DENVER, Nov. 29 /CNW/ -- Vista Gold Corp. (Amex: VGZ; TSX) ("Vista")
announced today that the Supreme Court of the Yukon Territory has granted its
final order approving the plan of arrangement that, if completed, will result
in Vista transferring its existing Nevada properties into a recently
incorporated company, Allied Nevada Gold Corp. ("Allied Nevada"), which will
concurrently acquire the Nevada mineral assets of Carl and Janet Pescio. The
closing of the transaction is subject to the satisfaction or waiver of a
number of conditions customary in a transaction of this nature. The
arrangement is expected to close in December 2006.
Vista, based in Littleton, Colorado, evaluates and acquires gold projects
with defined gold resources. Additional exploration and technical studies are
undertaken to maximize the value of the projects for eventual development.
Vista's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three
Hills, Wildcat projects, the F.W. Lewis, Inc. properties and the Hycroft mine,
all in Nevada, the Long Valley project in California, the Yellow Pine project
in Idaho, the Paredones Amarillos and Guadalupe de los Reyes projects in
Mexico, the Amayapampa project in Bolivia, the Awak Mas project in Indonesia,
and the Mt. Todd project in Australia.
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Forward-Looking Statements
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This press release contains forward-looking statements within the meaning
of the U.S. Securities Act of 1933 and U.S. Securities Exchange Act of 1934.
All statements, other than statements of historical facts, included in this
press release that address activities, events or developments that Vista
expects or anticipates will or may occur in the future, including such things
as future business strategy, competitive strengths, goals, expansion and
growth of Vista's or Allied Nevada's businesses, operations, plans and other
such matters are forward-looking statements. When used in this press release,
the words "estimate," "plan," "anticipate," "expect," "intend," "believe" and
similar expressions are intended to identify forward-looking statements. These
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Vista and
Allied Nevada, including anticipated consequences of the contemplated
transaction described herein, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, risks that
Vista's or Allied Nevada's acquisition, exploration and property advancement
efforts will not be successful; risks relating to fluctuations in the price of
gold; the inherently hazardous nature of mining-related activities;
uncertainties concerning reserve and resource estimates; potential effects on
Vista's or Allied Nevada's operations of environmental regulations in the
countries in which they operate; risks due to legal proceedings; uncertainty
of being able to raise capital on favorable terms or at all; and risks that
may affect Vista's ability to complete the contemplated transaction described
herein including risks that Vista may be unable to obtain required third party
approvals; as well as those factors discussed in Vista's latest Annual Report
on Form 10-K and Quarterly Report on Form 10-Q and other documents filed with
the U.S. Securities and Exchange Commission. Although Vista has attempted to
identify important factors that could cause actual results to differ
materially from those described in forward-looking statements, there may be
other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate as actual results and future events could differ materially from
those anticipated in such statements. Vista assumes no obligation to publicly
update any forward-looking statements, whether as a result of new information,
future events or otherwise.
For further information, please contact Gregory G. Marlier at (720)
981-1185, or visit the Vista Gold Corp. website at www.vistagold.com
