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Vista Gold Corp. Announces Updated Feasibility Study for Possible Restart of Operations at the Hycroft Mine in Nevada and Updates the Economics on the Paredones Amarillos Gold Project in Mexico
Vista Gold Corp. Announces Updated Feasibility Study for Possible Restart of Operations at the Hycroft Mine in Nevada and Updates the Economics on the Paredones Amarillos Gold Project in Mexico.
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\n\nDENVER, Jan. 30 /CNW/ -- Vista Gold Corp.\n(Amex: VGZ; TSX) is pleased to announce that it has received an updated\nfeasibility study for the possible restart of operations at the Hycroft Mine,\nan open-pit, heap-leach, gold mine located 54 miles west of Winnemucca,\nNevada. The Hycroft Mine has produced in excess of one million ounces of gold\nand two million ounces of silver and is currently on a care and maintenance\nbasis.\nThe updated study was issued on January 25, 2006 by Mine Development\nAssociates (MDA) of Reno, Nevada, a consulting firm, in accordance with\nCanadian National Instrument 43-101 guidelines. The study and verification of\nthe data employed in the study was undertaken under the supervision of\nMr. Neil Prenn, P. Eng., a qualified person independent of Vista. The Hycroft\nresource estimate on which the feasibility study was based and which was used\nby MDA to calculate mineral reserves was prepared by Ore Reserves Engineering\n(ORE) of Lakewood, Colorado, under the direction of Mr. Alan Noble, P. Eng., a\nqualified person independent of Vista. The results of the ORE resource\nestimate, which was prepared in accordance with National Instrument 43-101\nguidelines, were previously released by the Corporation in a news release\ndated August 4, 2005.\nProven and probable mineral reserves were determined within a design pit\nbased on a US$450 per ounce gold price employing a Lerchs-Grossman\noptimization. The results are summarized in the following table.\n\n\n Hycroft Mineral Reserve Estimate (1)\n (0.005 opt cyanide-soluble gold cutoff grade)\n\n Reserve Short Tons Fire Assay Contained Strip Ratio\n Category (millions) Gold Grade Gold Ounces Waste Tons (Waste:Ore)\n (opt) (millions)\n Proven 11.954 0.022 260,900\n Probable 21.366 0.019 401,900\n Totals 33.320 0.020 662,800 50.808 1.52\n\n\n 1) Cautionary Note to U.S. Investors concerning estimates of Proven and\n Probable Reserves: The estimates of mineral reserves shown in this\n table have been prepared in accordance with Canadian National\n Instrument 43-101. The definitions of proven and probable reserves\n used in NI 43-101 differ from the definitions in SEC Industry Guide 7.\n Accordingly, the Corporation's disclosure of mineral reserves herein\n may not be comparable to information from U.S. companies subject to\n the SEC's reporting and disclo...