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December 2, 2009

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Tonopah-area mine closes; 76 laid off

Friday, Dec. 10, 1999 | 12:01 p.m.

A gold mining company is filing for bankruptcy protection and will close a mine near Silver Peak, southwest of Tonopah in south-central Nevada.

Jock McGregor, vice president of Vista Gold Corp. of Denver and its wholly owned subsidiary, Mineral Ridge Resources Inc., said the subsidiary has filed for Chapter 11 bankruptcy in Reno. Company officials said they laid off 76 workers Thursday and hope to keep 12 on for the mine's shutdown.

The decision was made today following the collapse of discussions between Mineral Ridge and Dresdner Bank of New York for an orderly closure process.

McGregor said a Chapter 11 financial reorganization bankruptcy is being filed in hopes that an infusion of cash would keep the operation running, but he acknowledged that could be changed to a Chapter 7 liquidation filing at a later date.

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