December 29, 2009 (FinancialWire) — Vista Gold Corp. (AMEX: VGZ) said that its wholly-owned subsidiary, Vista Gold Corp., has signed a joint venture Agreement with Pan Asia Resources Corp. for the development of the Awak Mas gold project in Indonesia.
The joint venture Agreement provides Pan Asia, a privately held resource development company, with the opportunity to earn a 60% interest in the Awak Mas project by expending $3 million on the project within the next 30 months, completing an environmental impact assessment and feasibility study and issuing to Vista two million shares of Pan Asia and the right to purchase up to an additional two million shares of Pan Asia in the event of an initial public offering of Pan Asia shares.
Pan Asia has informed Vista that it intends to immediately begin studies relating to the environmental impact assessment and may undertake some additional drilling prior to re-estimating the gold resources for the Awak Mas project under current market conditions.
Under the terms of the joint venture Agreement, Vista will retain its controlling interest in the Awak Mas project until Pan Asia completes the earn-in conditions described above.
Vista Gold has acquired a number of gold projects with the expectation that higher gold prices would increase their value. The firm has undertaken programs to advance the Paredones Amarillos gold project, located in Baja California Sur, Mexico. Vista's other holdings include the Guadalupe de los Reyes gold project in Mexico, Yellow Pine gold project in Idaho, Awak Mas gold project in Indonesia, and the Long Valley gold project in California.
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