DENVER, May 11, 2015 /CNW/ -- Vista Gold Corp. (the
"Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced
its unaudited financial results and highlights for the first
quarter ended March 31, 2015.
Management's quarterly conference call to discuss these results is
scheduled for 2:30 p.m. MDT on
May 12, 2015. 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 First Quarter 2015 Financial Results
We reported a net loss of $0.9
million or $0.01 per share for
the three months ended March 31,
2015. This includes an unrealized $0.4
million mark-to-market loss on our investment in Midas Gold
Corp. ("Midas") and a realized loss of $0.3 on the sale of 8 million shares in the
capital of Midas. We also realized a gain of approximately
$2.0 million on the completion of the
sale of the Los Cardones gold project. During the three months
ended March 31, 2014, we reported a
net loss of $1.1 million, or
$0.01 per share inclusive of an
unrealized $2.1 million
mark-to-market gain on our investment in Midas.
During the period, expenditures for exploration and property
holding costs, principally at our Mt Todd gold project, were down
approximately 31% from the same period in 2014. A significant
portion of this reduction results from a weaker Australian dollar
in 2015. In addition, the Government of the Northern Territory
shared the cost of treating and discharging water from the Batman
pit during the period; there was no similar program in
2014. At the corporate level, costs were down approximately18%
in 2015 from 2014 levels. The 2014 costs included severance costs
which resulted from the 2013 retrenchment; there were no similar
programs in 2015.
Our working capital at March 31,
2015 totaled approximately $10.8
million, including cash of approximately $8.7 million. The Company has no debt.
Frederick H. Earnest, President
and Chief Executive Officer, commented, "With the funding obtained
from non-dilutive sources in the first quarter of the year, we now
have a much stronger balance sheet and are better able to sustain
our planned activities. At Mt Todd, the wet season has ended
and the site received 25% less rain than normal. As a result
pond levels are much lower than normal. With the pumping and
automated control system installed in the Batman pit we were able
to discharge 1.4 million cubic meters of treated water from the
pit. We wish to acknowledge the important role that the Government
of the Northern Territory has played in this effort, and we are
pleased with the positive working relationship we enjoy with them.
We have begun the field investigation work necessary to prepare the
request for the authorization required under the Environmental
Protection and Biodiversity Conservation Act 1999 ("EPBC Act")
from the federal government (as it relates to the Gouldian
Finch). We anticipate that this authorization will be granted by
the fourth quarter of this year. In the meanwhile, we continue to
work on the general sections of the mine operating permit (known as
the Mine Management Plan or "MMP"). We are focused on
opportunities to advance the Mt Todd gold project beyond those
improvements already caused by favorable changes in the US$/AUD
exchange rate. We continue to work to have the Mt Todd gold project
ready for development as economic conditions permit."
To review the Company's Quarterly Report on Form 10-Q for the
three months ended March 31, 2015,
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 three months ended March 31,
2015 and to discuss corporate and project activities is
scheduled for Tuesday, May 12, 2015
at 2:30 p.m. MDT.
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://event.on24.com/r.htm?e=995235&s=1&k=6EEA209AD03BA545DFD00D23C996FA1D
This call will be archived and available at www.vistagold.com
after May 12, 2015. Audio
replay will be available for 21 days by calling toll-free in North
America: 1-866-245-6755, passcode 679087.
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 the 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 approximately
5.5% 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 ability to sustain our planned activities, the timing and
potential approval under the EPBC Act, timing and approval of the
MMP, the economic impact of Mt Todd optimization efforts, the
timeline for improved economic conditions and our attempt to
develop the Mt Todd gold project are forward-looking statements and
forward-looking information; 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 3, 2015 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/vista-gold-corp-announces-first-quarter-2015-results-and-provides-update-on-recent-activities-300080604.html
SOURCE Vista Gold Corp.