Vista Gold Corp. Discusses Recent Corporate Developments



    DENVER, Feb. 6 /CNW/ -- Vista Gold Corp. (Amex:   VGZ; TSX) is pleased to
announce that recent exercises of outstanding warrants issued as part of the
Corporation's private placement of February 2006, which expired February 4,
2008, have resulted in the addition of approximately US$2.9 million in cash
into the Corporation's treasury.  This addition brings the Corporation's cash
on hand to approximately US$11.0 million. The Corporation also holds
securities valued at approximately US$10.9 million as of December 31, 2007. 
With the share issuances from these warrant exercises, there will be
approximately 34.4 million common shares of the Corporation issued and
outstanding and approximately 36.3 million common shares on a fully diluted
basis.
    In reviewing this and other developments, Fred Earnest, President and
COO, commented, "This recent influx of cash will help us maintain a strong
balance sheet while we arrange financing to advance the Paredones Amarillos
Project. We anticipate the arrangement of interim financing through various
bridge loan or convertible debt alternatives in the near future to fund the
recent purchase of processing equipment for the Paredones Amarillos Project
(see press releases of January 2 and January 8, 2008) and detailed engineering
and other costs associated with the development of the project. Upon
completion of the definitive feasibility study, we intend to have financing in
place that will allow the start of construction on the project. We expect that
the feasibility study at Paredones Amarillos will be completed early in the
third quarter of 2008 and that construction can begin later in the year."
    Mr. Earnest continued, "Vista was successful in acquiring gold resources
during the 2002-2007 period, which included sustained times of depressed gold
prices and completion of the transaction involving the transfer of Vista's
Nevada assets to Allied Nevada Gold Corp., growing Vista's gold resource base
from 1.8 million ounces to 18.1 million ounces at an average acquisition cost
of US$0.62 per ounce of gold acquired. With gold prices continuing to rise,
Vista is working to become a mid-size producer, with the goal of producing
350,000 to 400,000 ounces of gold per year by 2011. This level of production
is predicated upon the successful achievement of our plans to construct and
commission the Paredones Amarillos mine by late 2009 and the Mt. Todd mine by
late 2010 or early 2011, subject to completion of definitive feasibility
studies and obtaining acceptable financing arrangements."
    
    About Vista Gold Corp.
    
    In June 2007, Vista completed a preliminary feasibility study update on
the Paredones Amarillos Project in Mexico that indicated positive results
which show it could produce 1.4 million gold ounces over a ten-year life at
gold prices lower than those now prevailing. The Corporation hopes to confirm
these results with a definitive feasibility study in 2008. Based on the
favorable results from the preliminary feasibility study and the higher gold
prices, Vista has undertaken programs to advance development of the Paredones
Amarillos Project, including the purchase of used mill equipment, with the
objective of commencing construction during the second half of 2008.
    The results of a preliminary assessment completed in 2007 on the Mt. Todd
Project in Australia were encouraging, showing that 266,000 gold ounces and
4.3 million pounds of copper (with a US$32 per gold ounce copper credit at
copper prices of US$2.00 per pound) could be produced annually over a ten-year
life for a total gold production of nearly 2.7 million ounces and nearly 43
million pounds of copper at an average operating cost of US$391 per gold ounce
net of copper credits. A development drilling program was completed in 2007
which will result in a new resource estimate planned to be completed during
the first quarter of 2008. Additional technical studies and a drilling program
are planned for 2008 at Mt. Todd and a definitive feasibility study is planned
for completion during the first half 2009 with construction then possible as
soon as financing is arranged if the results of the definitive feasibility
study warrant. Vista's other holdings include the Guadalupe de los Reyes
Project in Mexico, where Vista recently completed the consolidation of the
known gold resources in the district under its ownership. During the remainder
of the year, the Corporation will undertake preliminary exploration and
development activities at Guadalupe de los Reyes. Vista also controls the
Yellow Pine Project in Idaho where the results of a preliminary assessment
published in December 2006 indicated that with an initial capital investment
of approximately US$150 million to process three million tons of ore per year
at operating costs of US$402 per ounce and annual production of 189,000 ounces
of gold, results are encouraging at gold prices above US$550 per ounce. During
2008, the Corporation plans to undertake further engineering and environmental
studies at Yellow Pine. Currently, development of the Yellow Pine Project is
not expected to commence until after the successful start of the Paredones
Amarillos Project. The Awak Mas Project in Indonesia and the Long Valley
Project in California have had preliminary assessments completed recently.
Vista is considering various options including potential joint venture
arrangements or sale of the Amayapampa Project in Bolivia.
    For further information on the Paredones Amarillos Project, the Mt. Todd
Project and the Yellow Pine Project, see the following reports filed under
Vista Gold Corp. on SEDAR: "Updated Technical Report, Paredones Amarillos
Project, Baja California Sur, Mexico", June 20, 2007, prepared under the
direction of Mr. Neil Prenn, an independent qualified person; "Preliminary
Economic Assessment, Mt. Todd Gold Project, Northern Territory Australia",
December 29, 2006, prepared under the direction of Mr. John Rozelle, an
independent qualified person; and "CNI 43-101 Technical Report, Preliminary
Assessment of the Yellow Pine Project, Yellow Pine, Idaho", December 13, 2006,
prepared under the direction of Mr. Richard J. Lambert, an independent
qualified person.
    The preliminary assessments of the Mt. Todd Project and the Yellow Pine
Project are preliminary in nature and include inferred mineral resources that
are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
mineral reserves. There is no certainty that the preliminary assessments will
be realized.  Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
    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
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 Vista
expects or anticipates will or may occur in the future, including such things
as preliminary feasibility study results for the Paredones Amarillos Project;
plans for financing the Paredones Amarillos Project including the nature and
timing of financing; plans for a definitive feasibility study and for
subsequent construction and development activities at the Paredones Amarillos
Project; plans for evaluation of the Mt. Todd Project including preliminary
assessment results, plans, initial estimates of production and mine life;
timing and results for a definitive feasibility study to be undertaken at the
Mt. Todd Project; timing for drilling program and new resource estimate at the
Mt. Todd Project; and anticipated financing of Mt. Todd Project; planned
exploration and development activities at the Guadalupe de los Reyes Project;
preliminary assessment results for the Yellow Pine Project including initial
estimates of capital and operating costs, and timing for further studies to be
undertaken at the Yellow Pine Project; potential development of the Yellow
Pine Project; Vista's future business strategy, competitive strengths, goals,
operations, plans, potential project development, future share price and
valuation; future gold prices; Vista's potential status as a producer
including plans, timing and targeted initial production levels; and other such
matters are forward-looking statements and forward-looking information.  When
used in this press release, the words "estimate", "plan", "anticipate",
"expect", "intend", "believe" 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 Vista to be
materially different from any future results, performance or achievements
expressed or implied by such statements.  Such factors include, among others,
uncertainty of preliminary assessment results and of feasibility study results
and estimates on which such results are based; risks relating to scheduling
for feasibility studies; risks relating to cost increases for capital and
operating costs including cost of power; risks relating to delays in
commencement and completion of construction at the Paredones Amarillos Project
and the Mt. Todd Project; risks of shortages of equipment or supplies; risks
of inability to achieve anticipated production volume or manage cost
increases; risks that Vista'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 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; and
uncertainty of being able to raise capital on favorable terms or at all; 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 and Canadian securities commissions.
Although Vista has 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.  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. Except as required by law, Vista assumes no obligation to publicly
update any forward-looking statements or forward-looking information, whether
as a result of new information, future events or otherwise.
    
    For further information, please contact Connie Martinez at
    (720) 981-1185, or visit the Vista Gold Corp. website at
    http://www.vistagold.com
    




For further information:

For further information: Connie Martinez of Vista Gold Corp., 
+1-720-981-1185 Web Site: http://www.vistagold.com


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