Business
Vista Gold Corp. Announces Agreement to Purchase Gold Processing Equipment Mexico
DENVER, Jan. 2 /CNW/ -- Vista Gold Corp. (TSX & Amex: VGZ) is pleased to announce that it has re...
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\nDENVER, Jan. 2 /CNW/ -- Vista Gold Corp. (TSX & Amex: VGZ) is pleased to\nannounce that it has reached an agreement in principal with A.M. King\nIndustries, Inc. ("A.M. King") and Del Norte Company Ltd., a wholly owned\nsubsidiary of A.M. King, to purchase gold processing equipment to be used at\nVista's Paredones Amarillos gold project in Baja California Sur, Mexico. The\nequipment includes a 10,000 tonne per day semi-autogenous (SAG) grinding mill,\ntwo ball mills, gyratory crusher and a shorthead cone crusher, along with\nother related components, spare parts, and other process plant equipment. The\npurchase price of US$16,010,000 will be payable in three installments -- the\nfirst payment of 50% of the purchase price (US$8,005,000) payable on signing\nof the purchase agreement and the second and third payments (25%, or\nUS$4,002,500 each) payable based on an equipment delivery schedule with\nrespective parameters targeted to occur in February and March, 2008. The\npurchase price includes the cost of relocating the equipment to Edmonton,\nAlberta, Canada. From this point, Vista will arrange for reconditioning and\ntransportation of the equipment to the Paredones Amarillos mine site. The\nequipment is presently located in northern Canada. Vista intends to purchase\nthe equipment through its wholly owned subsidiary, Minera Paredones Amarillos,\nS.A. de C.V.\n\n\nThe Company is also pleased to announce the appointment of Carlos\nCalderon, Jr., as Vice President, Project Development, effective January 7. He\nwill also have the title and duties of General Manager and Legal\nRepresentative for Minera Paredones Amarillos, S.A. de C.V. and will focus\nprimarily on the development of the Paredones Amarillos Project. Mr. Calderon\nholds a M.Sc. degree in Mining Engineering from South Dakota School of Mines,\nand over the past 36 years has managed exploration, construction and\noperational projects in Latin America and the U.S., including serving as\nGeneral Manager for the Paredones Amarillos Project for the prior operator,\nEcho Bay Mines until the project was put on hold when gold prices dropped in\n1997.\n\n\nFred Earnest, President and COO, commented, "This purchase is an\nimportant milestone in the Company's goal to become a gold producer at the\nearliest possible time. The decision to purchase this majo...