DENVER, Aug. 8 /PRNewswire-FirstCall/ -- Vista Gold Corp.
(AMEX:VGZ) Toronto announced today its financial results for the
quarter and six months ended June 30, 2006, as filed on August 8,
2006, with the US Securities and Exchange Commission in the
Corporation's Quarterly Report on Form 10-Q. Vista reported a
consolidated net loss for the three-month period ended June 30,
2006, of US$0.93 million or US$0.04 per share compared to a
consolidated net loss of US$1.45 million or US$0.08 per share for
the same period in 2005. The Corporation's consolidated net loss
for the six-month period ended June 30, 2006, was US$2.0 million or
US$0.09 per share compared to a consolidated net loss of US$2.4
million or US$0.13 per share for the same period in 2005. The net
losses for the three-month and six-month periods decreased from
those for the prior-year periods by US$0.52 million and US$0.37
million, primarily reflecting increased interest income of US$0.17
million and US$0.20 million from the respective prior periods,
decreased stock-based compensation expense of US$0.06 million and
US$0.11 million from the respective prior periods, and decreased
corporate administration and investor relations costs of US$0.27
million and US$0.03 million from the respective prior periods. Net
cash used in operations was US$1,105,000 for the three-month period
ended June 30, 2006, compared to US$1,127,000 for the same period
in 2005. Cash used in operations was US$2,146,000 for the six-month
period ended June 30, 2006, compared to US$1,819,000 for the same
period in 2005. The slight decrease of US$22,000 for the
three-month period can be attributed to a decreased consolidated
net loss of US$524,000 and an aggregate reduction of non-cash items
of $82,000; partially offset by a reduction in accounts payable of
US$169,000, an increase in supplies and prepaid expenses of
US$174,000 and an increase in accounts receivable of US$77,000. The
increase of US$327,000 for the six-month period can be attributed
to an increase in accounts receivable of US$353,000, a reduction in
accounts payable of US$190,000, and an increase in supplies and
prepaid expenses of US$77,000; partially offset by a decreased
consolidated net loss of US$374,000 and an aggregate reduction of
non-cash items of US$84,000. Net cash used for investing activities
decreased to US$830,000 for the three-month period ended June 30,
2006, compared to US$1,964,000 for the same period in 2005. The
decrease of US$1,134,000 in 2006 primarily reflected the purchase
of the Awak Mas Project in 2005 for US$1.5 million. There was no
comparable investment during the 2006 period. For the six-month
period ended June 30, 2006, net cash used for investing activities
increased slightly by US$51,000 to US$2,279,000 (including the
Corporation's expenditure of US$1.3 million for the Mt. Todd gold
mine in June 2006) compared to US$2,228,000 for the same period in
2005. The slight increase is mostly the result of increased
acquisitions of marketable securities of US$188,000 and increased
purchases of plant and equipment of US$63,000, which are offset by
increased proceeds from the sale of marketable securities of
US$60,000. Net cash provided by financing activities was
US$19,834,000 in the three-month period ended June 30, 2006. There
was no cash provided from financing activities for the same period
in 2005. For the 2006 period, warrant exercises provided cash of
US$19,676,000 and stock option exercises provided cash of
US$186,000. These amounts were slightly offset by additional share
registration expenses attributable to the February 2006 private
placement of US$28,000. Net cash provided by financing activities
was US$25,290,000 for the six-month period ended June 30, 2006,
compared to US$398,000 for the same period in 2005. For the 2006
period, a private placement financing completed in February 2006
provided net cash proceeds of US$3,184,000, warrant exercises
provided cash of US$21,627,000 and stock option exercises provided
cash of US$355,000. The amounts raised in the 2005 six-month period
were from the exercise of warrants in the amount of US$373,000 and
stock options in the amount of US$25,000, all during the first
quarter. At June 30, 2006, the Corporation's total assets were
US$62.1 million compared to US$38.0 million at December 31, 2005,
representing an increase of US$24.1 million. At June 30, 2006, the
Corporation had working capital of US$23.9 million compared to
US$2.6 million at December 31, 2005, representing an increase of
US$21.3 million. This increase is primarily attributable to an
increase in the Corporation's cash balance due to warrant exercises
resulting from the acceleration of the expiry of warrants issued in
connection with the Corporation's February 2003 and September 2004
private placements. The principal component of working capital at
both June 30, 2006, and December 31, 2005, is cash and cash
equivalents of US$22.9 million and US$2.0 million, respectively.
Other components include marketable securities (June 30, 2006 -
US$644,000; December 31, 2005 - US$468,000), supplies inventory,
prepaids and other (June 30, 2006 - US$595,000; December 31, 2005 -
US$481,000) and other liquid assets (June 30, 2006 - US$156,000;
December 31, 2005 - US$118,000). At June 30, 2006, the Corporation
had no outstanding debt to banks or financial institutions. The
selected financial data including the results of operations for the
three-month and six-month periods ended June 30, 2006 compared to
2005, and the financial positions as at June 30, 2006 compared to
December 31, 2005, is summarized in the following table: Selected
Three Months Six Months Financial Data Ended June 30, Ended June
30, 2006 2005 2006 2005 U.S. $000's, except loss per share Results
of operations Net loss $(926) $ (1,450) $(2,034) $ (2,408) Basic
and diluted loss per share (0.04) (0.08) (0.09) (0.13) Net cash
used in operations (1,105) (1,127) (2,146) (1,819) Net cash used in
investing activities (830) (1,964) (2,279) (2,228) Net cash
provided by financing activities 19,834 -- 25,290 398 Financial
position June 30, December 31, 2006 2005 Current assets $24,287
$3,094 Total assets 62,078 37,999 Current liabilities 342 452 Total
liabilities 4,481 4,596 Shareholders' equity 57,597 33,403 Working
capital 23,945 2,642 On Monday August 14, 2006, at 10:00 A.M.
(MDT), the Corporation will have a webcast to discuss the financial
results for the period ended June 30, 2006, and the other current
business activities of the Corporation. This webcast can be
listened to by visiting the Corporation's website at
http://www.vistagold.com/. 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,
the F.W. Lewis, Inc. properties and the 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 Mt. Todd project in Australia, the
Amayapampa project in Bolivia and the Awak Mas project 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 its latest 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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