VISTA GOLD COMPLETES RE-ENGINEERED FEASIBILITY STUDY
ON AMAYAPAMPA PROJECT IN BOLIVIA
DENVER, COLORADO, NOVEMBER 18, 1997 - Vista Gold Corp. is pleased to announce that it has
completed a revision to the feasibility study on the Amayapampa project. The revised study projects that average
annual gold production from this mine will be approximately 30,000 ounces at an average cash cost of $155 per
ounce. At a $325 gold price, the project shows an after-tax return of over 19 percent (at $310 the IRR is over
16 percent). The Company also plans to re-open the nearby (6 miles/10 km from Amayapampa) Capa Circa
mine and transport the ore to Amayapampa for processing. The two mines would have an estimated total
production of 35,000 to 40,000 ounces of gold per year with an average cash cost of $154 per ounce.
With the assistance of outside consultants, Vista evaluated the potential for a smaller project. The revised project
will include an open-pit mine at Amayapampa and a plant designed to process 1,650 tons (1,500 tonnes) of ore
per day. A simplified flow sheet using gravity and carbon-in-leach circuit is projected to have a metallurgical
recovery of 85 percent and produce approximately 30,000 ounces of gold per year from the Amayapampa mine.
The Company plans, over a two-year period, to modernize the Capa Circa underground mine and increase
production from Capa Circa to 220 tons (200 tonnes per day). The ore has similar metallurgical characteristics to
the ore at Amayapampa and will be processed in the same plant producing an additional estimated 10,000
ounces of gold per year.
The Company estimates total capital costs for the Amayapampa project of $20 million including a 20 percent
contingency and necessary working capital. The costs have been reduced significantly from the previous study by
minimizing new infrastructure, utilizing (where appropriate) used equipment and local materials and contractors for
specific infrastructure facilities.
The proven and probable reserves at A