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: 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. 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.
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SOURCE Vista Gold Corp.