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[LOGO] 7961 SHAFFER PARKWAY
SUITE 5
LITTLETON, COLORADO 80127
TELEPHONE (720) 981-1185
FAX (720) 981-1186
Trading Symbol: VGZ
Toronto and American Stock Exchanges
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VISTA GOLD CORP. APPOINTS NEW PRESIDENT AND CEO
DENVER, COLORADO, SEPTEMBER 7, 2000 - Vista Gold is pleased to announce the
appointment of Mr. Ronald (Jock) McGregor as President and CEO, following the
retirement of Mr. Michael Richings, effective September 8, 2000. Mr. Richings'
plans have been underway for some time and he will remain as a non-executive
director and continue to work with management on corporate and strategic
alternatives currently under consideration.
Mr. McGregor has been with the company since 1996 as the Vice President of
Operations and Development and has extensive mining industry experience in both
operations and project development gained over a period of 30 years in Europe,
Africa, and North and South America. He holds a B.Sc. (Hon) degree in Extractive
Metallurgy from the Royal School of Mines and his experience includes senior
positions in both engineering and construction companies as well as large and
small operating companies. "I look forward to providing the continuity needed to
keep Vista on track and I will continue to aggressively pursue all opportunities
available to Vista in these challenging times," said Jock McGregor.
The Corporation also wishes to provide an update on the most recent developments
at the Hycroft mine. A new alternative development plan that accelerates the
development schedule for the Brimstone Deposit would produce a total of 350,000
ounces of gold over a five-year period with three years averaging 90,000 to
100,000 ounces per year. This fully permitted open-pit run-of-mine heap leach
operation has an excellent historic record, which fully supports processing
recoveries, production and cost estimates. Financial analysis of the incremental
benefit of restarting the operation at Hycroft based on the new mine plan shows
that the average cash cost would be $182 per ounce of gold (including royalties
and net proceeds taxes). The capital cost would be $7.8 million ($22 per ounce),
with a pre-production stripping cost of $5.1 million and a working capital
requirement of $3.4 million. The after-tax internal rate of return at a $275 per
ounce spot gold price is estimated to be 31 percent. In addition, the
Corporation believes, based on an extensive exploration review, approximately
400,000 to 450,000 ounces of additional gold reserves (two years of production)
can be added with a modest drilling and work program.
Vista Gold Corp. is an international gold mining, development and exploration
company based in Littleton, Colorado. Its holdings include the Hycroft mine in
Nevada, a development project in Bolivia, and exploration projects in North and
South America.
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The statements that are not historical facts are forward-looking statements
involving known and unknown risks and uncertainties that could cause actual
results to vary materially from the targeted results. Such risks and
uncertainties include those described in the Company's Form 10-K.
For further information, please contact Investor Relations at (720) 981-1185.
