DENVER, Oct. 26, 2016 /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, 2016.
Management's quarterly conference call to discuss these results is
scheduled for 2:30 p.m. MDT on
October 27, 2016. 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 October 26, 2016 with the U.S. Securities and
Exchange Commission and the Canadian securities regulatory
authorities.
Summary of Third Quarter 2016 Financial Results
We reported a net loss of $2.1
million or $0.02 per share for
the three months ended September 30,
2016. This includes operating expenses of $1.9 million, and an unrealized $0.2 million mark-to-market loss on our
investment in Midas Gold Corp. ("Midas"). During the three
months ended September 30, 2015, we
reported net income of $0.5 million
or $0.01 per share. This
included a $4.3 million payment
received from the Australian Government under a research and
development incentive program, offset by $3.2 million of operating and other expenses, and
an unrealized $0.6 million
mark-to-market loss on our investment in Midas.
Our working capital at September 30,
2016 totaled approximately $30.1
million, including cash and short-term investments
(comprised of government securities) of approximately $24.8 million. The Company has no debt.
Vista's President and CEO, Frederick H.
Earnest, commented, "We believe our significantly improved
balance sheet gives us the resources to fund all of the project
milestones necessary to advance the Mt Todd gold project to a
development decision. With our metallurgical optimization
programs nearing completion, we are preparing to undertake an
update of our May 2013 Preliminary
Feasibility Study. We intend to provide more details in a
comprehensive update in the near future."
To review the Company's Quarterly Report on Form 10-Q for the
three and nine months ended September 30,
2016, 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, 2016 and to discuss corporate and project activities is
scheduled for Thursday, October 27,
2016 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=1300675&s=1&k=E5461C1588F868F9A4CE9AFDA68C4580
This call will be archived and available at www.vistagold.com
after October 27, 2016. Audio
replay will be available for 21 days by calling toll-free in North
America: 1-888-203-1112, passcode 2108951.
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 where we are
concluding test work to optimize the process flowsheet, seeking
approval of our final environmental authorization and commencing an
update of our preliminary feasibility study. We also hold
approximately 4.4% of the outstanding common shares of Midas,
non-core projects in Mexico and
the United States and royalty
interests in 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 have the resources to achieve all of the project
milestones necessary to advance Mt Todd to a development decision;
our plans to update our May 2013
Preliminary Feasibility Study; our intent to provide a
comprehensive update in the near future 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, 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; 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 26, 2016 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-third-quarter-2016-results-300351749.html
SOURCE Vista Gold Corp.