DENVER, Nov. 9, 2010 /CNW/ -- Vista Gold Corp. (TSX & NYSE
Amex: VGZ) ("Vista" or the "Corporation") announced today its
financial results for the quarter and nine months ended September
30, 2010, as filed on November 9, 2010, with the United States
Securities and Exchange Commission (the "SEC") and the relevant
securities regulatory authorities in Canada in the Corporation's
Quarterly Report on Form 10-Q, and announces a management quarterly
conference call scheduled for Friday, November 12, 2010, at 9:00
A.M. MST. Recent Highlights -- Closes private placement financing
(shareholder and regulatory approval pending) of U.S.$33 million to
be used to re-purchase notes of U.S.$23 million, for the
advancement of our Mt. Todd gold project and for general corporate
purposes; -- Announces results of Pre-feasibility study and
estimate of mineral reserves on our Mt. Todd gold project; and --
Changes name of our Paredones Amarillos gold project in Mexico to
Concordia gold project. Results from Operations All dollar amounts
in the following press release are in thousands of United States
dollars, except share data. Our consolidated net loss for the
three-month period ended September 30, 2010, was $1,344 or $0.03
per share compared to $1,717 or $0.05 per share for the same period
in 2009. Our consolidated net loss for the nine-month period ended
September 30, 2010, was $7,195 or $0.16 per share compared to
consolidated net earnings of $293 or $0.01 per share for the same
period in 2009. For the nine-month period ended September 30, 2010,
the increase in the consolidated net losses of $7,488 from the
respective prior period is primarily due to decreases in the gain
on disposal of Allied Nevada Gold Corp. marketable securities of
$6,564. On March 4, 2011, the $23,000 principal balance of our
senior secured convertible notes (the "Notes") will come due.
Presently, we do not have sufficient capital to meet this
obligation. On October 22, 2010, we announced the closing of a
private placement financing of special warrants (the "Private
Placement"). The Corporation issued 14,666,739 special warrants for
gross proceeds of $33,734. As previously announced, these proceeds
are being held in escrow until the Corporation receives shareholder
and regulatory approval of the Private Placement. In the event
these approvals are not obtained by December 15, 2010, the proceeds
of the Private Placement will be returned to the purchasers under
the Private Placement. (See our press release dated October 22,
2010). The following table summarizes selected financial data for
the company. To review Vista's Quarterly Report on Form 10-Q for
the fiscal quarter ending September 30, 2010, including our
Management Discussion & Analysis, visit either www.sedar.com,
www.sec.gov or www.vistagold.com. DENVER, Nov. 9, 2010 /CNW/ --
Three Months Nine Months Selected Ended Ended Financial September
September Data 30, 30, 2010 2009 2010 2009 U.S. $000's, except loss
per share Results of operations Net earnings/ (loss) $(1,344)
$(1,717) $(7,195) $293 Basic and diluted earnings/ (loss) per share
(0.03) (0.05) (0.16) 0.01 Net cash used in operations (931) (964)
(5,195) (5,189) Net cash provided/ (used in) investing activities
(2,815) (1,454) (7,991) 5,805 Net cash provided/ (used in)by
financing activities 8 19,841 (2,234) 19,841 Financial September
December position 30, 31, 2010 2009 Current assets $15,158 $30,317
Total assets 89,177 92,573 Current liabilities 23,790 926 Total
liabilities 24,018 26,093 Shareholders' equity 65,159 66,480
Working capital (8,632) 29,391 Management Conference Call A
conference call with management to review our financial results for
the quarter ended September 30, 2010 and to discuss corporate and
project activities is scheduled on Friday, November 12, 2010, at
9:00 a.m. MST. Toll-free in North America: 1-866-443-4188
International: 1-416-849-6196 This call will also be web-cast and
can be accessed at the following web location:
http://www.snwebcastcenter.com/event/?event_id=1335 This call will
be archived and available at www.vistagold.com after November 12,
2010. Audio replay will be available for three weeks by calling in
North America: 1-866-245-6755, passcode 437814. If you are unable
to access the audio or phone-in on the day of the conference call,
please feel free to 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.
About Vista Gold Corp. Vista is focused on the development of the
Concordia gold project in Baja California Sur, Mexico, and the Mt.
Todd gold project in Northern Territory, Australia, to achieve its
goal of becoming a gold producer. Vista's other holdings include
the Guadalupe de los Reyes gold project in Mexico, the Yellow Pine
gold project in Idaho, the Awak Mas gold project in Indonesia, and
the Long Valley gold project in California. For more information
about our projects, including technical studies and resource
estimates, please visit our website at www.vistagold.com.
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 Vista expects or
anticipates will or may occur in the future, including such things
as, the repayment of the Notes, receipt of shareholder and
regulatory approval of the Private Placement, the release to Vista
and use of proceeds of the Private Placement, and other such
matters are forward-looking statements and forward-looking
information. When used in this press release, the words
"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 Vista to be materially different
from any future results, performance or achievements expressed or
implied by such statements. Such factors include, among others,
uncertainty regarding shareholder and regulatory approvals,
uncertainty of resource and reserve estimates, estimates of results
based on such resource and reserve estimates, risks relating to
cost increases for capital and operating costs, risks related to
the ability to obtain the necessary permits, 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 Vista's
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, risks related to repayment of debt, risks related to
increased leverage and uncertainty of being able to raise capital
on favorable terms or at all; as well as those factors discussed
under the headings "Uncertainty of Forward-Looking Statements" and
"Risk Factors" in Vista's latest Annual Report on Form 10-K as
filed on March 16, 2010, and other documents filed with the SEC and
Canadian securities regulatory authorities. Although Vista has
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, Vista assumes no
obligation to publicly update any forward-looking statements or
forward-looking information, whether as a result of new
information, future events or otherwise. For further information,
please contact Connie Martinez at (720) 981-1185, or visit the
Vista Gold Corp. website at www.vistagold.com. Connie Martinez of
Vista Gold Corp., +1-720-981-1185 Web Site:
http://www.vistagold.com
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