Guardian Metal Resources Plc press release

Vista Gold Corp. Announces Mt. Todd Gold Project Preliminary Feasibility Study And Increase In Reserves Of 44% To 5.9 Million Ounces Of Gold

2013-05-29

OTC - OTC Markets · United Kingdom

# Vista Gold Corp. Announces Mt. Todd Gold Project Preliminary Feasibility Study And Increase In Reserves Of 44% To 5.9 Million Ounces Of Gold *2013-05-29T07:38:00-04:00* ## DENVER, May 29, 2013/CNW/ - Vista Gold Corp. ("Vista" or the "Company") (NYSE MKT and TSX: VGZ) today announced the positive results of a new preliminary feasibility study (the "PFS") for its Mt. Todd gold project (the "Project") in Northern Territory, Australia. The PFS evaluates two development scenarios including a 50,000 tonne per day ("tpd") project that develops more of the Mt. Todd resource (the "Base Case") and generates a larger Net Present Value ("NPV") and a smaller and higher-grade 33,000 tpd project that focuses on maximizing return and operating margins (the "Alternate Case"). The PFS was authored by Tetra Tech Inc. with Mine Development Associates, Resource Development Inc., Proteus EPCM Engineers (a Tetra Tech Company), and Power Engineers, Inc. **A conference call and webcast**to discuss highlights of the preliminary feasibility study will be held **this afternoon at 4:30pm ET(2:30pm MT). **Call-in details are located at the end of this release. Highlights of the 50,000 tpd Base Case include: - Estimated proven and probable reserves of 5.90 million ounces of gold (223 million tonnes at 0.82 g Au/t) at a cut-off grade of 0.40 g Au/t, an increase of 44% from the Company's January 2011PFS; - Average annual production of 369,850 ounces of gold per year over the mine life, including average annual production of 481,316 ounces of gold per year during the first five years of operations; - Life of mine average cash costs of $773per ounce, including average cash costs of $662per ounce during the first five years of operations; - A 13 year operating life; - After-tax NPV5%of $591.3 millionand IRR of 15.9% at $1,450per ounce gold prices, increasing to $876.6 millionand 21.1%, respectively, at $1,600per ounce gold prices; and - Initial capital requirements of $1,046 million. Highlights of the 33,000 tpd alternate case include: - Estimated proven and probable reserves of 3.56 million ounces of gold (124 million tonnes at 0.90 g Au/t) at a cut-off grade of 0.45 g Au/t; - Average annual production of 262,826 ounces of gold per year over the mine life, including average annual production of 294,502 ounces of gold per year during the first five years of operations; - Life of mine average cash costs of $684per ounce, including average cash costs of $676per ounce during the first five years of operations; - An 11 year operating life; - After-tax NPV5%of $440.2 millionand IRR of 16.9% at $1,450per ounce gold prices, increasing to $615.6 millionand 21.4%, respectively, at $1,600per ounce gold prices; and - Initial capital requirements of $761 million. Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, "The positive results of this PFS continue to demonstrate the quality and scale of the Mt. Todd gold project. By completing the PFS analysis on two separate development scenarios, we are highlighting the flexibility we have in the development of this robust project. We have the option to develop the mine most appropriate at the time a development decision is made. Furthermore, the location of the project relative to local towns and labor markets and the infrastructure investments made by previous owners of this project provide potential construction and operating advantages relative to many gold projects." Mr. Earnestcontinued, "During the balance of 2013, we will continue to advance the Mt. Todd gold project. We will be working with the Northern Territory Government to address areas vital for the completion of a feasibility study and ultimately for a project development decision. These discussions will be undertaken within the framework of Major Project Status, which the Territory has recently accorded Mt. Todd indicating the importance that the Territory places on its development. The PFS results allow us to finalize and submit the Environmental Impact Study ("EIS") in June. We continue to anticipate environmental approvals for the project around year end. Because of the advanced state of this study, with most technical work already at feasibility levels, we estimate that a feasibility study would require four months to complete and cost approximately $2.5 million." Nick Michaeland Rex Bryan, on behalf of Tetra Tech, Thomas Dyer, on behalf of Mine Development Associates, Deepak Malhotra, on behalf of Resource Development Inc., and Lachlan Walker, on behalf of Proteus EPCM Engineers, all independent Qualified Persons as defined by Canadian National Instrument 43-101 ("NI 43-101"), prepared or supervised the preparation of information that forms the basis for the scientific and technical information disclosed herein and have reviewed this press release and have consented to its release. **Base Case Highlights** Highlights of the PFS base case scenario are presented in the table below. | **Base Case (50,000 tpd)** **@ $1,450/oz Au** | **Years 1-5** | **Life of Mine ("LOM")** **(13 years)** | | | | --- | --- | --- | --- | --- | | | Annual Average | Total | Annual Average | Total | | Average Milled Grade (g/t) | 1.03 | 0.82 | | | | Payable Gold (000's ozs) | 481 | 2,407 | 370 | 4,808 | | Gold Recovery | 82.0% | 81.5% | | | | Cash Costs ($/oz) | $662 | $773 | | | | Strip Ratio (waste:ore) | 2.5 | 2.7 | | | | Initial Capital ($ millions) | $1,046 | | | | | Pre-tax NPV5%($ millions) | $1,094 | | | | | After-tax NPV5%($ millions) | $591 | | | | | IRR (Pre-tax / After-tax) | 21.8% / 15.9% | | | | | After-tax Payback (Production Years) | 3.5 | | | | | _Note: Economics presented using $1,450/oz gold and a flat $1.00 USD: $1.00AUD exchange rate and assumes deferral of certain Territory tax obligations as well as realization of equipment salvage values at the end of the mine life._ | | --- | **Base Case Project Economics** The following table provides additional details of the Project's economics at variable gold price and Australian dollar assumptions. | **After-Tax NPV5%, in Millions** | **Base Case (50,000tpd)** **Gold Price per Ounce** | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Forex** **USD/AUD** | **$1,200** | **$1,300** | **$1,400** | **$1,450** | **$1,500** | **$1,600** | **$1,700** | **$1,800** | | USD$1.10 | ($51.4) | $155.9 | $352.1 | $448.4 | $543.8 | $734.5 | $924.9 | $1,114.1 | | USD$1.00 | $108.1 | $304.5 | $496.1 | **$591.3** | $686.6 | $876.6 | $1,065.6 | $1,255.1 | | USD$0.90 | $258.5 | $448.3 | $638.8 | $733.6 | $828.3 | $1,017.2 | $1,206.5 | $1,395.9 | | USD$0.80 | $400.6 | $591.0 | $780.0 | $874.4 | $968.9 | $1,157.9 | $1,347.2 | $1,536.1 | | _Note: Changes in Foreign Exchange rates are only applied to operating costs and not applied to either initial or sustaining capital costs._ | | | | | | | | | **Base Case Capital Costs** Key capital expenditures for initial and sustaining capital requirements are identified in the following table. | **Capital Expenditures ($Millions)** **Base Case (50,000 tpd)** | **Initial Capital ** | **Sustaining Capital** | | --- | --- | --- | | Capitalized Stripping & Dewatering | $57 | $40 | | Mobile Equipment | $139 | $151 | | Process Facility | $410 | - | | Tailings | $20 | $184 | | Power Plant | $91 | - | | Water Supply & Treatment | $19 | - | | Owners Cost | $203 | ($10) | | Sub-Total | $938 | $366 | | Contingency | $107 | $23 | | Salvage Value | | ($124) | | Mine Closure | $1 | $94 | | Total Capital | $1,046 | $359 | | Total Capital per payable ounce gold | $218 | $75 | | _Note: may not add due to rounding. The negative value in the sustaining capital category of the owners' cost line is the re-capture of the cash component of the project's cash reclamation bond, which is spent as cash under the Mine Closure category._ | | --- | **Base Case Operating Costs** The following table presents a breakdown of operating costs. The project includes a 76MW gas-fired power plant in the initial capital. The Base Case project consumes all power generated during the operating life. Self-generated power creates significant savings in operating costs compared to a grid-sourced power solution. During the four years of reclamation and closure, the PFS assumes Vista will continue generating power and will sell that power into the Northern Territory electrical grid, for which there is a known market and indicative purchase rates have been provided by the government-owned utility, Power & Water Corporation. | **Operating Cost – Base Case (50,000 tpd)** | **First 5 Years** | **LOM Cost** | | | | --- | --- | --- | --- | --- | | | **Per tonne processed** | **Per ounce** | **Per tonne processed** | **Per ounce** | | Mining | $8.18 | $302.03 | $6.95 | $321.88 | | Processing | $8.71 | $321.47 | $8.78 | $406.86 | | Site General and Administrative | $0.49 | $18.27 | $0.50 | $22.94 | | Jawoyn Royalty | $0.39 | $14.50 | $0.31 | $14.50 | | Water Treatment | $0.07 | $2.60 | $0.07 | $3.39 | | Refining Costs | $0.09 | $3.19 | $0.07 | $3.19 | | Power Credit | - | - | - | - | | Total Cash Costs | $17.93 | $662.06 | $16.68 | $772.76 | | _Note: Jawoyn Royalty and refinery costs calculated at $1,450per ounce gold. May not add due to rounding._ | | | | | **Base Case Mining and Production** The 50,000 tpd Base Case mine plan contains 209.5 million tonnes of ore mined from the Batman open pit plus 13.4 million tonnes of ore from the existing heap leach pad that is processed through the mill at the end of the mine life. Together, 222.8 million tonnes of ore containing 5.901 million ounces of gold at an average grade of 0.82 g Au/t are processed over the 13 year operating life. Total gold recovered is expected to be 4.808 million ounces. Average annual gold production over the life of mine is 369,850 ounces, averaging 481,316 ounces during the first five years of operations, with 580,472 ounces produced in the first year of operations. Commercial production would begin following two years of construction and commissioning. **Base Case Annual Production** The table below highlights the production schedule. | **Years** | **Ore Mined (kt)** | **Waste Mined (kt)** | **Strip Ratio (W:O)** | **Milled Ore (kt)** | **Milled Grade (g/t)** | **Contained Ounces (kozs)** | **Mill Production (kozs)** | | --- | --- | --- | --- | --- | --- | --- | --- | | -1 | 11,764 | 24,761 | 2.1 | - | - | - | - | | 1 | 28,101 | 33,803 | 1.2 | 17,799 | 1.24 | 708 | 580 | | 2 | 20,983 | 55,290 | 2.6 | 17,750 | 0.92 | 525 | 430 | | 3 | 23,941 | 78,227 | 3.3 | 17,750 | 1.07 | 613 | 502 | | 4 | 18,285 | 71,608 | 3.9 | 17,750 | 0.82 | 471 | 386 | | 5 | 29,066 | 58,329 | 2.0 | 17,799 | 1.08 | 620 | 508 | | 6 | 7,561 | 71,279 | 9.4 | 17,750 | 0.71 | 408 | 334 | | 7 | 4,777 | 54,405 | 11.4 | 17,750 | 0.55 | 312 | 256 | | 8 | 7,078 | 45,482 | 6.4 | 17,750 | 0.53 | 301 | 247 | | 9 | 10,700 | 38,710 | 3.6 | 17,799 | 0.57 | 325 | 266 | | 10 | 24,331 | 27,864 | 1.1 | 17,750 | 0.83 | 473 | 388 | | 11 | 22,861 | 2,592 | 0.1 | 17,750 | 1.14 | 653 | 535 | | 12 | - | - | - | 17,750 | 0.57 | 324 | 258 | | 13 | - | - | - | 9,659 | 0.54 | 168 | 117 | | **Total** | **209,451** | **562,349** | **2.7** | **222,805** | **0.82** | **5,901** | **4,808** | | _Note: May not add due to rounding. Total milled ore includes material from the heap leach pad that is processed at the end of the mine life._ | | | | | | | | **Project Mineral Reserves and Resources ** The table below illustrates the updated reserve and resource estimate for the Project. The effective date of the Batman deposit resource estimate is March 18, 2013. The effective date of the heap leach resource estimate is May 29, 2013. | **Mt. Todd GoldProject Reserves, Base Case (50,000tpd) 0.40 g Au/t cut-off and $1,360per ounce gold** | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | **Batman Deposit** | **Heap Leach Pad** | **Quigleys Deposit** | **Total** | | | | | | | | | | | **Tonnes (000s)** | **Grade (g/t)** | **Contained Ounces (000s)** | **Tonnes (000s)** | **Grade (g/t)** | **Contained Ounces (000s)** | **Tonnes (000s)** | **Grade (g/t)** | **Contained Ounces (000s)** | **Tonnes (000s)** | **Grade (g/t)** | **Contained Ounces (000s)** | | Proven | 72,495 | 0.88 | 2,057 | - | - | - | - | - | - | 72,495 | 0.88 | 2,057 | | Probable | 136,955 | 0.82 | 3,612 | 13,354 | 0.54 | 232 | - | - | - | 150,309 | 0.80 | 3,844 | | **Proven & Probable** | **209,451** | **0.84** | **5,669** | **13,354** | **0.54** | **232** | **-** | **-** | **-** | **222,805** | **0.82** | **5,901** | | | | | | | | | | | | | | | | **Mt. Todd GoldProject Resources** | | | | | | | | | | | | | | | **Batman Deposit** | **Heap Leach Pad** | **Quigleys Deposit** | **Total** | | | | | | | | | | | **Tonnes (000s)** | **Grade (g/t)** | **Contained Ounces (000s)** | **Tonnes (000s)** | **Grade (g/t)** | **Contained Ounces (000s)** | **Tonnes (000s)** | **Grade (g/t)** | **Contained Ounces (000s)** | **Tonnes (000s)** | **Grade (g/t)** | **Contained Ounces (000s)** | | Measured | 77,793 | 0.88 | 2,193 | - | - | - | 571 | 0.98 | 18 | 78,364 | 0.88 | 2,211 | | Indicated | 201,792 | 0.80 | 5,209 | 13,354 | 0.54 | 232 | 6,868 | 0.82 | 181 | 222,014 | 0.79 | 5,622 | | **Measured & Indicated** | **279,585** | **0.82** | **7,401** | **13,354** | **0.54** | **232** | **7,439** | **0.83** | **199** | **300,378** | **0.81** | **7,832** | | Inferred | 72,458 | 0.74 | 1,729 | - | - | - | 11,767 | 0.85 | 320 | 84,225 | 0.76 | 2,049 | | | | | | | | | | | | | | | | _Note: measured & indicated resources include proven and probable reserves. Batman and Quigleys resources are quoted at a 0.40g Au/t cut-off grade. Heap Leach resources are the average grade of the heap, no cut-off applied. Economic analysis conducted only on proven and probable reserves. Thomas Dyerof Mine Development Associates is the Qualified Person responsible for developing reserves for the Batman deposit. Deepak Malhotra of Resource Development Inc. is the Qualified Person responsible for developing reserves for the heap leach._ | | | | | | | | | | | | | **Alternate Case Presented in PFS Study** In addition to the 50,000 tpd Base Case, the PFS also evaluated a smaller, higher-grade project as an Alternate Case. Key differences between the Base Case and the Alternative Case include: - A 33,000 tpd milling facility vs. a 50,000 tpd facility in the Base Case with associated lower mining rates and a smaller mining fleet; and - A reserve pit shell of $925/oz vs. $1,360/oz in the base case and the application of a higher cut-off grade (0.45 g Au/t vs. 0.40 g Au/t). **Alternate Case Highlights** Highlights of the PFS alternate case scenario are presented in the table below. | **Alternate Case (33,000 tpd)** **@ $1,450/oz Au** | **Years 1-5** | **LOM ** **(11 years)** | | | | --- | --- | --- | --- | --- | | | Annual Average | Total | Annual Average | Total | | Average Milled Grade (g/t) | 0.95 | 0.90 | | | | Payable Gold (000's ozs) | 295 | 1,473 | 263 | 2,891 | | Gold Recovery | 82.0% | 81.2% | | | | Cash Costs ($/oz) | $676 | $684 | | | | Strip Ratio (waste:ore) | 2.1 | 2.0 | | | | Initial Capital ($ millions) | $761 | | | | | Pre-tax NPV5%($ millions) | $777 | | | | | After-tax NPV5%($ millions) | $440 | | | | | IRR (Pre-tax / After-tax) | 22.1% / 16.9% | | | | | After-tax Payback (Production Years) | 3.2 | | | | | _Note: Economics presented using $1,450/oz gold and a flat $1.00 USD: $1.00AUD exchange rate and assumes deferral of certain Territory tax obligations as well as realization of equipment salvage values at the end of the mine life._ | | --- | **Alternate Case Project Economics** The following table provides additional details of the Project's economics at variable gold price and Australian dollar assumptions. | **After-Tax NPV5%, in Millions** | **Alternate Case (33,000tpd)** **Gold Price per Ounce** | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Forex** **USD/AUD** | **$1,200** | **$1,300** | **$1,400** | **$1,450** | **$1,500** | **$1,600** | **$1,700** | **$1,800** | | USD$1.10 | $58.5 | $187.2 | $305.1 | $363.2 | $421.5 | $538.2 | $655.5 | $773.2 | | USD$1.00 | $146.4 | $265.6 | $381.9 | **$440.2** | $498.5 | $615.6 | $733.2 | $850.9 | | USD$0.90 | $225.6 | $342.4 | $458.8 | $517.1 | $575.8 | $693.2 | $810.9 | $928.6 | | USD$0.80 | $303.0 | $419.3 | $535.9 | $594.6 | $653.2 | $770.9 | $888.6 | $1,006.3 | | _Note: Changes in Foreign Exchange rates are only applied to operating costs and not applied to either initial or sustaining capital costs._ | | --- | **Alternate Case Capital Costs** Key capital expenditures for initial and sustaining capital requirements are identified in the table below. | **Capital Expenditures ($ Millions)** **Alternate Case (33,000 tpd)** | **Initial Capital ** | **Sustaining Capital** | | --- | --- | --- | | Capitalized Stripping & Dewatering | $24 | $38 | | Mobile Equipment | $77 | $73 | | Process Facility | $310 | - | | Tailings | $19 | $86 | | Power Plant | $64 | - | | Water Supply | $11 | - | | Owners Cost | $175 | ($14) | | Sub-Total | $680 | $183 | | Contingency | $80 | $11 | | Salvage Value | - | ($77) | | Mine Closure | $1 | $94 | | Total Capital | $761 | $211 | | Total Capital per payable ounce gold | $263 | $73 | | _Note: may not add due to rounding. The negative value in the sustaining capital category of the owners' cost line is the re-capture of the cash component of the project's cash reclamation bond, which is spent as cash under the Mine Closure category._ | | --- | **Alternate Case Operating Costs** The following table presents a breakdown of operating costs. The Alternate Case project includes a 58MW gas-fired power plant in initial capital. During the operating life, the power plant generates excess power and Vista has assumed a power credit against operating costs. Additionally, during the four years of reclamation and closure, Vista intends to generate and sell power into the Northern Territory electrical grid, for which there is a known market and indicative purchase rates have been provided by the government-owned Power & Water Corporation. | **Operating Cost – Alternate Case (33,000 tpd)** | **First 5 Years** | **LOM Cost** | | | | --- | --- | --- | --- | --- | | | Per tonne processed | Per ounce | Per tonne processed | Per ounce | | Mining | $6.55 | $260.99 | $5.49 | $234.75 | | Processing | $9.37 | $373.32 | $9.51 | $406.86 | | Site General and Administrative | $0.74 | $29.42 | $0.74 | $31.63 | | Jawoyn Royalty | $0.36 | $14.50 | $0.34 | $14.50 | | Water Treatment | $0.08 | $3.17 | $0.08 | $3.55 | | Refining Costs | $0.08 | $3.19 | $0.07 | $3.19 | | Power Credit | ($0.23) | ($8.97) | ($0.23) | ($10.05) | | Total Cash Costs | $16.97 | $675.61 | $15.99 | $684.43 | | _Note: Jawoyn Royalty and refinery costs calculated at $1,450per ounce gold._ | | | | | **Alternate Case Mining and Production** The 33,000 tpd Alternate Case mine plan contains 110.4 million tonnes of ore mined from the Batman open pit plus 13.4 million tonnes of ore from the existing heap leach pad that is processed through the mill at the end of the mine life. Together, 123.7 million tonnes of ore containing 3.562 million ounces of gold at an average grade of 0.90 g Au/t are processed over the 11 year operating life. Total gold recovered is expected to be 2.891 million ounces. Average annual gold production over the life of mine is 262,826 ounces, averaging 294,502 ounces during the first five years of operations, with 417,166 ounces produced in the first year of operations. Commercial production would begin following two years of construction and commissioning. **Alternate Case Annual Production** The table below highlights the production schedule. | **Years** | **Ore Mined (kt)** | **Waste Mined (kt)** | **Strip Ratio (W:O)** | **Milled Ore (kt)** | **Milled Grade (g/t)** | **Contained Ounces (kozs)** | **Mill Production (kozs)** | | --- | --- | --- | --- | --- | --- | --- | --- | | -1 | 3,407 | 8,483 | 2.5 | - | - | - | - | | 1 | 16,872 | 23,714 | 1.4 | 11,747 | 1.35 | 509 | 417 | | 2 | 12,013 | 23,611 | 2.0 | 11,715 | 0.86 | 323 | 265 | | 3 | 17,775 | 22,960 | 1.3 | 11,715 | 1.16 | 438 | 359 | | 4 | 4,921 | 35,191 | 7.2 | 11,715 | 0.63 | 237 | 194 | | 5 | 10,331 | 24,062 | 2.3 | 11,747 | 0.77 | 289 | 237 | | 6 | 17,311 | 23,934 | 1.4 | 11,715 | 1.17 | 442 | 361 | | 7 | 2,681 | 31,629 | 11.8 | 11,715 | 0.65 | 245 | 201 | | 8 | 8,501 | 22,889 | 2.7 | 11,715 | 0.73 | 277 | 227 | | 9 | 12,597 | 6,209 | 0.5 | 11,747 | 0.99 | 375 | 308 | | 10 | 3,964 | 49 | 0.0 | 11,715 | 0.83 | 314 | 244 | | 11 | - | - | - | 6,482 | 0.54 | 113 | 79 | | **Total** | **110,374** | **222,732** | **2.0** | **123,728** | **0.90** | **3,562** | **2,891** | | _Note: May not add due to rounding. Total milled ore includes material from the heap leach pad that is processed at the end of the mine life._ | | | | | | | | **Project Description** Gold mineralization in the Batman deposit at the Project occurs in sheeted veins within silicified greywackes/shales/siltstones. The Batman deposit strikes north-northeast and dips steeply to the east. Higher grade zones of the deposit plunge to the south. The core zone is approximately 200-250 meters wide and 1.5km long, with several hanging wall structures providing additional width to the orebody. Mineralization is open at depth as well as along strike, although the intensity of mineralization weakens to the north and south along strike. The Project is designed to be a conventional, owner-operated, large open-pit mining operation that will utilize large-scale mining equipment in a blast/load/haul operation. Ore is planned to be processed in a large comminution circuit consisting of a gyratory crusher, two cone crushers, two HPGR crushers, and three ball mills as discussed in greater detail below. Vista plans to recover gold in a conventional carbon-in-leach ("CIL") recovery circuit. **Metallurgy, Processing and Infrastructure** Vista has completed extensive, feasibility-level metallurgic test work that was announced in a separate press release dated May 22, 2013. The technical reports related to this test work are posted on the Mt. Todd section under the Technical Reports heading on the Company's website. Vista's metallurgic test work programs support: (1) ore hardness estimates at the Batman deposit that are consistent and do not change at depth; (2) the selection of High Pressure Grinding Roll ("HPGR") technology as part of the comminution circuit; (3) estimated gold recovery rates based on optimized grind size and leach conditions; and (4) the processing of material from the historic heap leach pad at the end of the proposed mine life. The robust comminution circuit is designed to process material with an average bond-work index 5% in excess of actual rock hardness based on the test work completed. Gold will be recovered through a traditional CIL circuit. Recovery rates are based on the results of 99 variability tests. Because the Project was an operating mine, infrastructure exists that reduces initial capital expenditure and significantly reduces capital risk related to infrastructure construction, which has been a major source of capital overruns in the mining industry over the last decade. Existing mining infrastructure items include: - an existing tailings storage facility that will receive two raises and is expected to contain the initial 62 million tonnes of material processed; - an existing fresh water storage reservoir that will receive a two-meter dam raise and will harvest stormwater sufficient to provide process water for year-round operations; - a natural gas pipeline at site that can supply sufficient natural gas to meet the Project's energy requirements and would save considerably on project operating costs compared to grid-supplied power; - a paved road to site; - current electrical connection to the Northern Territory electric grid; and - reduced earthworks costs due to the process plant location being the same as the previous process plant, which has already been cleared and graded. Other benefits of the Mt. Todd project's Northern Territory location include: - the Stuart highway – the main North / South highway in the Northern Territory is less than 15km from the project site; - rail line parallel to the Stuart highway; and - the regional center of Katherine (population approximately 12,000) less than 60km from site and the Territory capital of Darwin less than 300km from site, which has port access. Vista is working with the communities of Katherine and Pine Creek to develop a community-based project as opposed to the more typical fly-in, fly-out project, which is generally more expensive and limits the economic benefits of projects to local communities. **Conference Call Details** A **conference call and webcast**to discuss highlights of the preliminary feasibility study will be held **this afternoon at 4:30pm ET(2:30pm MT). **A presentation accompanying the conference call will be made available on the Company's website prior to the conference call. Toll-free in North America: 1-866-443-4188 International: 416-849-6196 This call will also be web-cast and can be accessed at the following web location: [http://www.snwebcastcenter.com/webcast/vistagold/mt-2013/site](http://www.snwebcastcenter.com/webcast/vistagold/mt-2013/site)/