DENVER, Aug. 7, 2017 /CNW/ -- Vista Gold Corp. (the
"Company," "we" or "our") (NYSE American: VGZ) (TSX: VGZ) today
announced its unaudited financial results for the second quarter
ended June 30, 2017. Management's
quarterly conference call to discuss these results is scheduled for
2:30 p.m. MDT on August 9, 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 August 4, 2017 with the U.S. Securities and
Exchange Commission and the Canadian securities regulatory
authorities.
Summary of Second Quarter 2017 Financial Results
We reported a net loss of $2.7
million or $0.03 per share for
the three months ended June 30, 2017.
This includes $2.2 million of net
operating expenses and an unrealized $0.5
million mark-to-market loss on our investment in Midas Gold
Corp. ("Midas"). During the three months ended June 30, 2016, we reported net income of
$1.6 million or $0.02 per share inclusive of $1.7 million of net operating expenses and an
unrealized $3.3 million
mark-to-market gain on our investment in Midas.
Our working capital at June 30,
2017 totaled approximately $23.6
million, including cash and short-term investments
(comprised of government securities) of approximately $20.2 million. The Company has no debt.
Corporate Highlights
We continue to undertake activities to improve value and further
de-risk our Mt Todd gold project, including:
- Bulk Metallurgical Testing – we recently completed crushing,
screening and automated sorting tests on four 5-tonne bulk samples
from the Batman deposit. These bulk tests demonstrated that
automated sorting technology can be used to efficiently separate
plus 5/8" (16 mm) product from the HPGR crusher with gold-bearing
sulfide/quartz/calcite minerals from the host rock, at production
rates in production scale equipment.
- Grinding and Leaching Optimization Studies – we are undertaking
additional metallurgical testing to confirm gold recoveries with a
proposed 2-stage grinding circuit and a finer grind size (P80 of 65
um vs the 90 um in the original PFS).
- PFS Update – we have commenced an update of the Mt Todd
Preliminary Feasibility Study ("PFS") in which we intend to include
all appropriate project improvements and the most current economic
factors.
- MMP Update – we are nearing the completion of the preparation
of a draft Mine Management Plan ("MMP") and expect to present this
plan for preliminary agency review later this year. This is
expected to reduce the approval time for the final MMP.
To review the Company's Quarterly Report on Form 10-Q for the
three months ended June 30, 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 June 30,
2017 and to discuss corporate and project activities is
scheduled for Wednesday, August 9,
2017 at 2:30 p.m. MDT.
Toll-free in North America:
1-800-533-7619
International: 785-830-1923
This call will also be web-cast and can be accessed at the
following web location:
http://event.on24.com/r.htm?e=1480066&s=1&k=AE01A253734994563AC5CE9861BE5A0A
This call will be archived and available at www.vistagold.com
after August 9, 2017. Audio
replay will be available for 21 days by calling toll-free in North
America: 1-888-203-1112, passcode 4965655.
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 the bulk tests demonstrated that automated
sorting technology can be used to efficiently separate plus 5/8"
(16 mm) product from the HPGR crusher with gold-bearing
sulfide/quartz/calcite minerals from the host rock, at production
rates in production scale equipment; our plans to undertake
additional metallurgical testing to confirm gold recoveries with a
2-stage grinding circuit and a finer grind size (P80 of 65 um vs
the 90 um in the original PFS); our intent to include all
appropriate project improvements and the most current economic
factors in the update of the PFS; our expectation that later this
year we will present a draft Mine Management Plan for preliminary
agency review, and that this is expected to reduce the approval
time for the final MMP; 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.