1. Vista Gold Corp. (Amex: VGZ) announced on December 22 that the closing of the proposed arrangement which will cause the spin-off of certain of Vista's Nevada Gold properties, is now expected to occur in the first quarter of 2007. Looks like there will be more delays for this transaction, which was originally scheduled for the end of this year. I'd expect VGZ's shareprice to continue to lag until this complicated spin-off is completed.
2. Pele Mountain Resources Inc. announced on December 22 that Goldcorp Inc. (NYSE:GG - News) has informed Pele that it has elected under its option agreement with Pele to form a 50-50 joint venture at the Festival Diamond Project in northern Ontario. According to Pele's press release last Friday, a 500-tonne bulk sampling program was completed at Festival earlier this year, with results reaffirming the presence of commercial size, gem quality diamonds within a suite of ultramafic rocks exposed in intermittent outcrop along a stratigraphic horizon that extends for more than five kilometres. Interesting that GG is now adding exposure to diamonds on top of the Silver and Copper exposure it already has. Despite the name "Goldcorp", Goldcorp seems to be steadily becoming less and less of a pure play in Gold.
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