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Vista Gold describes Mt Todd in the NT as Australia’s largest undeveloped gold project

Staff reporter

In Canada, the S&P/TSX Composite Index closed 1.1% higher and in Australia, the S&P/ASX 200 is on the rise, up 1.4% in morning trade after finishing 2.2% higher yesterday.

Vista Gold (TSX: VGZ) was one of the bigger market risers in Toronto, hitting a 12-month high intraday of C$1.49 before closing up 16.3% to $1.43 on no news.

The company is focused on its Mt Todd gold project in Australia's Northern Territory, which it describes as the country's largest undeveloped gold project.

It had received US$2.4 million earlier this month from an Indonesian company to cancel half of Vista's NSR royalty on the Awak Mas gold mine.

The gold price was up slightly to about $1,733 an ounce on the spot market earlier.

Three miners were in the top five decliners among larger equities on the ASX in morning trade, with nickel producer Western Areas down 2.2%.

Copper-gold producer Sandfire Resources (ASX: SFR) was down about 2% and iron ore miner Fortescue Metals Group (ASX: FMG) was 1.5% lower at the time of writing.

Finally, New Century Resources (ASX: NCZ) was down 10% on news it had entered an exclusivity period regarding acquiring Vale SA's troubled New Caledonia assets.