Business
Vista Gold Corp. Announces Sale of Its Allied Nevada Gold Corp. Shares
DENVER, April 3 /CNW/ -- Vista Gold Corp. ("Vista" or the "Company") (TSX & NYSE Amex: VGZ) annou...
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\nDENVER, April 3 /CNW/ -- Vista Gold Corp. ("Vista" or the "Company") (TSX\n& NYSE Amex: VGZ) announced that it has sold 1,529,848 shares of Allied Nevada\nGold Corp. ("Allied") for approximately US$9.0 million. In May 2007, Vista\ncompleted a transaction that resulted in the formation of Allied and the\ntransfer of Vista's Nevada properties to Allied. The Allied shares sold by\nVista were retained by Vista in connection with this transaction to facilitate\nthe payment of any taxes payable by Vista in respect of the transaction. \nVista has determined that there are no other taxes payable by Vista in respect\nof the transaction and made the decision to sell the Allied shares at the\nappropriate time and use the cash for project development requirements. The\nproceeds from the sale of the Allied shares will increase the Company's\nunaudited cash balance to approximately US$20.5 million.\n\n\n\n\n\nFred Earnest, President and COO of Vista, commented, "Since the formation\nof Allied Nevada Gold Corp. we have watched the progress of Allied's\nexploration and development programs. Allied's success in expanding and\nidentifying new mineral resources at the Hycroft mine is very encouraging to\nVista, as we are starting to enjoy similar successes at our Mt. Todd gold\nproject in Northern Territory, Australia. Allied's recent success in reaching\ncommercial gold production at the Hycroft mine and the completion of a new\nresource estimate are significant achievements that have had a favorable\nimpact on Allied's share price. As a result, we decided that this was the\nappropriate time to convert this working capital asset to cash."\n\n\n\nAbout Vista Gold\n\n\nSince 2001, Vista has acquired a number of gold projects with the\nexpectation that higher gold prices would increase their value. For more\ninformation about our projects, including technical studies and resource\nestimates, please visit our website at www.vistagold.com. Vista has undertaken\nprograms to advance our Paredones gold project, including the completion of a\nbankable feasibility study and the purchase of long delivery equipment items\nfor use at that project. A drilling program was completed on our Mt Todd\nproject in 2008 and a new resource estimate was completed early in 2009.\nMetallurgical studies are underway and a...