Vista Gold receives government OK for Mt Todd plan
2021-06-14 09:45 ET – News Release
Mr. Frederick Earnest reports
VISTA GOLD CORP. ACHIEVES SIGNIFICANT MILESTONE WITH APPROVAL OF THE FINAL MAJOR AUTHORIZATION FOR MT TODD
Vista Gold Corp. has received approval of the mining management plan (MMP) by the Northern Territory (NT) government for the company’s 100-per-cent owned Mt Todd gold project located in Northern Territory, Australia.
The MMP (similar to a mine operating permit in North America) is the final major authorization required for the development of the Mt Todd mine. The receipt of this approval marks the achievement of a significant de-risking milestone that has been the focus of the company for the past three years. This approval, combined with the previously approved major environmental permits, recognizes the quality and advanced stage of engineering and project planning, and is a fundamental part of the company’s strategy for gaining greater recognition of the intrinsic value of Mt Todd.
Frederick H. Earnest, president and chief executive officer of Vista, stated: “The approval of the MMP is a landmark achievement for Vista, its shareholders and the Northern Territory. We believe the approval of the MMP distinguishes Mt Todd as an attractive, derisked and partner-ready development-stage gold project highlighted by a large-scale production design, low expected operating costs, mining-friendly jurisdiction, substantial existing infrastructure, strong social and government support, and all major authorizations in hand.”
“At a gold price of $1,900 and a foreign exchange rate of 77.5 U.S. cents equal to $1 (Australina), the after-tax NPV 5 per cent is estimated to be $1.7-billion with an after-tax internal rate of return of more than 38.8 per cent. We are committed to realizing the full value of Mt Todd for our shareholders.”
Mr. Earnest continued: “Following extensive consultation with the Jawoyn people and local environmental, community and business stakeholders, we’re very pleased to be another step closer to delivering a project that is expected to provide significant economic benefit to the Northern Territory. We would like to thank our employees and consultants for their unyielding determination as they worked diligently and cooperatively with the NT government to advance the permitting process, and express our appreciation to the people in the surrounding communities for the strong support they have demonstrated for Mt Todd and Vista. We will continue to work closely with all stakeholders to ensure the safe and responsible development of Mt Todd.”
Technical report on Mt Todd
For further information on the Mt Todd gold project, see the technical report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia,” with an effective date of Sept. 10, 2019, and an issue date of Oct. 7, 2019, amended Sept. 22, 2020, which is available on SEDAR as well as on Vista’s website under the technical reports section. John Rozelle, Vista’s senior vice-president, a qualified person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects, has approved the information in this press release.
About Vista Gold Corp. and Mt Todd
Vista is a gold project developer. The company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining-friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 kilometres southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth-largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. Mt Todd’s extensive 1,501 square kilometres of exploration licences offer excellent potential to expand gold resources and reserves, and increase the life of the mine. All major operating and environmental permits have now been approved.
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