Friday, September 7, 2012

Mt. Todd Estimated Measured & Indicated Gold Resources Increases

Diagram of Mt. Todd ore body by Vista Gold Corp.
DENVER, CO ( - Vista Gold Corp. updated its mineral resource estimate at Mt. Todd in Northern Territory, Australia to include 18 drill holes at approximately 13,036 total meters. The Batman deposit is now estimated to contain 7.01 million ounces of gold in the Measured and Indicated categories, a 17 percent increase over 2011 estimates, and 2.09 million ounces in the Inferred category, a 37 percent increase over previous estimates. With on-going drilling, the company expects to announce further updates in early 2013. Frederick H. Earnest, President and CEO of Vista, stated that "the results of our past and ongoing drilling programs combined with technical evaluations currently in progress support my belief that Mt. Todd is becoming a world-class gold project in one of the world's most favorable mining jurisdictions." Source: Vista Gold Corp. Grows Mt. Todd Estimated Measured & Indicated Gold Resources to over 7 Million Ounces (Reliability: High)

Comment: Vista acquired the Mt. Todd property in February 2006 for approximately US$2 million. With gold holdings in Mexico, Indonesia, Australia and the United States, Denver, Colorado-based Vista Gold Corp. is a mid-tier player in the gold market. While production of gold increases, demand has been leveling off, especially in the jewelry sector, because of high prices. Decreasing demand will likely eventually drive the price down making the investment in mining less attractive.

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