Vista Gold Corp. Announces Third Quarter 2015 Results
DENVER, Oct. 29, 2015 /PRNewswire/ -- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT: VGZ) (TSX: VGZ) today announced its unaudited financial results for the third quarter ended September 30, 2015. Management's quarterly conference call to discuss these results is scheduled for 2:30 p.m. MST on November 9, 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 Third Quarter 2015 Financial Results
We reported net income of $0.5 million or $0.01 per share for the three months ended September 30, 2015. This includes a $4.4 million payment received from the Australian Government under a research and development incentive program for costs incurred in the 2013 fiscal year; an unrealized $0.6 million mark-to-market loss on our investment in Midas Gold Corp. ("Midas"); $2.9 million of operating expenses and $0.3 million foreign exchange loss (resulting from the weaker Australian dollar). During the three months ended September 30, 2014, we reported a net loss of $4.9 million or $0.06 per share inclusive of an unrealized $3.8 million mark-to-market loss on our investment in Midas, and $1.1 million of operating expenses.
Our working capital at September 30, 2015 totaled approximately $16.0 million, including cash and short-term investments (comprised of government securities) of approximately $14.7 million. The Company has no debt.
Frederick H. Earnest, President and Chief Executive Officer, commented, "We have worked hard to ensure the Company remains funded without diluting our shareholders, and I am enthusiastic about our success and the opportunities it affords us. With our improved balance sheet we believe we are able to fund our currently planned activities into 2018, and we still have opportunities to access additional financing from non-dilutive sources such as the sale of our used mill equipment and the monetization of our other non-core assets. Having effectively addressed our liquidity needs at this time, we are now able to shift our team's focus from basic survival tactics to value creation strategies that could better position the Mt Todd gold project for fast-track development when economic conditions permit; and to judiciously evaluate and pursue other near-term value creating opportunities."
To review the Company's Quarterly Report on Form 10-Q for the three months ended September 30, 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 September 30, 2015 and to discuss corporate and project activities is scheduled for Monday, November 9, 2015 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://event.on24.com/r.htm?e=1079392&s=1&k=6981E2DDEE97758D6A33F17A6527CD7C
This call will be archived and available at www.vistagold.com after November 9, 2015. Audio replay will be available for 21 days by calling toll-free in North America: 1-866-245-6755, passcode 279138.
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:
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. We also hold approximately 4.9% 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 we are funded into 2018 and have addressed our current liquidity needs, our ability to access additional non-dilutive financing, our ability to evaluate and execute programs that could better position the Mt Todd gold project for fast-track development and our ability to judiciously evaluate and pursue other near-term value creating opportunities 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, 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 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.
SOURCE Vista Gold Corp.
Vista Gold Corp. Warrants Expiring October 22, 2015
DENVER, Oct. 22, 2015 /PRNewswire/ -- Vista Gold Corp. (TSX: VGZ) (NYSE MKT: VGZ) ("Vista" or the "Corporation") advises holders of its TSX listed share purchase warrants (TSX: VGZ.WT.U) (the "Warrants") that all outstanding Warrants expire at 4:30 p.m. (Pacific time) on October 22, 2015. At the expiry time, all unexercised Warrants will become void; holders will have no further rights under such Warrants; and the Warrants will be delisted from the TSX.
About Vista Gold Corp.
Vista is a well-funded gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia. We also hold approximately 4.9% 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, or visit the Company's website at www.vistagold.com.
SOURCE Vista Gold Corp.
Vista Gold Corp. Announces Second Quarter 2015 Results and Provides Update on Recent Activities
DENVER, Aug. 3, 2015 /PRNewswire/ -- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced its unaudited financial results and highlights for the second quarter ended June 30, 2015. Management's quarterly conference call to discuss these results is scheduled for 2:30 p.m. MDT on August 4, 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 Second Quarter 2015 Financial Results
We reported net income of $3.6 million or $0.04 per share for the three months ended June 30, 2015. This includes a $5.9 million payment received from the Australian Government under a research and development incentive program ("R&D Tax Incentive") for costs incurred in the 2012 fiscal year; and an unrealized $0.3 million mark-to-market loss on our investment in Midas Gold Corp. ("Midas"). During the three months ended June 30, 2014, we reported a net loss of $2.9 million, or $0.04 per share inclusive of an unrealized $0.6 million mark-to-market loss on our investment in Midas. During the period, total operating expenses of $2.0 million were 15% lower than total operating expenses for the same period in 2014.
Our working capital at June 30, 2015 totaled approximately $14.9 million, including cash and short-term investments (comprised of U.S. Treasury Bills) of approximately $12.6 million. The Company has no debt.
As disclosed in our July 27, 2015 press release, subsequent to the period end, we received an additional approximately $4.3 million R&D Tax Incentive refund, net of costs. This refund is related to qualifying costs we incurred in the 2013 fiscal year. After giving effect to this refund, our June 30, 2015 pro forma cash and short-term investments would increase to $16.9 million.
Frederick H. Earnest, President and Chief Executive Officer, commented, "We were pleased with the addition of approximately $10.2 million of cash to our treasury from the R&D Tax Incentive Program. Based on our current plan of operations, we believe that we are now funded into 2018; and we still have opportunities to access additional financing from non-dilutive sources such as the sale of our used mill equipment and monetization of other non-core assets. We believe we have addressed our liquidity needs and positioned the Company to continue to evaluate and execute programs that could better position the Mt Todd gold project for fast-track development when economic conditions permit. With our improved treasury position and strong management team we believe we are in a position to judiciously evaluate and pursue other near-term value creating opportunities."
To review the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 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 June 30, 2015 and to discuss corporate and project activities is scheduled for Tuesday, August 4, 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=1031014&s=1&k=C49292DF4D15D44C690CD34AED4933CB
This call will be archived and available at www.vistagold.com after August 4, 2015. Audio replay will be available for 21 days by calling toll-free in North America: 1-866-245-6755, passcode 582544.
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:
All dollar amounts in the press release are U.S. dollars.
About Vista Gold Corp.
Vista is a well-funded gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia. We also hold approximately 4.9% 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 we are funded into 2018, our ability to access additional non-dilutive financing, our ability to evaluate and execute programs that could better position the Mt Todd gold project for fast-track development, the timeline for improved economic conditions for the development of the Mt Todd gold project and our position to judiciously evaluate and pursue other near-term value creating opportunities 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.
SOURCE Vista Gold Corp.
Vista Gold Corp. Announces Receipt of an Additional A$5.9 Million Net Tax Refund Under the Australian Government's Research & Development Incentive Program
DENVER, July 27, 2015 /PRNewswire/ -- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced that it has received an additional A$5.9 million (approximately US$4.3 million) Research & Development ("R&D") Tax Incentive refund, net of costs to prepare and file. This refund is related to costs we incurred in respect of the 2013 fiscal year. The refund was paid under the Australian Government's R&D Tax Incentive Program, a program designed to encourage industry to engage in R&D activities that benefit Australia. With this additional refund, we have received a total of A$13.4 million net of costs to prepare and file. We did not incur any expenses that would qualify for a material rebate under the R&D Incentive Program in 2014.
Frederick H. Earnest, President and Chief Executive Officer, commented, "This rebate applies to the continuation of programs from 2012 into 2013 related to our work to find innovative solutions to the challenges at the Mt Todd gold project, water management in particular. Some of this work has been recognized as having cost-effective industry-wide application. We are pleased with the addition of approximately US$4.3 million of cash to our treasury and now believe, based on our current plan of operations, that we are funded into 2018. We remain committed to careful management of our financial resources and intend to continue our practice of strict capital discipline as we evaluate potential programs that could better position the Mt Todd gold project for fast-track development when economic conditions permit."
About Vista Gold Corp.
Vista's principal asset is its flagship Mt Todd gold project in Northern Territory, Australia. We also hold approximately 4.9% of the outstanding common shares of Midas Gold Corp., 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 the Company being funded well into 2018; our commitment to careful management of our financial resources; our ability to continue strict capital discipline;the timing and success of programs that could position the Mt Todd gold project for fast-track development; 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.
SOURCE Vista Gold Corp.
Vista Gold Corp. Announces Receipt of A$7.5 Million Net Tax Refund Under the Australian Government's Research & Development Incentive Program
DENVER, June 1, 2015 /PRNewswire/ -- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced that it has received an A$7.5 million (approximately US$5.7 million) Research & Development ("R&D") Tax Incentive refund, net of costs to prepare and file. This refund is related to costs we incurred in respect of the 2012 tax year. The refund was paid under the Australian Government's R&D Tax Incentive Program, a program designed to encourage industry to engage in R&D activities that benefit Australia.
Frederick H. Earnest, President and Chief Executive Officer, commented, "Certain investments we made in 2012 to find innovative solutions to our water management challenges at the Mt Todd gold project, together with studies we undertook to define long-term environmental solutions for the project, have met the criteria for a refundable tax credit under the Australian Government's R&D Tax Incentive Program. Some of our work has been recognized as having cost-effective industry-wide application. We are pleased with the addition of approximately US$5.7 million of cash to our treasury and now we believe we are funded well into 2017. We remain committed to careful management of our financial resources and intend to continue our practice of strict capital discipline as we evaluate potential programs that could better position the Mt Todd gold project for fast-track development when economic conditions permit."
About Vista Gold Corp.
Vista's principal asset is its flagship Mt Todd gold project in Northern Territory, Australia. We also hold approximately 4.9% of the outstanding common shares of Midas Gold Corp., 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 the Company being funded well into 2017; our ability to continue strict capital discipline;the timing and success of programs that could position the Mt Todd gold project for fast-track development; 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.
SOURCE Vista Gold Corp.
Vista Gold Corp. Announces First Quarter 2015 Results and Provides Update on Recent Activities
DENVER, May 11, 2015 /PRNewswire/ -- 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:
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.
SOURCE Vista Gold Corp.
Vista Gold Corp. Completes The Sale Of 8,000,000 Shares Of Midas Gold Corp.
DENVER, March 16, 2015 /PRNewswire/ -- Vista Gold Corp. (TSX & NYSE MKT: VGZ) ("Vista" or the "Company") announced that it has completed the previously announced sale of 8,000,000 common shares of Midas Gold Corp. ("Midas") held by Vista Gold U.S. Inc. ("Vista US") at a price of Cdn$0.46 per Midas Share for aggregate gross proceeds of Cdn$3,680,000.
After completion of the sale, Vista holds, directly and indirectly through Vista US, an aggregate of 7,802,615 common shares of Midas, representing approximately 5.5% of the outstanding common shares of Midas. Vista and Vista US have agreed that they will not sell any of their remaining shares of Midas for a period of 6 months from today's date.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold absent such registration or pursuant to an exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein in the United States.
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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vista-gold-corp-completes-the-sale-of-8000000-shares-of-midas-gold-corp-300050463.html
SOURCE Vista Gold Corp.
Vista Gold Corp. Announces 2014 Results and Provides Update on Recent Activities
DENVER, March 3, 2015 /PRNewswire/-- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced its audited financial results and highlights for the fiscal year ended December 31, 2014. Management's quarterly conference call to discuss these results is scheduled for 9:00 a.m. MST on March 6, 2015. The Company's full audited financial statements, Management's Discussion and Analysis together with other important disclosures can be found in the Company's Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.
Recent Highlights:
- Received $3.0 million to complete the sale of the Los Cardones gold project;
- Completed an agreement to sell up to 8 million of our shares in Midas Gold Corp.("Midas") for aggregate net proceeds of approximately $2.8 million (the "Midas Sale");
- Received $0.5 million option payment from Cangold Limited; and
- Continued to bring costs down while meeting environmental, safety and regulatory requirements.
Frederick H. Earnest, President and Chief Executive Officer, commented, "2014 was a pivotal year in the financial stability of the Company. Consistent with our stated strategy, we continued to fund the Company without dilution and paid off our debt well ahead of schedule. As a result of our cash on hand and the successful cost cutting measures which we implemented in 2013, which continue in effect, we believe we are now funded through most of 2016. We remain focused on our Mt Todd gold project in Australia, where continued weakness in many macro-economic factors provides positive offsets to the lower gold price. We are analyzing these factors and anticipate that they will have a net positive effect on the economics of the project. We are well positioned to continue to weather the present gold markets and expect to be able to continue to fund the Company through most of 2016 without the need to raise capital in the equity markets in the current market conditions. I believe our Mt Todd gold project is uniquely positioned to move forward quickly in an environment of sustained gold market improvement."
Summary of 2014 Financial Results
We reported a net loss of $18.9 million or $0.23 per share for the year ended December 31, 2014. This includes an unrealized $4.3 million mark-to-market loss on our investment in Midas, and a non-cash $4.8 million write-down of interest in the Amayapampa project in Bolivia. During the year ended December 31, 2013, we reported a net loss of $59.5 million, or $0.73 per share.
Expenditures for exploration and property holding costs, principally at our Mt Todd gold project, were down approximately 74% from 2013. In 2014, we eliminated all material discretionary programs and continued the cost cutting initiatives introduced in 2013. In early 2013, we completed several cash intensive programs such as water treatment and the prefeasibility study for the Mt. Todd gold project, and introduced several significant cost cutting measures, including staff reductions and compensation reductions at the Mt Todd gold project. Similarly, at the corporate level, we continued the cost cutting initiatives introduced in 2013, resulting in a 31% reduction in 2014 corporate costs from 2013 levels.
Our working capital at December 31, 2014 totaled approximately $8.6 million, including cash of approximately $3.7 million. After giving effect to the cash received in January as a result of the finalization of the Los Cardones sale and the option payment received from Cangold Limited in February, together with the cash to be received from the Midas Sale, our pro forma working capital increases to approximately $15.0 million, including approximately $10.0 million of cash.
To review the Company's Annual Report on Form 10-K for the year ended December 31, 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 year ended December 31, 2014 and to discuss corporate and project activities is scheduled for Friday, March 6, 2015 at 9:00 a.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://event.on24.com/r.htm?e=960286&s=1&k=34B049C9DCF220CC21DEB10F316F126D
This call will be archived and available at www.vistagold.com after March 6, 2015. Audio replay will be available for 21 days by calling toll-free in North America: 1-866-245-6755, passcode 339376.
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:
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. Upon completion of the Midas Sale, we will 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, the closing of the Midas Sale; the Company being funded through most of 2016; the impact that macro-economic factors may have on the economics on the Mt Todd gold project; funding the Company without dilution; and moving the Mt Todd gold project forward quickly when there is sustained improvement in the gold market; 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 2, 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-2014-results-and-provides-update-on-recent-activities-300045081.html
SOURCE Vista Gold Corp.
Vista Gold Corp. Enters Into An Agency Agreement For The Sale Of Up To 8,000,000 Shares Of Midas Gold Corp.
DENVER, Feb. 25, 2015 /PRNewswire/ -- Vista Gold Corp. (TSX & NYSE MKT: VGZ) ("Vista" or the "Company") today announced that it executed an agency agreement with an agent (the "Agent") and Vista's wholly owned subsidiary, Vista Gold U.S. Inc. ("Vista US"), under which the Agent has arranged to sell up to 8,000,000 common shares of Midas Gold Corp. ("Midas") held by Vista US (the "Midas Shares") at a price of Cdn$0.46 per Midas Share for aggregate gross proceeds of up to Cdn$3,680,000 (the "Sale"). A portion of the Midas Shares may be sold pursuant to a finder's agreement between Vista US and a finder (the "Finder") on the same offering terms. In consideration for the services to be provided by the Agent, and if applicable, the Finder, in connection with sale of the Midas Shares, the Agent or the Finder (as applicable) will receive a cash fee equal to 4% of the gross proceeds from the sale of the Midas Shares.
Vista and Vista US have agreed that following the closing of the Sale, they will not sell any of their remaining shares of Midas for a period of 6 months following closing.
Vista currently holds, directly and indirectly through Vista US, an aggregate of 15,802,615 common shares of Midas, representing 11.2% of the outstanding common share of Midas. Following the sale of the Midas Shares, Vista's holding would be reduced to 7,802,615 common shares of Midas, representing 5.5% of the outstanding common shares of Midas.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold absent such registration or pursuant to an exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein in the United States.
About Vista Gold Corp.
Vista's principal asset is its flagship Mt Todd gold project in Northern Territory, Australia. Upon completion of the Sale we will also hold 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 include completion of the sale of all or a portion of the Midas Shares, the gross proceeds that Vista may raise through the sale of the Midas Shares, the number of common shares of Midas that Vista would hold upon the completion of the sale of all of the Midas Shares and the interest in Midas that holding represents 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: permitting conditions in Mexico, compliance by our partners of their contractual obligations, track record and ability of our partners, 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 the completion and size of the Sale, risks associated with market conditions, 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; risks related to our partners and the geopolitical environment in which they carry on business; 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vista-gold-corp-enters-into-an-agency-agreement-for-the-sale-of-up-to-8000000-shares-of-midas-gold-corp-300041012.html
SOURCE Vista Gold Corp.
Vista Gold Corp. Amends the Payment Terms for the Los Cardones Project and Will Receive a US$3.0 Million Cash Payment
DENVER, Jan. 30, 2015 /PRNewswire/ -- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced it has agreed to amend the payment terms (the "Amendment") of its sale of the Los Cardones gold project in Baja California Sur, Mexico to Invecture Group, S.A. de C.V. ("Invecture") and RPG Structured Finance S.a.r.l. (together, the "Purchasers"). Under the Amendment, the Company will receive a payment of US$3.0 million cash from the Purchasers as full and final payment for 100% of the Company's debt and equity participation in the Los Cardones gold project.
In October 2013, we agreed to sell 100% of our debt and equity participation in the Los Cardones gold project to the Purchasers for total consideration of US$13 million, US$7 million of which was paid at closing and US$6 million of which is due by January 30, 2015 (extended from January 30, 2014, and subsequently from July 31, 2014). The Purchasers had the option to elect, in their discretion, not to make the second payment of US$6 million, in which case, we would retain all amounts already received and the Los Cardones gold project would be returned to us.
On October 28, 2014, Invecture announced that the Los Cardones gold project had been suspended, stating that conditions for its development were not favorable at that time. Since making this announcement, there have been no apparent significant favorable changes to incentivize Invecture to lift the suspension.
Frederick H. Earnest, President and Chief Executive Officer, commented, "It is clear that Invecture has invested a significant amount of time, energy, financial resources and political capital to advance the Los Cardones gold project. However, present conditions make it difficult to predict when development at the project might occur. Our key focus is the continued advancement of our Mt Todd gold project. Our goal is to position the Mt Todd gold project ready for development in an improved gold price environment. Like other mining companies, we face risks with regards to financing our activities and ensuring our ongoing viability. The US$3.0 million payment we expect to receive mitigates those risks, and, together with a US$0.5 million Guadalupe de los Reyes option payment expected on March 2, 2015 (postponed from January 15, 2015) and the cash on hand at the end of 2014, we believe the Company will be funded into 2016, consistent with our strategy of financing the Company through non-dilutive means."
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 Invecture will succeed in developing the Los Cardones gold project, the receipt and expected timing of the receipt of the US$3 million payment and US$0.5 million payments, that these payments together with our cash on hand at the end of 2014 will provide sufficient funding for the Company into 2016; and our goal to position the Mt Todd gold project to be ready for development in an improved gold price environment. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: permitting conditions in Mexico, compliance by our partners of their contractual obligations, track record and ability of our partners, 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; risks related to our partners and the geopolitical environment in which they carry on business; 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vista-gold-corp-amends-the-payment-terms-for-the-los-cardones-project-and-will-receive-a-us30-million-cash-payment-300028311.html
SOURCE Vista Gold Corp.
