Business
Vista Announces Update for Paredones Amarillos Gold Project
Vista Announces Update for Paredones Amarillos Gold Project
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\nNov. 4, 2009 (Canada NewsWire Group) -- DENVER, Nov. 4 /CNW/ --Vista Gold Corp. (\"Vista\" or the \"Company\") (TSX & NYSE Amex: VGZ) is pleased to provide an update on activities at the Paredones Amarillos gold project in Baja California Sur, Mexico. Receipt of the Temporary Occupation Permits (\"TOP\") was announced on October 28, 2009, and signals the commencement of a number of activities designed to advance the development of the project towards construction and the planned start of production in 2011. Once in production, the Paredones Amarillos gold project is expected to produce an estimated average of 143,000 ounces of gold per year during the first five years and an estimated 1.2 million ounces of gold over the estimated 9.3 year life of the mine.PermittingAs previously announced, with the receipt of the TOP, the Company now has all the prerequisite documentation to re-apply for the Change of Forest Land Use Permit (\"CFLUP\") which is required before the Company can commence construction of the Paredones Amarillos gold project. The Company plans to file the application this week and estimates that the CFLUP will be granted prior to the end of the first quarter 2010.Project EngineeringThe Company is preparing a Request for Proposal to be sent to qualified and interested companies for the provision of Engineering, Procurement and Construction Management (\"EPCM\") services for the project. During the next 30-45 days, Vista expects to select the EPCM contractor and to commence the first phase of detailed engineering and design work, so that construction activities can start as soon as possible following receipt of the CFLUP.Vista already owns most of the major equipment required for the process plant (mill), and a recent review indicates that other major project equipment (including mobile mining equipment) are expected to be available with reasonable delivery times. The expected construction period for the project is approximately 15 months.Project FinancingVista continues to advance efforts to secure appropriate financing for the Paredones Amarillos gold project's development including discussions with various qualified banks that may be interested in providing project loans. The process is expected to take three to five months with completion being targeted to coincide with the receipt of the CFLUP.Community Re...