Mt. Todd Awarded Major Project Status by Northern Territory Government and Submits Draft Environmental Impact Statement
DENVER, April 16, 2013 /PRNewswire/ -- Vista Gold Corp. (TSX & NYSE MKT: VGZ) ("Vista" or the "Company") is pleased to announce that the Northern Territory ("NT" or the "Territory") Government has awarded its Mt. Todd gold project Major Project Status, signifying the NT Government's support for the timely and responsible development of the Mt. Todd gold project.
Major Project Status is awarded by the NT Government to projects that have the potential to provide significant economic opportunities for the Territory and its citizens. Major Project Status prospectively provides a process and structure for decisions regarding matters of importance to the project to be made in an efficient and timely manner. Major Project Status is coordinated by a Cabinet-level committee and implementation is supervised by the office of the Chief Minister, thereby hopefully minimizing potential for delays in obtaining critical decisions.
Frederick H. Earnest, President and CEO of Vista, stated, "I am extremely pleased with the NT Government's continued support for the redevelopment of the Mt. Todd gold project. Major Project Status is an indication of the NT Government's continued focus on the Mt. Todd gold project and commitment to regional development in the Katherine region. Areas of shared interest – whether related to the departments of Mines and Energy, Treasury, Lands and Planning or Environment – will now be handled at the highest level within the NT Government, with coordination provided by the office of the Chief Minister. This decision recognizes the significance of the project and its benefit to the future development of the Northern Territory. We look forward to our continued work with the NT Government in the development of the Mt. Todd gold project."
Separately, Vista announced that it has completed and submitted a Draft Environmental Impact Statement ("EIS") to the Environmental Protection Agency of the NT Government ("NTEPA") for review. The NT Government has encouraged Vista to submit a Draft EIS so that it can be reviewed for completeness. Mr. Earnest commented, "The purpose of the review is to identify any possible omissions in the EIS, prior to its formal submission. The NTEPA has proposed this review as a way to identify any items that may require additional study early in the process and to avoid untimely delays later in the approval process. We anticipate submitting the final EIS later this quarter and believe that we remain on track to receive permits around the end of the year."
About Vista Gold Corp.
Vista is focused on the development of the Mt. Todd gold project in Northern Territory, Australia, to achieve its goal of becoming a gold producer. Vista has completed a preliminary economic assessment on its Guadalupe de los Reyes gold/silver project in Mexico and has granted Invecture Group, S.A. de C.V. a right to earn a 62.5% interest in the Los Cardones gold project, in Mexico. Vista's other holdings include the Awak Mas gold project in Indonesia, subject to One Asia Resources Ltd.'s right to earn an 80% interest, and the Long Valley gold project in California. For more information about our projects, including technical studies and resource estimates, please visit our website at www.vistagold.com.
This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Vista expects or anticipates will or may occur in the future, including such things as, the potential effects of Major Project Status for allowing project decisions to be made in an efficient and timely manner and minimizing the potential for delays in obtaining critical decisions, the anticipated filing date of the final EIS, the process and expected timing for receipt of permits at the Mt. Todd gold project , and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward looking information contained in this press release include the following: our approved business plans, exploration and assay results, mineral resource and reserve estimates and results of preliminary economic assessments, pre-feasibility studies and feasibility studies on our projects, if any. When used in this press release, the words "optimistic," "potential," "indicate," "expect," "intend," "hopes," "believe," "may," "will," "if," "anticipate," and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource estimates, estimates of results based on such resource estimates; risks related to project decision making processes of the NT Government changing or taking longer than expected, risks related to the review of the Draft EIS, risks related to the completion and submission of the Final EIS, risks related to delays in obtaining final permits at the Mt. Todd gold project , risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista's operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings "Note Regarding Forward-Looking Statements" and "Risk Factors" in Vista's latest Annual Report on Form 10-K as filed on March 14, 2013 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although Vista has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.
For further information, please contact Connie Martinez at (720) 981-1185, or visit the Vista Gold Corp. website at www.vistagold.com.
SOURCE Vista Gold Corp.