Business
Vista Gold Corp. Announces Receipt of Additional A$992,000 Net Tax Refund under the Australian Government's R&D Incentive Program and Provides Update on EPBC Authorization Process
DENVER, March 29, 2016 /CNW/ -- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced that it has received an additional A$992
About this update from Vista Gold Corp
[{"type":"text","content":"DENVER, March 29, 2016 /CNW/ -- Vista Gold Corp. (the \"Company,\" \"we\" or \"our\") (NYSE MKT and TSX: VGZ) today announced that it has received an additional A$992,000 (approximately US$748,000) Research & Development (\"R&D\") Tax Incentive refund, net of costs to prepare and file. This refund is related to costs we incurred during the 2014 fiscal year. Frederick H. Earnest, President and Chief Executive Officer, commented, \"The 2014 fiscal year R&D refund applies to the continuation of programs from 2012 and 2013 related to our implementation of innovative solutions to the challenges of water management at the Mt Todd gold project. Our water management expenditures in 2014 were considerably less than the expenditures that were made in the two previous years. We now have several years of successful implementation of the methods and protocols that we developed and we are very pleased to see that these methods and protocols are now being implemented by other Northern Territory mining operations with similar water management challenges.\" Regarding the Company's request for authorization under the Australian Environmental Protection and Biodiversity Conservation Act of 1999 (the \"EPBC\"), the Australian Commonwealth Department of Environment (the \"DoE\") has requested additional modelling and testing information from us as part of their review. To provide such information, the Company is working with its consultants to define the scope of the work and initiate the required studies as soon as possible. It is expected that the Company will be in a position to provide the DoE with the requested additional information by the end of the 3rd quarter of this year. In respect of the request from the DoE for additional information Mr. Earnest commented, \"Our request for authorization under the EPBC is specifically related to the Gouldian Finch and its habitat northwest of the Mt Todd gold project area. The DoE has requested additional dust modelling and laboratory testing to determine the threshold limit for dust exposure for the Gouldian Finch. Because we are committed to ensuring the welfare of all native species in the project area, including the Gouldian Finch, we designed the project to meet more stringent dust controls and standards than required, which we believed would have precluded the Do...