DENVER, Aug. 1, 2014 /PRNewswire/ -- Vista Gold
Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today
announced its unaudited financial results and highlights for the
second quarter ended June 30,
2014. The Company's unaudited financial statements,
Management's Discussion and Analysis together with other important
disclosures can be found in the Company's Quarterly Report on Form
10-Q, filed with the U.S. Securities and Exchange Commission and
the Canadian securities regulatory authorities.
Frederick H. Earnest, President
and Chief Executive Officer, commented, "We remain focused on cash
management and ensuring our long-term liquidity. We spent under
$2.0 million during the quarter, as
forecasted, and I believe that we are on track to continue this
trend through the remainder of the year. I am also pleased with the
progress we are making with respect to the environmental impact
statement for our Mt Todd gold project, which we believe remains on
track for approval in Q3 of 2014. We anticipate holding our
customary quarterly conference call once we have received approval
of the Mt Todd environmental impact statement."
Summary of Second Quarter 2014 Financial Results
We reported a net loss of $2.9
million or $0.04 per share for
the three months ended June 30,
2014. This includes an unrealized $0.6
million mark-to-market loss on our investment in Midas Gold
Corp. ("Midas"). During the three months ended June 30, 2013, we reported net loss of
$21.2 million, or $0.26 per share. The 2013 results included a
$18.5 million unrealized loss on our
investment in Midas.
Expenditures for exploration and property holding costs,
principally at our Mt Todd gold project, totaled $1.0 million for the three months ended
June 30, 2014, down approximately 83%
from $5.9 million for the same period
in 2013 when costs included cash intensive programs such as the
prefeasibility study and preparation of the final environmental
impact statement for the Mt Todd gold project. In addition, several
cost cutting measures were introduced at Mt Todd during the latter
half of 2013, and we continue to identify and implement cost
cutting measures at the Mt Todd gold project.
Corporate cost reduction measures have also successfully been
implemented. Corporate general and administrative costs totaled
$1.1 million for the three months
ended June 30, 2014, down from
$1.2 million for the same period in
2013.
Our working capital at March 31,
2014 totaled approximately $14.2
million, including cash of approximately $5.7 million. The Company has no debt.
To review the Company's Quarterly Report on Form 10-Q for the
three months ended June 30, 2014,
including the related Management's Discussion and Analysis, visit
any of the following websites: www.sedar.com, www.sec.gov or
www.vistagold.com.
All dollar amounts in this press release are U.S. dollars.
About Vista Gold Corp.
Vista's principal asset is its flagship Mt Todd gold project in
Northern Territory, Australia. We also hold 11.2% of the
outstanding common shares of Midas, non-core projects in
Mexico and the United States and royalty interests in
projects in Bolivia and
Indonesia. For more information about our projects, including
technical studies and resource estimates, please visit our website
at www.vistagold.com.
For further information, please contact Connie Martinez at (720) 981-1185.
Forward Looking Statements
This press release contains
forward-looking statements within the meaning of the U.S.
Securities Act of 1933, as amended, and U.S. Securities Exchange
Act of 1934, as amended, and forward-looking information within the
meaning of Canadian securities laws. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect or
anticipate will or may occur in the future, including such things
as, our expectation that the trend with respect to the Company's
cash management will continue through the remainder of the year,
our belief that the environmental impact statement for our Mt Todd
gold project remains on track for approval in Q3 of 2014, our
expectation with respect to the timing and occurrence of our
customary quarterly conference call, our ability to continue to
identify and implement cost cutting measures at the Mt Todd gold
project, and other such matters are forward-looking statements and
forward-looking information. The material factors and
assumptions used to develop the forward-looking statements and
forward-looking information contained in this press release include
the following: our approved business plans, exploration and assay
results, mineral resource and reserve estimates and results of
preliminary economic assessments, pre-feasibility studies and
feasibility studies on our projects, if any. When used in this
press release, the words "optimistic," "potential," "indicate,"
"expect," "intend," "hopes," "believe," "may," "will," "if,"
"anticipate," and similar expressions are intended to identify
forward-looking statements and forward-looking
information. These statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such statements. Such factors
include, among others, uncertainty of resource and reserve
estimates, uncertainty as to the Company's future operating costs
and ability to raise capital; risks relating to cost increases for
capital and operating costs; risks of shortages and fluctuating
costs of equipment or supplies; risks relating to fluctuations in
the price of gold; the inherently hazardous nature of
mining-related activities; potential effects on our operations of
environmental regulations in the countries in which it operates;
risks due to legal proceedings; risks relating to political and
economic instability in certain countries in which it operates; as
well as those factors discussed under the headings "Note Regarding
Forward-Looking Statements" and "Risk Factors" in the Company's
latest Annual Report on Form 10-K as filed on March 17, 2014 and other documents filed with the
U.S. Securities and Exchange Commission and Canadian securities
regulatory authorities. Although we have attempted to identify
important factors that could cause actual results to differ
materially from those described in forward-looking statements and
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or
intended. Except as required by law, we assume no obligation
to publicly update any forward-looking statements or
forward-looking information; whether as a result of new
information, future events or otherwise.
SOURCE Vista Gold Corp.