Vista Gold Corp. Announces Agreement With Pintail Environmental Solutions, LLC for Evaluation of Gold Recoverability at Hycroft
June 23 2004 - 2:28PM
PR Newswire (US)
Vista Gold Corp. Announces Agreement With Pintail Environmental
Solutions, LLC for Evaluation of Gold Recoverability at Hycroft
Mine; Potential for Joint Venture DENVER, June 23
/PRNewswire-FirstCall/ -- Vista Gold Corp. (TSX & Amex: VGZ),
is pleased to announce that it has reached an agreement with
Pintail Environmental Solutions, LLC (Pintail), a Denver-based
biotechnology firm. The agreement calls for Pintail to complete a
development program and feasibility study to demonstrate the
economic and technical feasibility of recovering gold from the
currently dormant heap leach pads located at the Hycroft mine site
in Nevada. These pads have been treated previously to recover gold
but still contain approximately 600,000 ounces of gold. Pintail is
an innovative U.S. research and development firm, which has, over
the last 17 years, successfully developed technology employing
various natural microbial processes to enhance and accelerate gold
recovery through solution leaching. Pintail believes their
technology may be used to treat the gold ore in the heap leach
piles and recover significant percentages of the remaining gold.
The study, to be funded solely by Pintail, is expected to last one
year and to cost U.S. $500,000. If the study demonstrates that gold
can be recovered for a total cost (capital plus operating costs)
per recovered gold ounce of less than one half the then prevailing
gold price, Pintail will earn a 50% interest in a joint venture to
develop a commercial gold operation to produce gold from the heap
leach piles. Mike Richings, President and CEO, stated, "We are
excited at Vista to work with Pintail on this project. Pintail is a
world leader in developing this biological-based gold recovery
technology. This is an example of advanced engineering technologies
that Vista seeks to utilize in order to add value to all our
projects." Vista is not currently considering selling the Hycroft
Mine but rather, is seeking joint venture partners to help develop
the full potential of the property and minimize risk. Although
Hycroft has existing proven and probable gold reserves, and Vista
is currently updating the feasibility of mining these reserves, the
Company believes there is considerable potential for additional
gold reserves. Some of these reserves can be defined and developed
by Vista but others are deep and may be better suited to
exploration and development using the more substantial financial
resources of a major mining company. Vista Gold Corp., 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. The Corporation's holdings include the
Maverick Springs, Mountain View, Hasbrouck, Three Hills, Hycroft
and Wildcat projects 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, and the
Amayapampa project in Bolivia. The statements that are not
historical facts are forward-looking statements involving known and
unknown risks and uncertainties that could cause actual results to
vary materially from targeted results. Such risks and uncertainties
include those described from time to time in the Corporation's
periodic reports, including the annual report on Form 10-K filed
with the U.S. Securities and Exchange Commission. The Corporation
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 Howard Harlan
at (720) 981-1185, or visit the Vista Gold Corp. website at
http://www.vistagold.com/. DATASOURCE: Vista Gold Corp. CONTACT:
Howard Harlan of Vista Gold Corp., +1-720-981-1185 Web site:
http://www.vistagold.com/
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