating complex transactions complements our own strengths," said Jock McGregor, President and CEO. "Endeavour, has offices in Grand Cayman, London, Toronto & Vancouver and this will give Vista additional exposure to attract quality resources and quality investors. I am also very pleased that Endeavour has endorsed our business strategy and will become a Vista shareholder at this exciting time."
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 in Nevada, the Amayapampa project in Bolivia, and exploration projects in North and South America.
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 http://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 Completion of Due Diligence On the Paredones Amarillos Gold Project
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it has completed the due diligence review of the Paredones Amarillos gold project, located in Baja California Sur, Mexico. Consequently the Corporation and Viceroy Resource Corporation (Viceroy) have signed a binding agreement for Vista's purchase of the 100% interest in the project held by Viceroy; the terms of the purchase are substantially as announced in the Corporation's related press release May 29, 2002. Completion of the transaction is subject to governmental and regulatory approvals, and execution of a definitive purchase agreement. The transaction is expected to close in August 2002.
As part of the due diligence review, an independent consultant, Snowden Mining Industry Consultants of Vancouver, British Columbia was commissioned to recalculate the gold resources and prepare a technical report in compliance with Canadian National Instrument 43-101. Their report is currently being finalized but the recalculated measured and indicated resource is substantially the same as the resource reported previously.
"We look forward to closing this transaction shortly and moving on to the acquisition of additional resources," said Jock McGregor, President and CEO. "The previously announced share consolidation has been completed and I am pleased that the share price has stabilized and established a solid base from which we can grow. Recent uncertainties in the stock market have focused attention on the gold sector, which has led to some impressive short term gains. We believe, however, that we will be able to sustain long term growth in shareholder value by building a quality resource base."
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton Colorado. Its holdings include the Hycroft mine in Nevada, the Amayapampa project in Bolivia, and exploration projects in North and South America.
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 http://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 Date for Share Consolidation
Vista Gold Corp. (AMEX: VGZ) Toronto announces that with respect to the consolidation of the Corporation's issued and outstanding common shares on a one for 20 basis, trading of the Corporation's common shares on a post-consolidation basis will commence at the start of trading on June 19, 2002, at both the Toronto Stock Exchange and the American Stock Exchange. Written instructions setting out the procedures for shareholders to surrender their existing common share certificates in exchange for new common share certificates have today been sent to registered shareholders.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton Colorado. Its holdings include the Hycroft mine in Nevada, the Amayapampa project in Bolivia, and exploration projects in North and South America.
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, or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at http://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 Letter of Intent to Acquire The Paredones Amarillos Gold Project
Vista Gold Corp. (AMEX: VGZ)(TSE: VGZ) is pleased to announce that it has signed a non-binding letter of intent to purchase the 100% interest held by Viceroy Resource Corporation (Viceroy) in the Paredones Amarillos gold project on the Baja Peninsula, Mexico. Completion of the transaction is subject to completion of a due diligence review of the project by Vista, governmental and regulatory approvals, and negotiation and execution of a definitive purchase agreement.
The total purchase price of Cdn $3 million (approximately U.S. $2 million), will be payable 50% in cash, with Cdn $1.0 million due at closing and Cdn $0.5 million due one year from closing, and 50% in Vista Gold equity units (the "Equity Units") consisting of one common share and one warrant to purchase one common share. The price of the Equity Units will be 90% of the weighted average closing price of the Corporation's common shares on the five trading days immediately preceding the date of the definitive purchase agreement. The warrants will be priced at 125% of the weighted average closing price of the Corporation's common shares on the five trading days immediately preceding the date of the definitive purchase agreement.
Based on a resource estimate provided by Viceroy (Ronald G. Simpson, H.B.Sc., P. Geo., consulting geologist, Qualified Person) the Paredones Amarillos project contains measured and indicated resources of 54.3 million tonnes grading 1.054 grams per tonne gold, containing 1.84 million ounces of gold. The drilling database contains 302 drill holes comprising 62,525 meters of drilling. As part of its due diligence, the Corporation will commission an independent resource study to restate the Paredones Amarillos resources in compliance with National Instrument 43-101.
"Following the closing of the private placement financing that was announced on March 20, 2002, we have moved quickly to begin the execution of our stated plan to build Vista Gold into the premier option-play on gold. The acquisition of this quality gold resource is an important first step. The acquisition of Paredones Amarillos would effectively double the size of the Corporation's available gold resources, and with an acquisition cost just over U.S. $1 per ounce of gold resource, it represents significant value for our shareholders," said Jock McGregor, President and Chief Executive Officer.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton Colorado. Its holdings include the Hycroft mine in Nevada, the Amayapampa project in Bolivia, and exploration projects in North and South America.
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 or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at http://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/
Lawsuit Against Vista Gold Corp. Dismissed; Timing of Share Consolidation
Vista Gold Corp. (AMEX: VGZ)(TSE: VGZ) is pleased to announce the dismissal of the United States Fidelity & Guarantee Company ("USF&G") lawsuit as described in the Corporation's press release of January 22, 2002 and in the Corporation's 2001 Form 10-KSB. Settlement and dismissal of this lawsuit, which comprised a payment of U.S.$791,433.82 to the United States Department of the Interior, Bureau of Land Management, in order to fulfill USF&G's surety obligation relative to the Mineral Ridge mine reclamation bond, was a requirement of the Corporation's previously announced private placement. As a result of the dismissal of this lawsuit, the U.S.$2,774,000 proceeds from the private placement of convertible debentures, the closing of which was announced on March 20, 2002, has been released from escrow to the Corporation.
While Vista maintains that it's liability with respect to the USF&G lawsuit was limited, it was a major impediment to Vista's efforts to attract new investment. "The negotiation to settle with USF&G was a business decision," said Jock McGregor, President and CEO, "and it proved to be a catalyst for the U.S.$2.8 million private placement. The Corporation is now well positioned to take advantage of rising investor interest in gold, and with our solid asset base, build the Corporation into the premier option-play on gold."
With respect to the previously announced consolidation of the Corporation's issued and outstanding common shares on a one for 20 basis, management expects that written instructions setting out the procedures for shareholders to surrender their existing common share certificates in exchange for new common share certificates will be sent to registered shareholders later this month and that, subject to regulatory approval, trading of the Corporation's common shares on a post-consolidation basis will commence in early June 2002.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, the Amayapampa project in Bolivia, and exploration projects in North and South America.
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 or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com/
SOURCE: Vista Gold Corp.
Contact: Jock McGregor, or Jack Engele, both of Vista Gold Corp.,
+1-720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Results of Annual General Shareholders' Meeting And First Quarter Results
Vista Gold Corp. (AMEX: VGZ)(TSE: VGZ) is pleased to announce that at the Annual and Special General Shareholders' Meeting of the Corporation on April 26, 2002 the shareholders of the Corporation voted in favor of:
i) The issuance of 21,600,000 common share purchase warrants in
connection with the first step of the previously announced private
placement to Stockscape.com Technologies Inc. (the "Unit Offering").
Each warrant entitles the holder to purchase one common share of the
Corporation at U.S.$0.075 until February 1, 2007.
ii) The issuance of convertible debentures in an aggregate principal
amount of U.S.$2,774,000 to various investors (the "Debenture
Offering") and the issuance of 4,325,925 special warrants to Global
Resource Investments Ltd., in connection with the second step of the
previously announced private placement. The debentures are
convertible into units at a price of U.S.$0.0513 per unit, each unit
consisting of one common share and one common share purchase warrant
entitling the holder to purchase one common share at a price of
U.S.$0.075 per share until March 18, 2007. The debentures bear
interest at a rate of 1% per annum and will mature on
September 20, 2003 unless they are converted or otherwise become due
and payable prior to that date.
iii) The consolidation of all of the Corporation's issued and outstanding
common shares on the basis of every twenty issued and outstanding
common shares without par value being consolidated into one common
share without par value. The Corporation will issue a separate
press release confirming the timing for completing the
consolidation.
In addition, John M. Clark, Ronald J. McGregor, C. Thomas Ogryzlo, Michael B. Richings and A. Murray Sinclair were re-elected to the Corporation's Board of Directors.
Following the shareholders' meeting, the debenture holders nominated, and the Corporation's Board of Directors appointed Robert Quartermain to the Corporation's Board of Directors. Mr. Quartermain is the President and Chief Executive Officer of Silver Standard Resources Inc.
"The overwhelming approval by the shareholders of the private placement is very gratifying," said Jock McGregor, President and Chief Executive Officer. "We now have the funding necessary to lead the Corporation into an exciting new era. We will be aggressively pursuing opportunities to acquire properties where we see potential to add value with our in-house expertise."
With regard to the results for the first quarter, the Corporation announced a U.S.$0.5 million net loss for the three months ending March 31, 2002 similar to the U.S.$0.5 million net loss reported in the same period in 2001. The Corporation had U.S.$3.3 million in working capital as at March 31, 2002, U.S.$2.8 million of which was cash in escrow pending the dismissal of the USF&G lawsuit as previously disclosed.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, the Amayapampa project in Bolivia, and exploration projects in North and South America.
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 in the Corporation Form 10-K as amended. For further information, please contact Jock McGregor or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com/ .
SOURCE: Vista Gold Corp.
Contact: Jock McGregor or Jack Engele, both of Vista Gold Corp.,
+1-720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Closing of Final Tranche Of Previously Announced Private Placement
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce the closing of the second and final tranche of the private placement announced January 22, 2002. This tranche consisted of convertible debentures ("Debentures") in the total principal amount of U.S.$2,774,000 issued to various investors. The Corporation also issued 4,325,925 special warrants (the "Agent's Special Warrants") to Global Resource Investments Ltd. as consideration for its services as agent in connection with the Debenture Offering.
The gross proceeds raised by the issuance of the Debentures have been placed in escrow subject to shareholder approval at the Annual and Special General Meeting which will be held on April 26, 2002, and also subject to the dismissal of the United States Fidelity & Guarantee Company ("USF&G") lawsuit as described in the Corporation's press release of January 22, 2002 and in the Corporation's 2001 Forms 10-Q. In addition, if shareholders approve the Debenture Offering, management expects that the Debentureholders will nominate a person to be appointed as a director of the Corporation.
Subject to shareholder approval and dismissal of the USF&G lawsuit, the Debentures are convertible into units (the "Debenture Units") at a price of U.S.$0.0513 per Debenture Unit, with each Debenture Unit consisting of one Common Share and one Warrant which will entitle the holder to purchase one Common Share at a price of U.S.$0.075 per share on or before March 18, 2007. The Debentures bear interest at a rate of 1% per annum and will mature on September 19, 2003, unless they are converted or otherwise become due and payable prior to that date. The Agent's Special Warrants, also subject to shareholder approval, are convertible into 4,325,925 units, with each unit consisting of one Common Share and one Warrant with the same terms as the Debenture Units.
"The closing of the final part of the private placement brings us one step closer to having the funds available to meet our working capital needs and to acquire additional gold resources," said Jock McGregor, President and Chief Executive Officer. "In the current market we believe the best way to add value for the shareholders is to increase our resource base primarily by focusing on projects where we see an opportunity to add value using our in-house technical expertise."
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton Colorado. Its holdings include the Hycroft mine in Nevada, the Amayapampa project in Bolivia, and exploration projects in North and South America.
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 or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com/
SOURCE: Vista Gold Corp.
Contact: Jock McGregor or Jack Engele, both of Vista Gold Corp.,
+1-720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces the Closing of the First Tranche Of the Previously Announced Private Placement
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it has today closed the first tranche of the private placement announced January 22, 2002. Stockscape.com Technologies Inc. ("Stockscape") has subscribed for the entire 20 million units priced at US $0.0513, for a total of US $1.026 million dollars. Each unit consists of one common share and one warrant that will entitle Stockscape to acquire one common share at an exercise price of US $0.075 for a period of five years from the date of issue. The warrants will only be convertible to common shares following shareholder approval, which will be sought at the next Annual General Meeting in April. An 8.0% commission is payable to the agent, Global Resource Investments Ltd., in the form of units.
In connection with this private placement, Mr. A. Murray Sinclair, a director of Stockscape, will be appointed to Vista's Board of Directors at the next meeting of the Board in February. Mr. Sinclair is a Partner of Quest Management Corp. (a private management company) and of Quest Ventures Ltd., (a private merchant banking company).
The second tranche of the private placement is expected to close on or before March 20, 2002.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton Colorado. Its holdings include the Hycroft mine in Nevada, the Amayapampa project in Bolivia, and exploration projects in North and South America.
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 in the Corporation Form 10-K as amended.
For further information, please contact Jock McGregor or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com/ .
SOURCE: Vista Gold Corp.
Contact: Jock McGregor or Jack Engele, both of Vista Gold Corp.,
+1-720-981-1185
Website: http://stockscape.com/
Website: http://www.vistagold.com/
Vista Gold Corp. Announces a US $3.5 Million Private Placement
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce that it is finalizing an agency agreement for a private placement financing of US $3.5 million to be arranged by Global Resource Investment Ltd. (Global) of Carlsbad, California. This private placement, which is subject to regulatory and shareholder approval, will be effected in two tranches. The first will consist of the placement of 20 million units to raise US $1.03 million dollars. Each unit will consist of one common share priced at US $0.0513 and one warrant that will entitle the holder to acquire one common share at an exercise price of US $0.075 for a period of five years from the date of issue. The warrants will only be convertible to common shares following shareholder approval, which is expected to be sought at the next Annual General Meeting in April.
The second tranche of the private placement will consist of a US $2.47 million debenture, carrying a 1.0% per annum interest rate, with the full amount repayable in 18 months. Pending shareholder and regulatory approval, the debenture will be convertible into units with the same per share and warrant pricing as the first tranche.
Shareholders will also be asked to approve a 1 for 20 share consolidation, which will have the effect of re-pricing the units issued on the debenture conversion to US $1.03 and the warrant exercise price to US$1.50. The Corporation has undertaken to register the potential resale of shares issued in this private placement with the U.S. Securities and Exchange Commission.
An 8.0% commission is payable to Global in the form of units. The net proceeds from the placement are estimated to be US $3.4 million. The US $2.47 million proceeds from the issuance of the debenture will be held in escrow pending shareholder approval and will be used to fully repay the debenture in the event shareholder approval is not obtained.
If the transactions are completed, the Corporation plans to use the proceeds from the financing to evaluate, acquire and enhance mining properties with gold reserves, and to hold these properties in anticipation of higher gold prices. Approximately US $814,000 will be used to settle an outstanding claim of US $902,819. The claim against Vista, Stockscape.com Technologies, Inc. and other defendants by United States Fidelity & Guarantee Company, is disclosed in the Corporation's quarterly report on Form 10-Q. Although Vista believes its liability with respect to the claim is limited, the potential cost of the protracted litigation makes settlement of the suit very advantageous at this time.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton Colorado. Its holdings include the Hycroft mine in Nevada, the Amayapampa project in Bolivia, and exploration projects in North and South America.
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 in the Corporation Form 10-K as amended.
For further information, please contact Jock McGregor or Jack Engele at (720) 981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com/
SOURCE: Vista Gold Corp.
Contact: Jock McGregor or Jack Engele of Vista Gold Corp.,
+1-720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Third Quarter 2001 Results
Vista Gold Corp. (AMEX: VGZ)(TSE: VGZ.) announced a net loss of $0.6 million, or $0.01 per share for the three months ended September 30, 2001, compared to a net loss of $0.6 million, or $0.01 per share for the same period in 2000. Revenues for the three months ended September 30, 2001 were $0.2 million, down $0.5 million from the same period in 2000. This reduction in revenue resulted from lower gold production, and was offset by lower production costs and lower depreciation and amortization costs. Cash provided by operations was $0.1 million in the three months ended September 30, 2001, compared to $0.2 million in the same period in 2000.
As of September 30, 2001, the Corporation had $1.2 million in working capital, including $0.9 million in cash.
SUMMARY RESULTS
(U.S. dollars in thousands, except share data)
Three Months Ended Nine Months Ended
September 30 September 30
2001 2000 2001 2000
Gold Production (ounces) 580 2,691 2,924 11,830
Gold revenues $195 $696 $ 817 $3,312
Net loss (620) (590) (1,764) (1,507)
Loss per share $(0.01) $(0.01) $(0.02) $(0.02)
The Hycroft mine continues to produce gold from the rinsing of the existing leach pads, with 580 ounces recovered during the three months ended September 30, 2001, and 2,924 ounces recovered during the nine months ended September 30, 2001. Gold production for the same periods in 2000 was 2,691 ounces and 11,830 ounces respectively. The decline in gold production is consistent with the Corporation's expectations. Management estimates an additional 250 ounces of gold will be recovered through the remainder of the year. Cash operating costs per ounce of gold produced were $228 in the three months ended September 30, 2001 and $213 for the nine months ended September 30, 2001. Cash operating costs per ounce of gold produced for the same periods in 2000 were $137 and $183 respectively.
"Gold price performance in the wake of the tragic terrorist attacks of September 11th has been disappointing," said Jock McGregor, President and CEO for Vista Gold Corp. "Gold is considered a safe haven in times of uncertainty. We do believe, however, that investor psychology is beginning to change, and a very minor shift in investment dollars into gold could lead to a major upswing in the price of gold and gold company stocks."
The Corporation is actively pursuing additional sources of funding. This includes discussions with other companies regarding the acquisition of mining assets that could generate near term cash flow. In addition, the corporation continues to analyze the potential to issue new equity, to complete a business combination, or to sell assets.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, development properties in Bolivia and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K as amended.
For further information, please contact Investor Relations at (720) 981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com/
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., +1-720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Second Quarter 2001 Results And Reassaying Results at Hycroft
Vista Gold Corp. (AMEX: VGZ)(TSE: VGZ) announced a net loss of $0.6 million, or $0.01 per share for the three months ended June 30, 2001, compared to a net loss of $0.8 million, or $0.01 per share for the same period in 2000. Revenues for the three months ended June 30, 2001 were $0.3 million, down $0.9 million from the same period in 2000; this reduction in revenue, resulting from lower gold production, was offset by lower production costs, lower depreciation and amortization costs, and lower property holding costs at the Hycroft mine. Cash used in operations was $0.6 million in the three months ended June 30, 2001, down from the $1.2 million used in the same period in 2000. As of June 30, 2001, the Corporation had $1.6 million in working capital, including $0.6 million in cash.
SUMMARY RESULTS
(U.S. dollars in thousands, except share data)
Three Months Ended Six Months Ended
June 30 June 30
2001 2000 2001 2000
Gold Production (ounces) 956 4,212 2,343 9,139
Gold revenues $272 $1,217 $623 $2,615
Net loss (615) (755) (1,144) (917)
Loss per share $(0.01) $(0.01) $(0.01) $(0.01)
The Hycroft mine continues to produce gold from the rinsing of the existing leach pads, with 956 ounces recovered during the three months ended June 30, 2001, and 2,343 ounces recovered during the six months ended June 30, 2001. Gold production for the same periods in 2000 was 4,212 ounces and 9,139 ounces respectively. The decline in gold production is consistent with the Corporation's expectations. Management estimates an additional 660 ounces of gold will be recovered through the remainder of the year. Cash operating cost per ounce of gold produced was $195 in the three months ended June 30, 2001 and $209 for the six months ended June 30, 2001. Cash operating cost per ounce of gold produced for the same periods in 2000 was $186 and $203 respectively.
At the Hycroft mine, relogging of core, reassaying and reevaluation of existing data have identified some higher-grade gold and silver zones beneath the Albert and Brimstone areas. These zones are continuous and have not been considered in earlier evaluations of the deposits. The following results are from re-assaying samples which were not previously analyzed for silver, and are typical of the high-grade silver zone.
Hole (ft) Sample Gold Silver ** Gold Zone
No. From/To Length Grade Grade Equivalent
(ft) opt. opt. opt.
94-2458 265-880 615 .027 1.06 0.043 Brimstone
96-3013 280-888 608 .023 .82 0.036 Brimstone
* 96-2905 400-500 100 .026 2.30 0.062 Albert
* 92-1957 262-430 168 .036 .82 0.049 Brimstone
* Holes 96-2905 and 92-1957, bottom in mineralization.
** Gold/Silver price $275/$4.25 per ounce. Metallurgical recovery will
depend on process selection and testing.
The Corporation has also been conducting a preliminary evaluation of the large bulk sulfide mineralized zone which underlies both the Crofoot and Brimstone oxide deposits at Hycroft. Preliminary metallurgical work carried out by independent laboratories indicates that the sulfide material is amenable to concentration, by flotation, to produce a concentrate with a gold grade of approximately 0.4 opt. "Exploitation of these bulk sulfides, although not economical at today's gold prices, could add significant upside potential to the Hycroft mine, if gold prices improve in the future," said Jock McGregor, President and CEO. These prospects will be the subject of additional drilling and sampling programs as funds become available to the company.
The Corporation continues to pursue cost-cutting measures and is actively pursuing additional sources of capital, including debt financing, the issuance of equity, mergers with other companies and the sale of property interest and other assets.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, development properties in Bolivia and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K as amended.
For further information, please contact Investor Relations at (720) 981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com/
SOURCE: Vista Gold Corp.
Contact: Investor Relations, Vista Gold Corp., +1-720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Board Changes
At the Annual General Meeting, on Friday, May 18, Ronald J. McGregor, Michael B. Richings and Thomas Ogryzlo were re-elected to the Board of Vista Gold Corp. (AMEX: VGZ) Toronto. The resignation of Peter Walton, for personal reasons, at the end of March 2001 left a vacancy and the Corporation is pleased to announce the appointment of John Clark, to fill that vacancy. Mr. Clark, a Chartered Accountant, is currently President of Investment and Technical Management Corp., a corporate finance and merchant banking operation based in Toronto. Prior to this, he was President of Laurasia Resources Limited, an oil and gas company. Mr. Clark's background in natural resources and finance will complement the strengths of the existing board members.
Several board members decided not to run for re-election at the Annual General Meeting to allow the Corporation to streamline its board and make it more cost efficient. Their dedication and service to the Corporation and its shareholders over the years is greatly appreciated as is their recognition that the board had to be restructured to better respond to current market conditions.
On another note, the Corporation is delighted with the continued interest and support of its shareholders. It was reported at the Annual General Meeting that over 75-percent of all shares were voted, which is indicative of a very high level of interest and participation by our shareholders in these challenging times. "It is gratifying to know that the majority of our shareholders remain committed and interested in the management of our Corporation," said Jock McGregor, President and CEO. "We will continue to give our best efforts, to involve our shareholders and create value for them, and earn their continued support."
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, development properties in Bolivia and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K as amended.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., 720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces First Quarter 2001 Results
Vista Gold Corp. (AMEX: VGZ)(TSE: VGZ.) announced a net loss of $0.5 million, or $0.01 per share for the three months ended March 31, 2001, compared to a net loss of $0.2 million ($0.00 per share) for the same period in 2000. The primary reason for the increased loss was a reduction in gold production, offset partially by lower operating costs at the Hycroft mine. As of March 31, 2001, the Corporation had $2.1 million in working capital, including $1.2 million in cash.
SUMMARY RESULTS
(U.S. dollars in thousands, except share data)
Three Months Ended
March 31
2001 2000
Gold Production (ounces) 1,387 4,927
Gold revenues $351 $1,398
Net loss (529) (162)
Loss per share $(0.01) $(0.00)
HYCROFT
The Hycroft mine continues to produce gold from the rinsing of the existing leach pads, with 1,387 ounces recovered during the quarter. Gold production for the same period last year was 4,927 ounces. The current lower production was expected. Management estimates an additional 1,600 ounces of gold will be recovered through the remainder of the year. Cash operating cost per ounce of gold produced was $219 in the first quarter of 2001, compared to $217 per ounce for same period in 2000.
CORPORATE ACTIVITY
The Corporation has continued in its efforts to generate working capital. In February, four haul trucks from the Hycroft mine were sold for net proceeds of $1.8 million. In March, a hydraulic shovel was sold for net proceeds of $0.8 million. The sale of this idle mining equipment allows the Corporation to maintain the Hycroft mine, the Corporation's core asset, without diluting the position of existing shareholders. In addition, the outstanding equipment loan of $0.6 million has been paid off.
The Corporation has examined restarting the run-of-mine heap leaching operation at Hycroft. The optimized production scenario would produce 350,000 ounces of gold over a five-year period at a cash cost of $183 per ounce and provide an after-tax internal rate of return of 37-percent at a $300 gold price. Following the sale of the trucks and shovel, an estimated $20 million dollars of capital including $5 million of working capital will be required to restart operations at Hycroft. Additional investment in exploration could further enhance the project economics. If the Corporation can obtain financing, mining operations could restart immediately, as the project is fully permitted and infrastructure and key management are in place.
Together with its financial adviser, the Corporation continues to consider and examine alternative corporate strategies.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, development properties in Bolivia and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K as amended.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., 720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces 2000 Results
Vista Gold (AMEX: VGZ) Toronto announced today its results for 2000. The Corporation experienced a net loss of $13.2 million for the year, including $10.9 million in write-downs, of mineral properties, mainly in Bolivia. The net loss before write-downs was $2.3 million, compared to a net loss before write-downs of $11.5 million in 1999.
SUMMARY RESULTS
(U.S. dollars in thousands, except share data)
Years ended December 31
2000 1999 1998
Gold sales $3,757 $ 19,496 $ 37,083
Net loss before write-downs (2,283) (11,481) (1,640)
Net loss (13,209) (27,700) (1,640)
Net loss per share
before write-downs (0.03) (0.13) (0.02)
Net loss per share (0.15) (0.31) (0.02)
CONSOLIDATED PRODUCTION
(Ounces)
Years ended December 31
2000 1999 1998
Gold 13,493 65,468 112,838
Silver 38,418 203,230 235,784
HYCROFT
In 2000, the Hycroft mine produced 13,493 ounces of gold and 38,418 ounces of silver. Cash operating cost, for the year, was $183 per ounce of gold produced. Cash operating cost per ounce is down from $277 per ounce in 1999 because of the significant decrease in operating activity. Mining was suspended at the Hycroft mine in December 1998, with production in 1999 and 2000 coming from previously mined ore on the heap leach pads. Although all the gold estimated to be recoverable from the leach pads had been recovered by December 31, 2000, the leach pads continue to produce gold, with more than 3,000 ounces of gold production expected in 2001.
The Hycroft mine is fully permitted with infrastructure and key management in place. Based on recent studies, restarting production from the Brimstone pit would require $20 million including working capital. The Brimstone pit contains over 600,000 ounces of gold in the proven, probable and mineral resource categories, and would produce over 350,000 ounces of gold over a five-year period. In addition, based on an extensive exploration review, the Corporation believes that with a modest drilling and work program, an estimated 400,000 to 450,000 ounces of additional oxide reserves could be added, extending mine life by approximately two years. Also, Hycroft remains one of the largest major mineralized systems in Nevada not yet explored for high-grade epithermal deposits. The Corporation is actively investigating various alternatives to raise the required capital from external sources in order to re-start the mine.
AMAYAPAMPA
In light of the continued low gold prices, the Corporation re-evaluated the carrying value of Amayapampa, and the investment has been written down to $10.8 million, being the estimated recoverable value at a $300 per ounce average gold price. Amayapampa remains an attractive gold project, at gold prices at or above $325 per ounce. Proven and probable reserves at Amayapampa contain 526,000 ounces of gold.
CORPORATE ACTIVITY
At the end of 2000, the Corporation had working capital of $106,000 and $96,000 in cash. On February 1, 2001, the Corporation announced the sale of four haul trucks from the Hycroft mine for $1.8 million, and the retirement of the $0.7 million long-term equipment loan. In March, The Corporation sold a hydraulic shovel from the Hycroft mine for net proceeds of $0.8 million. With the sale of equipment at Hycroft management estimates that it will have sufficient capital to continue its current level of activity through March 2002, including the retirement of its remaining $75,000 debt. The Corporation continues to pursue all means available to generate and preserve capital and, together with its financial adviser, continues to consider and examine alternative corporate strategies and strategic alliances to maintain and enhance shareholder value.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, a development project in Bolivia, and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., 720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Sale of Haul Trucks
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce the sale of four haul trucks from the Hycroft mine and the retirement of the only significant company debt, which was an equipment loan from Finova, Inc. The gross realized price for the transaction was $1.79 million, and after dismantling costs for one of the trucks and the repayment of the Finova loan, the Company will net approximately $1.1 million. This sale is in accordance with our strategy of maintaining our core asset, the Hycroft mine in Nevada, without diluting the holdings of our existing shareholders through private placement to raise corporate operating funds.
Hycroft continues to produce gold from the rinsing of the existing heaps at the rate of 18-20 ounces per day. Production for the year 2000 exceeded 13,000 ounces of gold with a direct cash cost of $167 per ounce.
"The sale of our haul trucks allows us to continue to seek strategic partnerships without being unduly pressured by a lack of funds," said Jock McGregor, President and CEO. "We believe that we are well positioned to take advantage of any significant improvement in gold prices by resuming production at the Brimstone pit, once funding becomes available." Hycroft's Brimstone pit contains over 600,000 ounces of gold in the proven, probable and mineral resource categories and further work completed on the exploration potential at Hycroft has identified a number of exciting targets for further exploration.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, a development project in Bolivia, and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., 720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Third Quarter 2000 Results
Vista Gold Corp. (AMEX: VGZ) Toronto announced a net loss of $590,000, or $0.01 per share, for the three months ended September 30, 2000 as compared to a net loss of $1.8 million, or $0.02 per share, for the same period in 1999. The primary reason for the improvement and decrease in net losses was the discontinuance of operations at the Mineral Ridge Mine, which operated at a loss in 1999. Due to further reductions in warehouse inventory, sale of non-essential equipment and continued gold production at the Hycroft mine the Corporation's cash position improved during the quarter with a net increase of $215,000 to $638,000.
SUMMARY RESULTS
(U.S. dollars in thousands, except share data)
Three Months Ended Nine Months Ended
September 30 September 30
2000 1999 2000 1999
Gold sales $696 $4,742 $3,312 $16,014
Net loss (590) (1,788) (1,507) (9,324)
Earnings (loss)
per share $(0.01) $(0.02) $(0.02) $(0.10)
Weighted average
shares outstanding 90,715,040 90,715,040 90,715,040 90,715,040
CONSOLIDATED GOLD PRODUCTION
(Ounces)
Hycroft mine gold
production 2,691 8,065 11,830 33,939
Mineral Ridge mine
gold production -- 8,502 -- 19,900
Total gold production 2,691 16,567 11,830 53,839
At the Hycroft mine, production (from ore previously mined and placed on the leach pads) is now expected to reach 13,000 ounces for year 2000. With the continued low gold prices, the Corporation re-examined restarting the run-of-mine heap leaching operation at Hycroft at a higher production rate. This scenario would produce approximately 350,000 ounces of gold over a five year period instead of the seven year period first contemplated. The accelerated production rate substantially improves the economics and shows that the project would have a cash cost of $183 an ounce with an after tax internal rate of return of 31-percent at a $275 gold price. The incremental capital required to restart the Brimstone operation is $13 million plus working capital of $5 million. If the Corporation is able to obtain this additional capital, mining operations could restart immediately, as the project is fully permitted, and infrastructure and key management are in place.
Recent pit-mapping and chip logging on the Central Fault pit area has identified areas of additional oxide mineralization which can be extended to the southeast with additional drilling. This is in addition to those areas which have been identified and reported previously which could yield an additional 400,000-450,000 ounces of oxide mineral resources with additional drilling. A hypogene vein system has also been identified in the Cut 4 area of the Central Fault pit that has a strike length in excess of 1,300 feet; with true widths varying from 5-25 feet and grades averaging 0.15 ounces per ton. Continued compilation of geologic and drill hole data shows that Hycroft is a large epithermal gold system with multiple targets for high-grade mineralization (greater than 0.1 ounce per ton gold). The exploration database for the Hycroft project area now consists of around 320,000 blast holes, 3,000 exploration drill holes and various geochemical surveys. However, only six drill holes have penetrated the levels considered by the Corporation's geologists as most permissive for high-grade exploration targets.
With respect to the USF&G Lawsuit announced in our press release of August 31, 2000, an Emergency Motion for Preliminary Injunction was filed by USF&G on September 7, 2000 and this motion was denied by the court on October 16, 2000. In his ruling, the judge stated that "A party cannot be obligated for the debt of another absent an express agreement assuming such liability." As no such agreement exists, the Corporation feels that this is a very positive step towards concluding this suit.
The Corporation, together with its financial adviser, continues to examine a number of corporate strategies to enhance shareholder value including the sale of assets and pursuit of strategic alliances with other gold companies.
Vista Gold Corp. is an international gold mining, development and exploration company based in Denver, Colorado. Its holdings include the Hycroft mine in Nevada, a development project in Bolivia, and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Vista Gold Corp. Investor Relations, 720-981-1185
Vista Gold Corp. Appoints New President and CEO
Vista Gold (AMEX: VGZ) Toronto is pleased to announce the appointment of Mr. Ronald (Jock) McGregor as President and CEO, following the retirement of Mr. Michael Richings, effective September 8, 2000. Mr. Richings' plans have been underway for some time and he will remain as a non-executive director and continue to work with management on corporate and strategic alternatives currently under consideration.
Mr. McGregor has been with the company since 1996 as the Vice President of Operations and Development and has extensive mining industry experience in both operations and project development gained over a period of 30 years in Europe, Africa, and North and South America. He holds a B.Sc. (Hon) degree in Extractive Metallurgy from the Royal School of Mines and his experience includes senior positions in both engineering and construction companies as well as large and small operating companies. "I look forward to providing the continuity needed to keep Vista on track and I will continue to aggressively pursue all opportunities available to Vista in these challenging times," said Jock McGregor.
The Corporation also wishes to provide an update on the most recent developments at the Hycroft mine. A new alternative development plan that accelerates the development schedule for the Brimstone Deposit would produce a total of 350,000 ounces of gold over a five-year period with three years averaging 90,000 to 100,000 ounces per year. This fully permitted open-pit run-of-mine heap leach operation has an excellent historic record, which fully supports processing recoveries, production and cost estimates. Financial analysis of the incremental benefit of restarting the operation at Hycroft based on the new mine plan shows that the average cash cost would be $182 per ounce of gold (including royalties and net proceeds taxes). The capital cost would be $7.8 million ($22 per ounce), with a pre-production stripping cost of $5.1 million and a working capital requirement of $3.4 million. The after-tax internal rate of return at a $275 per ounce spot gold price is estimated to be 31 percent. In addition, the Corporation believes, based on an extensive exploration review, approximately 400,000 to 450,000 ounces of additional gold reserves (two years of production) can be added with a modest drilling and work program.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, a development project in Bolivia, and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., 720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. - Announcement
Vista Gold Corp. (AMEX: VGZ) Toronto reported today that USF&G has brought a claim in the United States District Court of Nevada for approximately $800,000, which it alleges is the deficiency between the face amount of the $1.6 million reclamation bond it issued for the Mineral Ridge Mine bond and the collateral it holds from Mineral Ridge Resources Inc.
Mineral Ridge Resources Inc., a wholly-owned subsidiary of Vista Gold, is presently in Chapter 11 bankruptcy proceedings as previously reported. The claim alleges that Vista Gold is liable to USF&G as an indemnitor under the bond.
"Vista Gold denies that it has any liability whatsoever to USF&G in relation to the bond as it did not assume any obligation as indemnitor when it acquired Mineral Ridge Resources Inc. from Cornucopia Resources Ltd. in 1998 and did not subsequently agree to do so. Vista Gold considers the claim to be completely without merit, and intends to vigorously defend against this suit by USF&G," said Michael B. Richings, President.
Vista Gold Corp. is an international gold mining, development and exploration company based in Denver, Colorado. Its holdings include the Hycroft mine in Nevada, a development project in Bolivia, and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Vista Gold Corp. Investor Relations, 720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Second Quarter 2000 Results
Vista Gold Corp.(AMEX: VGZ) Toronto announced a net loss of $775,000, or $0.01 per share, for the three months ended June 30, 2000 as compared to a net loss of $4.5 million, or $0.05 per share, for the same period in 1999. The primary reason for the improvement and decrease in net losses was the discontinuance of operations at the Mineral Ridge Mine, which operated at a loss in 1999.
SUMMARY RESULTS
(U.S. dollars in thousands, except share data)
Three Months Ended Six Months Ended
June 30 June 30
2000 1999 2000 1999
Gold sales $1,217 $4,862 $2,615 $11,272
Net loss (775) (4,491) (917) (7,536)
Earnings (loss)
per share $(0.01) $(0.05) $(0.01) $(0.08)
Weighted average
shares outstanding 90,715,040 90,715,040 90,715,040 90,715,040
CONSOLIDATED PRODUCTION
(Ounces)
Hycroft mine gold
production 4,212 10,104 9,139 25,874
Mineral Ridge mine
gold production -- 7,908 -- 11,398
Total gold production 4,212 18,012 9,139 37,272
At the Hycroft mine, production (from ore previously mined and placed on the leach pads) is expected to be 12,000 ounces for year 2000. The Corporation has recently completed a feasibility study indicating favorable economics for restarting the Hycroft operation at a spot gold price of $300 per ounce. Vista is continuing to study other production models, which may support a restart of mining at prices below $300 per ounce.
Exploration activities at Hycroft are being directed towards the previously announced geochemical anomaly and have revealed a 2000-foot long silicified fault breccia in the foot-wall of the structure that defines the east margin of the Brimstone pit. The silicified breccia has been mapped with widths ranging from 20 to 120 feet. The zone has consistently anomalous gold and silver values, with gold ranging from .006 to .014 ounces per ton, and silver values ranging from one to five ounces per ton. Secondary oxidized silver values over 30 ounces per ton have been obtained from chip samples of five feet in width. The zone is a new target, which offers the opportunity to increase the current Brimstone oxide ore reserves.
In the immediate foot-wall of this silicified structure, chalcedonic veins and pyritic silicification have been sampled. Vein widths of up to three feet have been encountered with neighboring pyritic silicification reaching widths of five feet. Silver values of ten to 30 ounces per ton have been obtained in five-foot chip samples and while this zone has not yet been drilled by Vista, it indicates that higher grade, vein type mineralization is present on the Hycroft Property.
In light of the continued low gold prices, the Corporation has taken many steps to reduce the cost of its activities including significant reduction in holding costs. It is anticipated that the current cash position ($0.9 million, including unsold gold bullion), together with revenue from expected gold production and the effect of reduced expenditure levels will be sufficient to meet the Corporation's needs into 2001. The Corporation together with its financial advisor is examining a number of alternative corporate strategies. Vista also has contingency plans to dispose of surplus equipment, should it be necessary, which would provide an estimated additional one-year of funding at current expenditure levels.
The Corporation has relocated its executive office to 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127. The new telephone number is (720) 981-1185 and the facsimile number is (720) 981-1186.
Vista Gold Corp. is an international gold mining, development and exploration company based in Denver, Colorado. Its holdings include the Hycroft mine in Nevada, a development project in Bolivia, and exploration projects in North and South America.
2000-08-31 13:15:34The 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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., 720-981-1185
Website: http://www.vistagold.com/
