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Vista Gold Announces Confirmatory Drilling Program at Paredones Amarillos Gold Project and Update on Permitting Progress
DENVER, Aug. 4 /CNW/ -- Vista Gold Corp. (TSX & NYSE Amex: VGZ) ("Vista" or the "Company") announ...
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\n\n\n\n\n\nDENVER, Aug. 4 /CNW/ -- Vista Gold Corp. (TSX & NYSE Amex: VGZ) ("Vista"\nor the "Company") announced today that it will be initiating a diamond\ndrilling program at the Paredones Amarillos gold project, located in Baja\nCalifornia Sur, Mexico. The program of diamond drill holes is designed to\nobtain samples to confirm process plant design criteria and provide additional\nvalidation of the mineral reserve model used for the feasibility study\ncompleted in September 2008 and announced in a press release dated September\n8, 2008. Vista received the final authorization to proceed with the drilling\nprogram on Friday, July 31, 2009, and plans on mobilizing the drilling\ncontractor within two weeks. The Company expects to complete the drilling by\nmid-October and complete the evaluation of the results later in the fourth\nquarter.\n\n\nVista's advisors and management have been working with Mexican\nauthorities to expedite the permitting process at the Paredones Amarillos gold\nproject. Vista's advisors have informed management that the Company's\napplication for the Temporary Occupation Permit ("TOP") for the use of the\nfederal land which overlies the Paredones Amarillos deposit is in the final\nreview stages and that the application process continues to advance favorably.\n Receipt of the TOP is a pre-requisite for filing an application for the\nChange of Land Use Permit ("CUSF") which will enable the Company to commence\ndevelopment of Paredones Amarillos. The Company has already prepared the CUSF\napplication and obtained the environmental permit necessary to submit the\napplication. The Company intends to submit the CUSF application as soon as the\nTOP is received.\n\n\nFred Earnest, the Company's President and COO, said, "Approval of the\ndrilling program is a positive sign and we are hopeful that the final stages\nof the Paredones Amarillos permitting process will now move more rapidly. We\nexpect that the receipt of the TOP and the results of the drilling program\nwill enable us to commence detailed engineering and refurbishment of the\nmilling equipment we purchased in April 2008, as well as advance project\nfinancing efforts. We are currently in the final stages of updating the\ncapital and operating costs and project economics for the development of the\nP...