DENVER, May 7, 2013 /PRNewswire/ -- Vista Gold Corp. (TSX & NYSE MKT: VGZ) ("Vista" or the "Company") today announced its unaudited financial results and highlights for the first quarter ended March 31, 2013. Management's quarterly conference call to discuss these results is scheduled for 2:30pm MDT on May 8, 2013. The Company's full financial results, Management's Discussion and Analysis together with other important disclosures can be found in the Company's Quarterly Report on Form 10-Q, filed with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.
First Quarter 2013 Highlights:
- Released a positive Preliminary Economic Assessment on the Guadalupe de los Reyes gold/silver project indicating an after-tax Net Present Value of $57.3 million using an 8% discount rate and gold and silver prices of $1,480 and $28 per ounce, respectively;
- Completed an updated Mt. Todd gold project resource estimate containing 7.4 million ounces of estimated Measured and Indicated gold resources (279.6 million tonnes at 0.823 grams per tonne);
- Received important water discharge permits at the Mt. Todd gold project following positive results from the water treatment program;
- Received Major Project Status from the Northern Territory Government, prospectively providing the Mt. Todd gold project an important high-level government platform to reach decisions regarding matters of importance to the project in an efficient and timely matter;
- Submitted the Draft Environmental Impact Statement ("EIS") to the Northern Territory government for preliminary review; and
- Completed a non-dilutive Canadian $10 million bridge loan facility that enables Vista to continue its advancement of the Mt. Todd gold project while allowing time for the Invecture Group to earn-in on the Los Cardones gold project in Baja California Sur, Mexico ( $20 million) and for A.M. King Industries to sell our Colomac mill equipment.
Frederick H. Earnest, President and Chief Executive Officer, commented, "Vista made excellent progress on a number of fronts during the first quarter of the year. The successful conclusion of our 2012 drill program resulted in an updated resource estimate that makes the Mt. Todd gold project the largest gold development project in Australia. We have been working very hard with our technical consultants to complete the Preliminary Feasibility Study ("PFS") for Mt. Todd which we expect to release by the end of May. We anticipate that the PFS will evaluate two development scenarios including a larger and smaller case. We believe that releasing two development scenarios will illustrate the flexibility and quality of the Mt. Todd gold project and identify options to develop the project most appropriate for the market conditions at the time Vista makes a development decision.
Continuing, Mr. Earnest added, "We have been very successful in treating the acidic water pumped in the open pit at the Mt. Todd gold project. As a result of the pH neutralization and successful removal of nearly all of the metals, we expect to be able to discharge most of the treated water during the 2013-2014 wet season, pursuant to the project's current water discharge permit. In April, Mt. Todd was awarded Major Project Status. Major Project Status is a special designation that the Northern Territory Government awards to projects that have the potential to provide significant economic opportunities for the Northern Territory and its citizens. During the rest of 2013, we will be working with the office of the Chief Minister to further de-risk the Mt. Todd gold project by reaching mutually acceptable agreements on key fiscal, environmental and energy initiatives. Lastly, we submitted our Draft EIS to the Northern Territory Environmental Protection Agency for a preliminary review and continue to anticipate timely permitting of the Mt. Todd gold project."