Vista Gold Corp. Announces Third Quarter 2001 Results
Vista Gold Corp. (AMEX: VGZ)(TSE: VGZ.) announced a net loss of $0.6 million, or $0.01 per share for the three months ended September 30, 2001, compared to a net loss of $0.6 million, or $0.01 per share for the same period in 2000. Revenues for the three months ended September 30, 2001 were $0.2 million, down $0.5 million from the same period in 2000. This reduction in revenue resulted from lower gold production, and was offset by lower production costs and lower depreciation and amortization costs. Cash provided by operations was $0.1 million in the three months ended September 30, 2001, compared to $0.2 million in the same period in 2000.
As of September 30, 2001, the Corporation had $1.2 million in working capital, including $0.9 million in cash.
SUMMARY RESULTS
(U.S. dollars in thousands, except share data)
Three Months Ended Nine Months Ended
September 30 September 30
2001 2000 2001 2000
Gold Production (ounces) 580 2,691 2,924 11,830
Gold revenues $195 $696 $ 817 $3,312
Net loss (620) (590) (1,764) (1,507)
Loss per share $(0.01) $(0.01) $(0.02) $(0.02)
The Hycroft mine continues to produce gold from the rinsing of the existing leach pads, with 580 ounces recovered during the three months ended September 30, 2001, and 2,924 ounces recovered during the nine months ended September 30, 2001. Gold production for the same periods in 2000 was 2,691 ounces and 11,830 ounces respectively. The decline in gold production is consistent with the Corporation's expectations. Management estimates an additional 250 ounces of gold will be recovered through the remainder of the year. Cash operating costs per ounce of gold produced were $228 in the three months ended September 30, 2001 and $213 for the nine months ended September 30, 2001. Cash operating costs per ounce of gold produced for the same periods in 2000 were $137 and $183 respectively.
"Gold price performance in the wake of the tragic terrorist attacks of September 11th has been disappointing," said Jock McGregor, President and CEO for Vista Gold Corp. "Gold is considered a safe haven in times of uncertainty. We do believe, however, that investor psychology is beginning to change, and a very minor shift in investment dollars into gold could lead to a major upswing in the price of gold and gold company stocks."
The Corporation is actively pursuing additional sources of funding. This includes discussions with other companies regarding the acquisition of mining assets that could generate near term cash flow. In addition, the corporation continues to analyze the potential to issue new equity, to complete a business combination, or to sell assets.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, development properties in Bolivia and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K as amended.
For further information, please contact Investor Relations at (720) 981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com/
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., +1-720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Second Quarter 2001 Results And Reassaying Results at Hycroft
Vista Gold Corp. (AMEX: VGZ)(TSE: VGZ) announced a net loss of $0.6 million, or $0.01 per share for the three months ended June 30, 2001, compared to a net loss of $0.8 million, or $0.01 per share for the same period in 2000. Revenues for the three months ended June 30, 2001 were $0.3 million, down $0.9 million from the same period in 2000; this reduction in revenue, resulting from lower gold production, was offset by lower production costs, lower depreciation and amortization costs, and lower property holding costs at the Hycroft mine. Cash used in operations was $0.6 million in the three months ended June 30, 2001, down from the $1.2 million used in the same period in 2000. As of June 30, 2001, the Corporation had $1.6 million in working capital, including $0.6 million in cash.
SUMMARY RESULTS
(U.S. dollars in thousands, except share data)
Three Months Ended Six Months Ended
June 30 June 30
2001 2000 2001 2000
Gold Production (ounces) 956 4,212 2,343 9,139
Gold revenues $272 $1,217 $623 $2,615
Net loss (615) (755) (1,144) (917)
Loss per share $(0.01) $(0.01) $(0.01) $(0.01)
The Hycroft mine continues to produce gold from the rinsing of the existing leach pads, with 956 ounces recovered during the three months ended June 30, 2001, and 2,343 ounces recovered during the six months ended June 30, 2001. Gold production for the same periods in 2000 was 4,212 ounces and 9,139 ounces respectively. The decline in gold production is consistent with the Corporation's expectations. Management estimates an additional 660 ounces of gold will be recovered through the remainder of the year. Cash operating cost per ounce of gold produced was $195 in the three months ended June 30, 2001 and $209 for the six months ended June 30, 2001. Cash operating cost per ounce of gold produced for the same periods in 2000 was $186 and $203 respectively.
At the Hycroft mine, relogging of core, reassaying and reevaluation of existing data have identified some higher-grade gold and silver zones beneath the Albert and Brimstone areas. These zones are continuous and have not been considered in earlier evaluations of the deposits. The following results are from re-assaying samples which were not previously analyzed for silver, and are typical of the high-grade silver zone.
Hole (ft) Sample Gold Silver ** Gold Zone
No. From/To Length Grade Grade Equivalent
(ft) opt. opt. opt.
94-2458 265-880 615 .027 1.06 0.043 Brimstone
96-3013 280-888 608 .023 .82 0.036 Brimstone
* 96-2905 400-500 100 .026 2.30 0.062 Albert
* 92-1957 262-430 168 .036 .82 0.049 Brimstone
* Holes 96-2905 and 92-1957, bottom in mineralization.
** Gold/Silver price $275/$4.25 per ounce. Metallurgical recovery will
depend on process selection and testing.
The Corporation has also been conducting a preliminary evaluation of the large bulk sulfide mineralized zone which underlies both the Crofoot and Brimstone oxide deposits at Hycroft. Preliminary metallurgical work carried out by independent laboratories indicates that the sulfide material is amenable to concentration, by flotation, to produce a concentrate with a gold grade of approximately 0.4 opt. "Exploitation of these bulk sulfides, although not economical at today's gold prices, could add significant upside potential to the Hycroft mine, if gold prices improve in the future," said Jock McGregor, President and CEO. These prospects will be the subject of additional drilling and sampling programs as funds become available to the company.
The Corporation continues to pursue cost-cutting measures and is actively pursuing additional sources of capital, including debt financing, the issuance of equity, mergers with other companies and the sale of property interest and other assets.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, development properties in Bolivia and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K as amended.
For further information, please contact Investor Relations at (720) 981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com/
SOURCE: Vista Gold Corp.
Contact: Investor Relations, Vista Gold Corp., +1-720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Board Changes
At the Annual General Meeting, on Friday, May 18, Ronald J. McGregor, Michael B. Richings and Thomas Ogryzlo were re-elected to the Board of Vista Gold Corp. (AMEX: VGZ) Toronto. The resignation of Peter Walton, for personal reasons, at the end of March 2001 left a vacancy and the Corporation is pleased to announce the appointment of John Clark, to fill that vacancy. Mr. Clark, a Chartered Accountant, is currently President of Investment and Technical Management Corp., a corporate finance and merchant banking operation based in Toronto. Prior to this, he was President of Laurasia Resources Limited, an oil and gas company. Mr. Clark's background in natural resources and finance will complement the strengths of the existing board members.
Several board members decided not to run for re-election at the Annual General Meeting to allow the Corporation to streamline its board and make it more cost efficient. Their dedication and service to the Corporation and its shareholders over the years is greatly appreciated as is their recognition that the board had to be restructured to better respond to current market conditions.
On another note, the Corporation is delighted with the continued interest and support of its shareholders. It was reported at the Annual General Meeting that over 75-percent of all shares were voted, which is indicative of a very high level of interest and participation by our shareholders in these challenging times. "It is gratifying to know that the majority of our shareholders remain committed and interested in the management of our Corporation," said Jock McGregor, President and CEO. "We will continue to give our best efforts, to involve our shareholders and create value for them, and earn their continued support."
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, development properties in Bolivia and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K as amended.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., 720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces First Quarter 2001 Results
Vista Gold Corp. (AMEX: VGZ)(TSE: VGZ.) announced a net loss of $0.5 million, or $0.01 per share for the three months ended March 31, 2001, compared to a net loss of $0.2 million ($0.00 per share) for the same period in 2000. The primary reason for the increased loss was a reduction in gold production, offset partially by lower operating costs at the Hycroft mine. As of March 31, 2001, the Corporation had $2.1 million in working capital, including $1.2 million in cash.
SUMMARY RESULTS
(U.S. dollars in thousands, except share data)
Three Months Ended
March 31
2001 2000
Gold Production (ounces) 1,387 4,927
Gold revenues $351 $1,398
Net loss (529) (162)
Loss per share $(0.01) $(0.00)
HYCROFT
The Hycroft mine continues to produce gold from the rinsing of the existing leach pads, with 1,387 ounces recovered during the quarter. Gold production for the same period last year was 4,927 ounces. The current lower production was expected. Management estimates an additional 1,600 ounces of gold will be recovered through the remainder of the year. Cash operating cost per ounce of gold produced was $219 in the first quarter of 2001, compared to $217 per ounce for same period in 2000.
CORPORATE ACTIVITY
The Corporation has continued in its efforts to generate working capital. In February, four haul trucks from the Hycroft mine were sold for net proceeds of $1.8 million. In March, a hydraulic shovel was sold for net proceeds of $0.8 million. The sale of this idle mining equipment allows the Corporation to maintain the Hycroft mine, the Corporation's core asset, without diluting the position of existing shareholders. In addition, the outstanding equipment loan of $0.6 million has been paid off.
The Corporation has examined restarting the run-of-mine heap leaching operation at Hycroft. The optimized production scenario would produce 350,000 ounces of gold over a five-year period at a cash cost of $183 per ounce and provide an after-tax internal rate of return of 37-percent at a $300 gold price. Following the sale of the trucks and shovel, an estimated $20 million dollars of capital including $5 million of working capital will be required to restart operations at Hycroft. Additional investment in exploration could further enhance the project economics. If the Corporation can obtain financing, mining operations could restart immediately, as the project is fully permitted and infrastructure and key management are in place.
Together with its financial adviser, the Corporation continues to consider and examine alternative corporate strategies.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, development properties in Bolivia and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K as amended.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., 720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces 2000 Results
Vista Gold (AMEX: VGZ) Toronto announced today its results for 2000. The Corporation experienced a net loss of $13.2 million for the year, including $10.9 million in write-downs, of mineral properties, mainly in Bolivia. The net loss before write-downs was $2.3 million, compared to a net loss before write-downs of $11.5 million in 1999.
SUMMARY RESULTS
(U.S. dollars in thousands, except share data)
Years ended December 31
2000 1999 1998
Gold sales $3,757 $ 19,496 $ 37,083
Net loss before write-downs (2,283) (11,481) (1,640)
Net loss (13,209) (27,700) (1,640)
Net loss per share
before write-downs (0.03) (0.13) (0.02)
Net loss per share (0.15) (0.31) (0.02)
CONSOLIDATED PRODUCTION
(Ounces)
Years ended December 31
2000 1999 1998
Gold 13,493 65,468 112,838
Silver 38,418 203,230 235,784
HYCROFT
In 2000, the Hycroft mine produced 13,493 ounces of gold and 38,418 ounces of silver. Cash operating cost, for the year, was $183 per ounce of gold produced. Cash operating cost per ounce is down from $277 per ounce in 1999 because of the significant decrease in operating activity. Mining was suspended at the Hycroft mine in December 1998, with production in 1999 and 2000 coming from previously mined ore on the heap leach pads. Although all the gold estimated to be recoverable from the leach pads had been recovered by December 31, 2000, the leach pads continue to produce gold, with more than 3,000 ounces of gold production expected in 2001.
The Hycroft mine is fully permitted with infrastructure and key management in place. Based on recent studies, restarting production from the Brimstone pit would require $20 million including working capital. The Brimstone pit contains over 600,000 ounces of gold in the proven, probable and mineral resource categories, and would produce over 350,000 ounces of gold over a five-year period. In addition, based on an extensive exploration review, the Corporation believes that with a modest drilling and work program, an estimated 400,000 to 450,000 ounces of additional oxide reserves could be added, extending mine life by approximately two years. Also, Hycroft remains one of the largest major mineralized systems in Nevada not yet explored for high-grade epithermal deposits. The Corporation is actively investigating various alternatives to raise the required capital from external sources in order to re-start the mine.
AMAYAPAMPA
In light of the continued low gold prices, the Corporation re-evaluated the carrying value of Amayapampa, and the investment has been written down to $10.8 million, being the estimated recoverable value at a $300 per ounce average gold price. Amayapampa remains an attractive gold project, at gold prices at or above $325 per ounce. Proven and probable reserves at Amayapampa contain 526,000 ounces of gold.
CORPORATE ACTIVITY
At the end of 2000, the Corporation had working capital of $106,000 and $96,000 in cash. On February 1, 2001, the Corporation announced the sale of four haul trucks from the Hycroft mine for $1.8 million, and the retirement of the $0.7 million long-term equipment loan. In March, The Corporation sold a hydraulic shovel from the Hycroft mine for net proceeds of $0.8 million. With the sale of equipment at Hycroft management estimates that it will have sufficient capital to continue its current level of activity through March 2002, including the retirement of its remaining $75,000 debt. The Corporation continues to pursue all means available to generate and preserve capital and, together with its financial adviser, continues to consider and examine alternative corporate strategies and strategic alliances to maintain and enhance shareholder value.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, a development project in Bolivia, and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., 720-981-1185
Website: http://www.vistagold.com/
Vista Gold Corp. Announces Sale of Haul Trucks
Vista Gold Corp. (AMEX: VGZ) Toronto is pleased to announce the sale of four haul trucks from the Hycroft mine and the retirement of the only significant company debt, which was an equipment loan from Finova, Inc. The gross realized price for the transaction was $1.79 million, and after dismantling costs for one of the trucks and the repayment of the Finova loan, the Company will net approximately $1.1 million. This sale is in accordance with our strategy of maintaining our core asset, the Hycroft mine in Nevada, without diluting the holdings of our existing shareholders through private placement to raise corporate operating funds.
Hycroft continues to produce gold from the rinsing of the existing heaps at the rate of 18-20 ounces per day. Production for the year 2000 exceeded 13,000 ounces of gold with a direct cash cost of $167 per ounce.
"The sale of our haul trucks allows us to continue to seek strategic partnerships without being unduly pressured by a lack of funds," said Jock McGregor, President and CEO. "We believe that we are well positioned to take advantage of any significant improvement in gold prices by resuming production at the Brimstone pit, once funding becomes available." Hycroft's Brimstone pit contains over 600,000 ounces of gold in the proven, probable and mineral resource categories and further work completed on the exploration potential at Hycroft has identified a number of exciting targets for further exploration.
Vista Gold Corp. is an international gold mining, development and exploration company based in Littleton, Colorado. Its holdings include the Hycroft mine in Nevada, a development project in Bolivia, and exploration projects in North and South America.
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 the targeted results. Such risks and uncertainties include those described in the Company's Form 10-K.
For further information, please contact Investor Relations at (720) 981-1185.
SOURCE: Vista Gold Corp.
Contact: Investor Relations of Vista Gold Corp., 720-981-1185
Website: http://www.vistagold.com/
