DENVER, Nov. 14 /PRNewswire-FirstCall/ -- Vista Gold Corp. (Amex:
VGZ; TSX) announced today its financial results for the quarter and
nine months ended September 30, 2005, as filed on November 14,
2005, with the US Securities and Exchange Commission in the
Corporation's Quarterly Report on Form 10-Q. Vista reported a
consolidated net loss for the three-month period ended September
30, 2005, of US$1.0 million or US$0.05 per share compared to a
consolidated net loss of US$1.0 million or US$0.07 per share for
the same period in 2004. The Corporation's consolidated net loss
for the nine-month period ended September 30, 2005, was US$3.4
million or US$0.19 per share compared to a consolidated net loss of
US$3.6 million or US$0.23 per share for the same period in 2004.
The net losses for the three-month and nine-month periods were
minimally different from those for the prior-year periods,
primarily reflecting slight decreases in exploration, property
evaluation and holding costs, and slight increases in corporate
administration and investor relations costs in each of the
three-month and nine-month periods. Net cash used for operations
was US$957,000 for the three-month period ended September 30, 2005,
compared to US$1,122,000 for the same period in 2004. Cash used in
operations was US$2,776,000 for the nine-month period ended
September 30, 2005, compared to US$2,777,000 for the same period in
2004. The decrease of US$165,000 for the three-month period can be
attributed to reduction in accounts receivable of US$181,000 from
the same period in 2004. Net cash used for investing activities
decreased to US$533,000 for the three-month period ended September
30, 2005, compared to US$1,618,000 for the same period in 2004. The
decrease of US$1,085,000 in 2005 reflected the restricted cash
payment of US$1,104,000 in 2004. For the nine-month period ended
September 30, 2005, net cash used for investing activities
decreased by US$1,364,000 to US$2,761,000 compared to US$4,125,000
for the same period in 2004. Overall expenditures were higher
during the 2004 period, primarily reflecting the restricted cash
payment of US$3.4 million made by the Corporation in the first
nine-months of 2004, in connection with bonding requirements for
the Hycroft Mine. Cash invested for the nine-month period ended
September 30, 2005 was US$2,761,000 which included net additions to
mining properties of US$1,057,000 and the acquisition of the Awak
Mas project, net of cash acquired, of US$1,613,000. Net cash
provided by financing activities was US$7,245,000 in the
three-month period ended September 30, 2005 compared to
US$6,427,000 for the same period in 2004. In each of these periods,
the Corporation raised funds through private placements of equity
units, with net proceeds of US$7,245,000 from the 2005 private
placement and US$6,112,000 from the 2004 private placement. Net
cash provided by financing activities was US$7,643,000 for the
nine-month period ended September 30, 2005, compared to
US$9,483,000 for the same period in 2004. The amounts raised in the
2005 nine-month period were primarily from the US$7,245,000 raised
in the private placement and the remainder from the exercise of
warrants in the amount of US$373,000 and stock options in the
amount of US$25,000. The aggregate US$9,483,000 proceeds in the
2004 nine-month period were primarily from the US$6,112,000 raised
in the private placement and from the exercise of warrants in the
amount of US$3,039,000 and stock options in the amount of
US$332,000. The financial position of the Corporation included
current assets at September 30, 2005, of US$8.9 million compared to
US$6.8 million at December 31, 2004, and total assets at September
30, 2005, of US$37.3 million compared to US$32.8 million at
December 31, 2004. Current liabilities were US$0.2 million at
September 30, 2005, approximately the same as at December 31, 2004.
Total liabilities at September 30, 2005, were US$4.5 million,
compared to US4.4 million at December 31, 2004. Shareholders'
equity at September 30, 2005, was US$32.9 million compared to
US$28.3 million at December 31, 2004. The Corporation's working
capital as of September 30, 2005, was US$8.6 million compared to
US$6.6 million at December 31, 2004. The selected financial data
including the results of operations for the three-month and
nine-month periods ended September 30, 2005 compared to 2004, and
the financial positions as at September 30, 2005 compared to
December 31, 2004, is summarized in the following table: Selected
Financial Data Three Months Ended, Nine Months Ended September 30,
September 30, 2005 2004 2005 2004 U.S. $000's, except loss per
share Results of operations Net loss $(970) $(1,047) $(3,378)
$(3,584) Basic and diluted loss per share (0.05) (0.07) (0.19)
(0.23) Net cash used in operations (957) (1,122) (2,776) (2,777)
Net cash used in investing activities (533) (1,618) (2,761) (4,125)
Net cash provided by financing activities (7,245) 6,427 7,643 9,483
Financial position September 30, December 31, 2005 2004 Current
assets $8,846 $6,826 Total assets 37,328 32,788 Current liabilities
238 256 Total liabilities 4,469 4,444 Shareholders' equity 32,859
28,344 Working capital 8,608 6,570 The statements that are not
historical facts are forward-looking statements involving known and
unknown risks and uncertainties that could cause actual results to
vary materially from targeted results. Such risks and uncertainties
include those described from time to time in the Corporation's
periodic reports, including its latest annual report on Form 10-K
filed with the U.S. Securities and Exchange Commission. The
Corporation assumes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. For further information, please contact
Greg Marlier at (720) 981-1185, or visit the Vista Gold Corp.
website at http://www.vistagold.com/ DATASOURCE: Vista Gold Corp.
CONTACT: Greg Marlier of Vista Gold Corp., +1-720-981-1185 Web
site: http://www.vistagold.com/
Copyright