Business
Vista Gold Corp. Reviews Corporate and Project Activities and Announces Third Quarter 2008 Results and Conference Call with Management
DENVER, Nov. 10 /CNW/ -- Vista Gold Corp. (Amex: VGZ; TSX) provides the following updates on corp...
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\nDENVER, Nov. 10 /CNW/ -- Vista Gold Corp. (Amex: VGZ; TSX) provides the\nfollowing updates on corporate activities, principal project activities, and\nfinancial results for the three and nine months ended September 30, 2008,\nwhich were filed on November 7, 2008 with the US Securities and Exchange\nCommission and with the relevant securities commissions in Canada in the\nCorporation's Quarterly Report on Form 10-Q, and announces management\nquarterly conference call scheduled for Thursday, November 13, 2008 at 10:00\na.m. EST.\n\n\nCorporate Update\n\n\nDuring the first three quarters of 2008 the Corporation's spending levels\nreflected active programs at our Paredones Amarillos and Mt Todd projects,\ndesigned to advance both projects towards production. As a result of the\npermitting delay at the Paredones Amarillos project (discussed in more detail\nbelow) and the current uncertainty in the resource and financial markets, we\nhave adopted a plan and budget for the last quarter of 2008 and 2009\nreflecting these realities. Our plans are designed to ensure that we have the\nfinancial resources to generate significant improvements in the value of our\nprojects in the event that gold prices increase in the future. In the short\nterm, we will continue those programs necessary to expedite the development\nand commencement of construction at the Paredones Amarillos project, while\nminimizing expenditures in other areas. When the final permit is obtained and\nfinancial markets have improved, we will seek appropriate financing. Our\nbudget estimates indicate, that in the event we decide not to build a mine at\nour Paredones Amarillos project in 2009, we would end 2009 with a healthy cash\nbalance, without the need for any additional financing. In other areas, we\nplan to continue as we have in the past; improving the value of our assets,\nlooking for opportunities to add value and resources, and managing the company\nconservatively.\n\n\nIn September 2008 we received repayment of a loan of US$350,000, plus\ninterest, made to Republic Gold Limited at the time of their purchase from us\nof the Amayapampa gold project in Bolivia. Republic's management has informed\nus that they are making good progress on their studies and are planning for\ngold production to begin in late 2010. Their public disclosure indicates they\nhave suffici...