DENVER, May 2, 2016 /PRNewswire/ -- Vista Gold Corp. (the
"Company," "we" or "our") (NYSE MKT: VGZ) (TSX: VGZ) today
announced its unaudited financial results for the first quarter
ended March 31, 2016. Management's
quarterly conference call to discuss these results is scheduled for
2:30 p.m. MDT on May 3, 2016. 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 on April 29, 2016 with the U.S. Securities and
Exchange Commission and the Canadian securities regulatory
authorities.
Summary of First Quarter 2016 Financial Results
We reported a net loss of $0.7
million or $0.01 per share for
the three months ended March 31,
2016. This includes $2.2
million of operating expenses; a $0.7
million payment received from the Australian Government
under a research and development incentive program for costs
incurred in the 2014 fiscal year; an unrealized $0.5 million mark-to-market gain on our
investment in Midas Gold Corp. ("Midas"); and $0.3 million of other income. During the three
months ended March 31, 2015, we
reported a net loss of $0.9 million
or $0.01 per share inclusive of
$2.2 million of operating expenses;
an unrealized $0.7 million
mark-to-market loss on our investment in Midas; and $2.0 million gain on the sale of our Los Cardones
gold project in Mexico.
Our working capital at March 31,
2016 totaled approximately $14.0
million, including cash and short-term investments
(comprised of government securities) of approximately $12.0 million. The Company has no debt.
Frederick H. Earnest, President
and Chief Executive Officer, commented, "We continue to believe
that our balance sheet will fund our currently planned activities
into 2018, and we still have potential future sources of
non-dilutive financing including the sale of our used mill
equipment and our non-core Guadalupe
de los Reyes gold/silver project in Mexico. Our focus remains fixed on our
Mt Todd gold project where we are completing additional modelling
and testing to support our request for authorization under the
Environmental Protection and Biodiversity Conservation Act of 1999
(Australia); and we are
analyzing recommendations from a team of technical experts that we
engaged earlier this year to review key parts of the Mt Todd gold
project."
Mr. Earnest added: "We are encouraged by the apparent renewed
interest in the gold sector and the significant leverage that Vista
stock has displayed relative to gold price changes. We remain
committed to adding to the already extraordinary value of the Mt
Todd gold project as we work to prepare it for rapid advancement
when economic conditions warrant."
To review the Company's Quarterly Report on Form 10-Q for the
three months ended March 31, 2016,
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,
2016 and to discuss corporate and project activities is
scheduled for Tuesday, May 3, 2016 at
2:30 p.m. MDT.
Toll-free in North America:
1-866-233-4585
International: 416-640-5946
This call will also be web-cast and can be accessed at the
following web location:
http://event.on24.com/r.htm?e=1183877&s=1&k=804608BB20682F1816797B5129D5D65D
This call will be archived and available at www.vistagold.com
after May 3, 2016. Audio replay
will be available for 21 days by calling toll-free in North
America: 1-888-203-1112, passcode 5844824.
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.
The Company is a well-funded gold project developer. Our
principal asset is our flagship Mt Todd gold project in Northern
Territory, Australia where we
continue to work to identify opportunities to improve project
economics with the goal of advancing the project toward
development. We also hold approximately 4.4% of the outstanding
common shares of Midas, non-core projects in Mexico and the
United States and royalty interests in 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 our currently planned activities are funded into
2018, our ability to access additional non-dilutive financing, the
leverage of our stock relative to the gold price, our ability to
add value to the Mt Todd gold project, and our ability to evaluate
and execute programs that could better position the Mt Todd gold
project for rapid advancement 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, our experience with regulators, and positive changes to
current economic conditions and the price of gold. 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 February 26, 2016 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.
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SOURCE Vista Gold Corp.