Vista Continental Corp. Announces Agreement of Use of Proprietary Technology.
The prototype model, Dry Placer Recovery Unit, has been tested successfully on placer materials in Arizona. Three production models and one research and test module are under construction in Colorado, and it is anticipated that they will be completed and ready for production within 90 days. Each production model is designed to process 200 yards per hour of classified material. The total production through the recovery units is entirely dry, with no water and no chemicals required. The environmentally friendly nature of this proprietary process is significant in that it allows Vista to operate in the most environmentally benign way with the highest regard for responsible presence in the community. It also creates for Vista the opportunity to work placer properties that have demonstrated economical gold values but have been impractical to operate because of the lack of water or chemical environmental concerns.
More importantly, a major and unique new opportunity now exists to assist the environment by decontaminating hazardous sites within previously worked mining or industrial areas. This Vista technology will for the first time allow high volume processing and recovery of toxic target metals in contaminated sites with little likelihood of disturbing the groundwater.
Vista currently controls placer mining concessions in Peru along the Urubamba River. Vista was extremely encouraged by the results of the Phase 1 drilling program considering the very large grid spacing used in this first round of exploration, to have encountered gold in over 70% of all samples. To have encountered possible economic gold intercepts in three of the four areas, which were drilled is a very positive result.
Acres International reported a minimum of 330 milligrams per cubic meter as a target requirement for further development, assuming a gold price of U.S. $270 per ounce. Gold is currently priced at approximately U.S. $425 per ounce.
Palma Real West
Assays reported for Hole No. 5 are significant. A high-grade gold intercept, assaying at over 12,000 mg/m3 (milligrams per cubic meter) was encountered at a depth of 25 meters. Additionally, near surface gold intercepts in the same hole assayed at over 650 mg/m3.
Palma Real East
Significant near surface gold intercepts were encountered in five of the seven holes. Two of these intercepts, at 9.8 meters in Hole No. 3 and at 3.7 meters in Hole No. 4 were reported at 1,260 and 2,033 mg/m3, respectively. Vista believes that three holes completed at the Palma Real East Target area have possibly delineated an old river channel that contains excellent grade gold.
Holes designated as PE-04, PE-05 and PE-07 have encountered significant gold values at depths of between 3 and 11 meters. PE-04 intercepted a gold grade of over 2,000 milligrams per cubic meter at a depth of 3.7 to 5.2 meters and over 200 mg per cubic meter at 11 meters. PE-03 located over 300 meters from PE-04 encountered over 1,250 milligrams per cubic meter at a depth of 8.2 meters. All assays were performed by CIMM in Lima, Peru, an independent laboratory.
Vista expects to complete its plan to exploit the drilled properties in the spring of 2005.
Vista Continental Corp. also has ownership of 40 percent of Miranda Mining I (Guyana). Miranda I is the owner, through two deeds of assignment, of the exclusive rights to mine 31 river claims located along the Mazaruni River in the interior of the Republic of Guyana. One river claim consists of one mile of navigable river. The Miranda I claims along the Mazaruni River are approximately 200 kilometers south of the city of Georgetown, the capital of Guyana. Guyana was formerly known as British Guyana and is located east of Venezuela in South America.
Miranda I plans to mine these claims for diamonds and gold by dredging the rivers with two to three cutter head dredges, commencing in two to three months. Currently, Miranda I is the owner of two fully functioning dredges and a third dredge under construction, as well as extensive ground penetrating radar data (GPR) of the area.
This release includes projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations are disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release.
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|Date:||Oct 28, 2004|
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