Vista paid $612,000 to buy the Rio mill, 10 mineral leases and other assets from a liquidation company in 1986. By 1988, Vista was busy attempting to define reserves in the Rio and Henning-Maloney zones in order to justify reopening the mill.
Following a 10,000-ton bulk sample of rock from the Rio deposit which was processed by the on-site mill, Vista determined an average grade of 0.12 oz gold per ton — too low to warrant a production decision.
Follow-up exploration on several other zones failed in defining higher grading reserves. By April, 1989, Vista’s original board of directors were ousted and replaced by new directors.
]]>
Be the first to comment on "Vista Mines bankrupt"