Vista Gold Corp. Announces Luzon Minerals Ltd. Elects Not to Exercise Option to Purchase Amayapampa Gold Project in Bolivia

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[{"type":"text","content":"\n\n\n\nDENVER, Nov. 20 /CNW/ -- Vista Gold Corp. (TSX & Amex: VGZ) announced\ntoday that Luzon Minerals Ltd. has decided not to exercise its option to\nacquire from Vista the Amayapampa Gold Project in Bolivia, citing its\ninability to advance the project with its current financial and personnel\nresources. Luzon had an option to acquire Vista's interest in the project from\nVista pursuant to an option agreement dated March 13, 2007 (see Vista's press\nrelease dated March 14, 2007). Vista and Luzon have entered into an agreement\nregarding the termination of the option agreement and the terms on which\nLuzon's outstanding obligations with respect to the project will be satisfied.\n\n\nMike Richings, Vista's Executive Chairman and CEO, commented on the news:\n"We have been concerned about the slow progress at the Amayapampa project\nduring these times of high gold prices and recognized that continued delay in\nplacing the project into production might not be well received by the local\ncommunity. Vista plans to continue to advance the project while seeking a\npartner or buyer with the financial and personnel resources to manage and\ndevelop the project and commence commercial gold production in the shortest\ntime possible. Vista plans to engage consultants and commence a work program\nto upgrade the scoping study completed by Luzon (initially filed on SEDAR\nunder Luzon Minerals Ltd. and subsequently by Vista on October 18, 2006) to a\nfeasibility study. We remain confident that the project is an attractive\nproject at today's gold prices. Employee training, which Luzon had started,\nutilizing the services of professional trainers, will continue and the workers\nwill be provided opportunities to participate in the on-site activities\nrelated to the proposed work program as plans for the program are developed."\n\n\nAbout Vista Gold Corp.\n\n\nSince 2001, Vista has acquired a number of gold projects with the\nexpectation that higher gold prices would significantly increase their value.\nAs gold prices have risen, Vista has completed various preliminary evaluations\nthat have demonstrated that some of the projects would be potentially viable\noperations at current gold prices. Vista is undertaking technical programs to\nbring the most advanced projects to the point where decisions can be made to\nput these projects i...

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