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Vista Gold Corp. (VGZ) Mt. Todd Gold Project Secures Major Project Status From Northern Territory Government

|Includes: Vista Gold Corp. (VGZ)

Vista Gold recently announced landing Major Project Status for their flagship Mt. Todd gold project from the local Northern Territory (NT) Government, signifying the door being flung wide open for development at Mt. Todd, as this status is a firm confirmation by the NT Govt. that the project represents significant economic opportunities for the Katherine region and its inhabitants.

President and CEO of VGZ, Frederick Earnest, welcomed the continued support from NT Government officials for redeveloping the site, which is essentially a brownfield development, containing extensive existing infrastructure. This designation for the project also carries with it the full weight and force of the NT Government's process and structure umbrella, meaning that any areas of shared interest, from mines and energy, to lands, planning, and treasury, will have immediate traction in the highest levels of the NT Govt.

You couldn't ask for better streamlining from a process standpoint moving forward and VGZ is clearly very excited. Strong backing from the local government will see to it that various crucial aspects of development are expedited, with coordination occurring via cabinet-level committee and supervision coming directly from the Chief Minister's office. Needless to say, securing Major Project Status is a big coup for VGZ, who is slated for a resource estimate and feasibility study on Mt. Todd in Q2.

This decision paves the way for VGZ to get at the proven and probable 4.1M ounces of gold estimated to be contained within some 149.9M tonnes (grading 0.85 g/t), and the company also reported today that they have turned in a completed Draft Environmental Impact Statement to the NT Government's EPA as per that organization's recommendation. This effort clears away any potential hang ups or other snags prior to formal submission of an EIS and the review should further streamline the overall development process in this regard, making sure no problems crop up during approvals.

VGZ has projected submission of the final EIS later this quarter and has also suggested that everything is nicely on schedule for reception of permitting sometime in late 2013.

Mt. Todd forms another strong plank of the company's already impressive project portfolio, which features assets like the 380k ounces Au (measured and indicated) Guadalupe de los Reyes gold-silver project in Sinaloa, Mexico, among others.

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