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News Breaks
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February 8, 2012
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| 05:02 EDT |  | VGZ |
| theflyonthewall.com: | Vista Gold, Invecture to advance the Concordia Gold project in Mexico | | Vista Gold announced that it has entered into an Earn-in Right Agreement with Mexico-based Invecture Group, S.A. de C.V. with respect to Vista's Concordia gold project in Baja California Sur, Mexico. Invecture is the owner of Frontera Copper Corp., which owns and operates the Piedras Verdes Copper Mine in the Mexican State of Sonora. Vista holds the Concordia gold project through its wholly-owned, Mexican subsidiary, Desarrollos Zapal, S.A. de C.V., or DZ Mexico. Under the terms of the Agreement, Invecture has agreed to make a non-refundable payment of $2M in exchange for the right to earn a 60% interest in DZ Mexico. The Earn-in Right will expire if not exercised by Feb. 7, 2014, subject to extension in certain circumstances. The Agreement provides that during the Earn-in Period, Invecture will, at its sole expense, manage and operate the Concordia gold project and will undertake all commercially reasonable efforts to obtain the change of forest land use permit, or CUSF, and the Authorization of Environmental Impact which are required to develop the project. Invecture has advised that it will secure $70M in project debt finance to construct the Concordia gold project after it has exercised the Earn-in Right and after a project development decision has been made. Once Invecture has earned its interest in the Concordia gold project, the parties have agreed to evaluate market conditions with regard to the future organization and ownership structure of DZ Mexico. :theflyonthewall.com |
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May 16, 2012
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| 06:34 EDT | | VGZ |
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