Vista Gold Corp. to acquire Sulawesi gold project

Colorado-based junior gold mining firm Vista Gold Corporation on Tuesday announced that it has signed an option agreement to acquire the Awak Mas gold deposit located in Sulawesi for a purchase price of U.S. $1,500,000.

Under the terms of the agreement, the company will have up to six months to conduct due diligence while paying the owners U.S. $15,000 per month.

The company claimed that final feasibility study was completed by independent consultants in 1997 supporting a mining scenario of 3 million metric tons per year of ore. Independent valuations of the project were completed in 2000 and 2003 as well. Over A $46 million has been spent on the project.

Based on the resource analysis report, the gold resources, reported at a cutoff grade of 0.5 grams gold per ton are 60 million tons of measured and indicated ore with 1.95 million ounces of contained gold.(alex)