Vista Gold Corp as it is reported has provided an update news on its activities underway at its Mt. Todd Project in the Northern Territory, Australia. The Company is currently conducting technical programs that management expects will lead to the completion of a preliminary feasibility study by the end of the year.
Part of this year’s program is a diamond core drilling program totaling approximately 7,000 meters in 14 holes to obtain further information about the size and quality of the mineral resource. The program is designed to increase the sampling density to support the conversion of inferred gold resources to measured and indicated resources at depth, and to explore for additional resources down dip. In a press release dated February 27, 2008, Vista reported an updated gold resource estimate including the results of a 25 hole program that resulted in an increase in measured resources(1) of 769,633 ounces of gold and an increase in indicated resources(1) of 367,686 ounces of gold resulting in a combined increase in measured and indicated resources(1) of 1,137,319 ounces of gold at a cut-off grade of 0.015 ounces of gold per ton.
President and COO, Fred Earnest, said that “The drilling results obtained thus far support our belief that the Mt. Todd ore body continues at depth with higher assay values than those encountered in shallow drilling. The drilling program is proceeding from the south to the north and will test the down-dip extension of the heart of the ore body as identified by last year’s drilling.” He continued, “We believe that the HPGR test results represent a significant breakthrough in processing the Mt. Todd ore. We expect the reduction in power costs to have a significant impact on the results of the preliminary feasibility study that we intend to undertake at the conclusion of the drilling program. It is unfortunate, but unavoidable, that the results of the drilling and metallurgical test programs are currently being delayed by slow turnaround of assay results from laboratories in the US and Australia.”
Since 2001, Vista has acquired a number of gold projects with the expectation that higher gold prices would significantly increase their value. For more information about our projects, including technical studies and resource estimates, please visit our website at http://www.vistagold.com. Vista is undertaking programs to advance the Paredones Amarillos Project, including the preparation of a definitive feasibility study and the purchase of long delivery equipment items, so that construction can begin during the last quarter of 2008. The results of a preliminary assessment completed in 2007 on the Mt. Todd Project in Australia were encouraging and additional technical studies are underway, with a definitive feasibility study planned for completion by mid-2009. Vista’s other holdings include the Guadalupe de los Reyes Project in Mexico, the Yellow Pine Project in Idaho, the Awak Mas Project in Indonesia, and the Long Valley Project in California.