DENVER, Oct. 30, 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 third quarter ended September 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.
Summary of Third Quarter 2014 Financial Results
We reported a net loss of $4.9
million or $0.06 per share for
the three months ended September 30,
2014. This includes an unrealized $3.8
million mark-to-market loss on our investment in Midas Gold
Corp. ("Midas"). During the three months ended September 30, 2013, we reported net loss of
$3.0 million, or $0.04 per share. The 2013 results included a
$4.5 million unrealized gain on our
investment in Midas, and a $3.5
million impairment charge related to mill equipment held for
sale.
Expenditures for exploration and property holding costs,
principally at our Mt Todd gold project, totaled $0.8 million for the three months ended
September 30, 2014, down from
$2.2 million for the same period in
2013. The 2014 costs are net of a $0.2
million non-cash stock-based compensation cost recovery
related to the expiry of certain restricted stock units.
Several cost cutting measures were introduced at our Mt Todd gold
project during the latter half of 2013, but were not fully in
effect for the three months ended September
30, 2013.
Corporate general and administrative costs totaled $0.1 million for the three months ended
September 30, 2014, down from
$1.1 million for the same period in
2013. The 2014 costs are net of a $0.7
million non-cash stock-based compensation cost recovery
related to the expiry of certain restricted stock units.
Corporate cost reduction measures had also been introduced during
the latter half of 2013, but were not fully in effect for the three
months ended September 30,
2013.
Our working capital at September 30,
2014 totaled approximately $11.1
million, including cash of approximately $5.3 million. The Company has no debt.
Frederick H. Earnest, President
and Chief Executive Officer, commented, "We continue to focus on
the things that we can influence: cost control, permitting and
advancing the Mt Todd gold project toward shovel-ready status. I am
pleased to report that we are making good progress in all of these
areas. Our costs continue to trend downward. The Government
of the Northern Territory's participation in water remediation and
discharge at Mt Todd mitigates some of the risk that we will incur
material unexpected environmental expenditures through 2015.
The recent successful completion of the Environmental Impact
Statement (EIS) approval process marks the end of more than three
years of work and expenditures. This important step toward
our goal of making the Mt Todd gold project a shovel-ready project
has reduced the risks associated with the development of the
project."
To review the Company's Quarterly Report on Form 10-Q for the
three months ended September 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.
Management Conference Call
A conference call with management to review our financial
results for the fiscal three months ended September 30, 2014 and to discuss corporate and
project activities is scheduled for Tuesday,
November 4, 2014 at 2:30 p.m.
MST.
Toll-free in North America:
1-866-233-5249
International: 416-642-3300
This call will also be web-cast and can be accessed at the
following web location:
http://www.snwebcastcenter.com/webcast/vistagold/2014/1104/
This call will be archived and available at www.vistagold.com
after November 4, 2014. Audio
replay will be available for 21 days by calling toll-free in
North America:
1-866-245-6755, passcode 253759.
If you are unable to access the audio or phone-in on the day of
the conference call, please email questions to Connie Martinez, Manager – Investor Relations
(email: connie@vistagold.com), and we will try to address these
questions prior to or during the conference call.
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 belief that the participation of the NT Government in water
remediation and discharge at Mt Todd mitigates the risk that we
will incur material unexpected environmental expenditures through
2015, our continued focus on cost control and permitting and
developing the Mt Todd gold project, company costs continuing to
trend downwards, our belief that substantially all future processes
directed at preparing the Mt Todd gold project for development are
now reasonably within our control, our ability to continue to
identify and implement cost cutting measures at the Mt Todd gold
project, completion of the EIS significantly reducing risks
associated with the development of 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.