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Vista Gold Corp. Reviews Project Activities, Announces First Quarter 2009 Financial Results and Conference Call with Management
DENVER, May 6 /CNW/ -- Vista Gold Corp. ("Vista") (TSX & NYSE Amex: VGZ) provides the following u...
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\nDENVER, May 6 /CNW/ -- Vista Gold Corp. ("Vista") (TSX & NYSE Amex: VGZ)\nprovides the following updates on its principal project activities, announces\nthe financial results for the quarter ended March 31, 2009, as filed on May 6,\n2009 with the U.S. Securities and Exchange Commission and the relevant\nCanadian securities commissions in its Quarterly Report on Form 10-Q, and a\nconference call with management scheduled for Wednesday, May 13, 2009, at\n10:00 A.M. (EDT).\n\n\n\nParedones Amarillos\n\n\nIn February 2009, Vista retained the Roberts and Schaefer Company ("R&S")\nto conduct a review of the proposed Paredones Amarillos gold project process\nfacility lay-out and the proposed design of the crushing, material handling\nand milling area as presented in the bankable feasibility study for the\nproject. R&S' study is nearing completion and several design improvements\nhave been identified that have the potential to improve operating efficiencies\nand to reduce the estimated capital costs for the proposed processing\nfacility. Vista has retained R&S to undertake a complete re-estimate of the\nprocess area capital and operating costs. Vista has also retained SRK\nConsulting to complete a re-estimation of the project capital and operating\ncosts and expects these cost up-dates by the end of the second quarter of\n2009. The bankable feasibility study was completed on and dated September 5,\n2008, when prices for contracted services and raw materials were higher than\ntoday. In addition there has been a favorable change in the Mexican Peso - US\ndollar exchange rate since the completion of the study in September 2008. The\nnew estimates will reflect current economic conditions.\n\n\nVista is currently waiting for notification of the status of the\nTemporary Occupation Permit ("TOP"), for the project, which is a pre-requisite\nfor the Change of Land Use Permit. The TOP approval process continues in\naccordance with the established procedures; however, it is uncertain whether a\nfurther administrative review involving a site visit will be required. In\naddition to the TOP, Vista expects to receive approval of a permit for a\ndevelopment drilling program within the next few weeks. Vista will provide\nadditional information regarding the status of permits at the earliest\nopportun...