Vista Gold Corp. Announces Year-End Financial Results and Progress on Awak Mas Acquisition
01 April 2005 - 2:51AM
PR Newswire (US)
Vista Gold Corp. Announces Year-End Financial Results and Progress
on Awak Mas Acquisition DENVER, March 31 /PRNewswire-FirstCall/ --
Vista Gold Corp. (AMEX:VGZ) Toronto announced today its financial
results for the year ended December 31, 2004, as filed on March 31,
2005, with the U.S. Securities and Exchange Commission in the
Corporation's Annual Report on Form 10-K. For the year ended
December 31, 2004, Vista reported a consolidated net loss of US$4.9
million or US$0.31 per share compared to the 2003 consolidated net
loss of US$2.7 million or US$0.22 per share. The increase of US$2.2
million in 2004 is due to increased holding costs at the Hycroft
Mine of US$0.6 million; decreased holding costs at the Amayapampa
property of US$0.1 million; increased property exploration costs of
US$0.2 million; increased general and administrative costs of
US$0.5 million; and increased stock-based compensation of US$1.0
million (a non-cash item). The Corporation received net cash from
financing activities of US$9.8 million in 2004 compared to US$8.1
million in 2003. Net cash used in investing activities in 2004 was
US$6.1 million compared to US$3.0 million in 2003. This increase
primarily reflects US$3.3 million set aside for increased bond
requirements at Hycroft in 2004, compared to US$1.7 million in
2003. Net cash used for operations in 2004 was US$3.4 million
compared to US$3.0 million in 2003. The unused cash received from
financing activities in 2004 is on hand as working capital. The
financial position of the Corporation included current assets at
December 31, 2004, of US$6.8 million compared to US$6.5 million in
2003 and total assets of US$32.8 million at December 31, 2004,
compared to US$26.3 million in 2003. Total liabilities at December
31, 2004, were US$4.4 million compared to US$4.6 million in 2003
and shareholders' equity was US$28.3 million at December 31, 2004,
compared to US$21.7 million in 2003. The Corporation's working
capital as of December 31, 2004, was US$6.6 million which increased
by US$0.5 million from US$6.1 million in 2003. Selected Financial
Data Years ended December 31 U.S. $ 000's, except loss per share
2004 2003 Results of operations Net loss $(4,924) $(2,745) Basic
and diluted loss per share $(0.31) $(0.22) Net cash used in
operations $(3,351) $(3,008) Net cash used in investing activities
(6,100) (3,002) Net cash provided by financing activities 9,847
8,087 Financial position Current assets $6,826 $6,485 Total assets
32,788 26,280 Current liabilities 256 408 Total liabilities 4,444
4,577 Shareholders' equity 28,344 21,703 Working capital $6,570
$6,077 The annual general meeting of the Corporation's shareholders
has been scheduled for Monday, May 9, 2005, at 10:00 a.m.,
Vancouver time, at the offices of Borden Ladner Gervais LLP, Suite
1200, 200 Burrard Street, Vancouver, British Columbia, Canada. On
another matter, Mike Richings, President and CEO, commented, "Our
due diligence efforts regarding the Awak Mas property in Indonesia
are proceeding on schedule and we anticipate exercising the option
to acquire the property in April, following Vista's board of
directors' and regulatory approvals." Vista Gold Corp., based in
Littleton, Colorado, evaluates and acquires gold projects with
defined gold resources. Additional exploration and technical
studies are undertaken to maximize the value of the projects for
eventual development. The Corporation's holdings include the
Maverick Springs, Mountain View, Hasbrouck, Three Hills, Wildcat
projects and Hycroft mine, all in Nevada, the Long Valley project
in California, the Yellow Pine project in Idaho, the Paredones
Amarillos and Guadalupe de los Reyes projects in Mexico, the
Amayapampa project in Bolivia, and an option to purchase the Awak
Mas project in Sulawesi in Indonesia. 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 targeted results. Such risks and uncertainties
include those described from time to time in the Corporation's
periodic reports, including the annual report on Form 10-K filed
with the U.S. Securities and Exchange Commission. The Corporation
assumes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise. For further information, please contact Greg Marlier
at (720) 981-1185, or visit the Vista Gold Corp. website at
http://www.vistagold.com/. DATASOURCE: Vista Gold Corp. CONTACT:
Greg Marlier of Vista Gold Corp., +1-720-981-1185 Web site:
http://www.vistagold.com/
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