DENVER, April 28, 2017 /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, 2017.
Management's quarterly conference call to discuss these results is
scheduled for 2:30 p.m. MDT on
May 3, 2017. 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 28, 2017 with the U.S. Securities and
Exchange Commission and the Canadian securities regulatory
authorities.
Summary of First Quarter 2017 Financial Results
We reported a net loss of $2.8
million or $0.03 per share for
the three months ended March 31,
2017. This includes $2.5
million of net operating expenses; and an unrealized
$0.3 million mark-to-market loss on
our investment in Midas Gold Corp. ("Midas"). During the three
months ended March 31, 2016, we
reported a net loss of $0.7 million
or $0.01 per share inclusive of
$2.2 million of net operating
expenses; a $0.7 million payment we
received from the Australian Government under a research and
development incentive program; an unrealized $0.5 million mark-to-market gain on our
investment in Midas; and $0.3 million
of other income.
Our working capital at March 31,
2017 totaled approximately $26.0
million, including cash and short-term investments
(comprised of government securities) of approximately $21.8 million. The Company has no debt.
Frederick H. Earnest, President
and Chief Executive Officer, commented, "We believe that we have
sufficient working capital to cover our fixed costs for several
years; to execute selected discretionary programs intended to
optimize and add value to Mt Todd; and to complete all of the
critical milestones, including permitting, necessary to advance the
Mt Todd project to the point of a development decision.
"We are working to complete the bulk metallurgical test work to
evaluate automated ore sorting, grinding circuit optimization and
improved leach recoveries that could support material improvements
to the economics of the Mt Todd gold project without significant
alterations to the current flow sheet. This work is expected to be
completed in the third quarter of this year. An updated
prefeasibility study, which would integrate these potential flow
sheet alterations and the associated economic benefits, will likely
be completed after that."
To review the Company's Quarterly Report on Form 10-Q for the
three months ended March 31, 2017,
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,
2017 and to discuss corporate and project activities is
scheduled for Wednesday, May 3, 2017
at 2:30 p.m. MDT.
Toll-free in North America:
1-866-233-5249
International: 416-642-3300
Confirmation Code: 4152669
This call will also be web-cast and can be accessed at the
following web location:
http://event.on24.com/r.htm?e=1416096&s=1&k=1119E6298108FC79B036B57D1ABE2D12
This call will be archived and available at www.vistagold.com
after May 3, 2017. Audio replay
will be available for 21 days by calling toll-free in North
America: 1-888-203-1112, passcode 4152669.
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. Mt Todd is one of the largest
undeveloped gold projects in Australia. 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 we have sufficient working capital to cover our
fixed costs for several years and to fund our other plans; our
belief that our plans could support material improvements to the
economics of the Mt Todd gold project without significant
alterations to the current flow sheet, and the timing for the
completion of this work; the timing and completion of an updated
prefeasibility study on Mt Todd 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, results of our test
work for process area improvements, mineral resource and reserve
estimates and results of preliminary economic
assessments, prefeasibility 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;
uncertainty as to the results of bulk metallurgical test work; and
uncertainty as to completion of critical milestones for Mt Todd; 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 22, 2017 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.