Name and Location
Mt Todd gold project, Northern Territory, Australia.

Client
Vista Gold.

Project Description
A preliminary feasibility study (PFS) on Mt Todd has evaluated a base case and an alternative scenario for the project.

The base case scenario has estimated proven and probable reserves of 223-million tonnes at 0.82 g/t of gold for 5.9-million ounces at a cutoff grade of 0.40 g/t. It involves the development of a 50 000 t/d facility that develops more of the Mt Todd resource and generates larger net present value. This mine scenario has a 13-year operating life.

The alternate scenario, which has estimated proven and probable reserves of 124-million tonnes at 0.90 g/t of gold for 3.56-million ounces at a cutoff grade of 0.45 g/t, envisages a smaller, higher-grade 33 000 t/d facility that focuses on maximising return and operating margins.

This mine scenario has an 11-year operating life.

Value
Initial capital requirements for the base case and alternative scenarios are $1.046-billion and $761-million respectively.

Duration
Not stated.

Latest Developments
Vista will continue to advance the Mt Todd gold project for the rest of the year.

It will be working with the Northern Territory government to address the areas that are vital for the completion of a feasibility study and, ultimately, for a project development decision.

These discussions will be undertaken within the framework of a major project status, which the state government recently accorded the project, indicating the importance that it places on its development.

The PFS results allowed Vista to finalise and submit the environmental impact study in June.

The company expects the environmental approvals for the project towards the end of 2013.

Owing to the advanced state of the PFS, with most technical work already at feasibility levels, Vista estimates that a feasibility study will require four months to complete and cost about $2.5-million.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Vista Gold, tel +1 720 981 1185, fax +1 720 981 1186 or email ir@vistagold.com.