DENVER, March 29, 2016 /CNW/ -- Vista Gold Corp.
(the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today
announced that it has received an additional A$992,000 (approximately US$748,000) Research & Development
("R&D") Tax Incentive refund, net of costs to prepare
and file. This refund is related to costs we incurred during the
2014 fiscal year.
Frederick H. Earnest, President
and Chief Executive Officer, commented, "The 2014 fiscal year
R&D refund applies to the continuation of programs from 2012
and 2013 related to our implementation of innovative solutions to
the challenges of water management at the Mt Todd gold project. Our
water management expenditures in 2014 were considerably less than
the expenditures that were made in the two previous years. We now
have several years of successful implementation of the methods and
protocols that we developed and we are very pleased to see that
these methods and protocols are now being implemented by other
Northern Territory mining operations with similar water management
challenges."
Regarding the Company's request for authorization under the
Australian Environmental Protection and Biodiversity Conservation
Act of 1999 (the "EPBC"), the Australian Commonwealth
Department of Environment (the "DoE") has requested
additional modelling and testing information from us as part of
their review. To provide such information, the Company is working
with its consultants to define the scope of the work and initiate
the required studies as soon as possible. It is expected that the
Company will be in a position to provide the DoE with the requested
additional information by the end of the 3rd quarter of
this year.
In respect of the request from the DoE for additional
information Mr. Earnest commented, "Our request for authorization
under the EPBC is specifically related to the Gouldian Finch and
its habitat northwest of the Mt Todd gold project area. The DoE has
requested additional dust modelling and laboratory testing to
determine the threshold limit for dust exposure for the Gouldian
Finch. Because we are committed to ensuring the welfare of all
native species in the project area, including the Gouldian Finch,
we designed the project to meet more stringent dust controls and
standards than required, which we believed would have precluded the
DoE's request for this additional testing. We are confident that
the additional testing will establish the validity of our
assumptions. We intend to use part of the recently received R&D
Tax Incentive refund to fund the laboratory testing and modelling
that will be required to satisfy the request of the DoE."
About Vista Gold Corp.
The Company is a well-funded gold project developer. Our
principal asset is our flagship Mt Todd gold project in Northern
Territory, Australia where we
continue to work to identify opportunities to improve project
economics with the goal of moving the project closer to
development. We also hold approximately 4.4% of the outstanding
common shares of Midas, non-core projects in Mexico and the
United States and royalty interests in Indonesia. For more information about our
projects, including technical studies and resource estimates,
please visit our website at www.vistagold.com.
For further information, please contact Connie Martinez at (720) 981-1185.
Forward Looking Statements
This press release
contains forward-looking statements within the meaning of the U.S.
Securities Act of 1933, as amended, and U.S. Securities Exchange
Act of 1934, as amended, and forward-looking information within the
meaning of Canadian securities laws. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that we expect or
anticipate will or may occur in the future, including such things
as, the Company being in a position to provide the DoE with the
requested additional modelling and testing information to determine
the threshold limit for dust exposure for the Gouldian Finch by the
third quarter of this year; that the additional testing will
establish the validity of our assumptions with respect to the dust
controls and standards we have designed for the Mt Todd gold
project; and our intent to use part of the recently received
R&D Tax Incentive refund to fund the laboratory testing and
modelling; and other such matters are forward-looking statements
and forward-looking information. The material factors and
assumptions used to develop the forward-looking statements and
forward-looking information contained in this press release include
the following: our approved business plans, exploration and assay
results, mineral resource and reserve estimates and results of
preliminary economic assessments, and pre-feasibility studies on
our projects, if any. When used in this press release, the
words "optimistic," "potential," "indicate," "expect," "intend,"
"hopes," "believe," "may," "will," "if," "anticipate," and similar
expressions are intended to identify forward-looking statements and
forward-looking information. These statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied by such statements. Such
factors include, among others, uncertainty of resource and reserve
estimates, uncertainty as to the Company's future operating costs
and ability to raise capital; risks relating to cost increases for
capital and operating costs; risks of shortages and fluctuating
costs of equipment or supplies; risks relating to fluctuations in
the price of gold; the inherently hazardous nature of
mining-related activities; potential effects on our operations of
environmental regulations in the countries in which it operates;
risks due to legal proceedings; risks relating to political and
economic instability in certain countries in which it operates; as
well as those factors discussed under the headings "Note Regarding
Forward-Looking Statements" and "Risk Factors" in the Company's
latest Annual Report on Form 10-K as filed on February 26, 2016 and other documents filed with
the U.S. Securities and Exchange Commission and Canadian securities
regulatory authorities. Although we have attempted to
identify important factors that could cause actual results to
differ materially from those described in forward-looking
statements and forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Except as required by law, we assume no obligation
to publicly update any forward-looking statements or
forward-looking information; whether as a result of new
information, future events or otherwise.
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SOURCE Vista Gold Corp.