DENVER, Nov. 12, 2013 /PRNewswire/ -- Vista Gold
Corp. ("Vista" or the "Company") (NYSE MKT and TSX: VGZ) announced
the closing of the previously announced agreement with its lender,
Sprott Resource Lending Partnership ("Sprott"), to extend the
maturity date of its Cdn$10 million
loan from March 2014 to March 2015. The interest rate remains unchanged
at 8% per annum, payable monthly. Pursuant to the terms of
the original loan agreement, as an extension fee Vista issued
Sprott 486,382 common shares, which shares represent 3.5% of the
loan value.
Frederick H. Earnest, President
and Chief Executive Officer, said, "We are fortunate to have a
lender that has a longer term view and understands the intrinsic
value of our assets. If we receive the final payment for the sale
of the Los Cardones Project expected in January 2014, we will pay the Sprott loan down to
approximately Cdn$4 million.
Management believes this extension provides us with the flexibility
that is critical to executing our strategic plan to preserve value
during these difficult markets and to continue to provide leverage
to gold prices when the markets recover."
About Vista Gold Corp.
Vista is a gold company currently conducting a strategic review
of its portfolio of gold assets, and is focused on advancing its
flagship Mt. Todd gold project in Northern Territory, Australia. Vista's portfolio of assets also
includes a 24.9% holding in Midas Gold Corp., the Guadalupe de los
Reyes gold/silver project in Mexico (a preliminary economic assessment was
completed in March 2013), the Awak
Mas gold project in Indonesia (One
Asia Resources Ltd. working to earn an 80% interest), a royalty on
the Amayapampa gold project in Bolivia (being advanced by LionGold Corp.
Ltd.), 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, paying down the Sprott loan in early 2014 to approximately
Cdn$4 million, execution of our
strategic plan and continuing to provide leverage to gold prices
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:
the receipt of the final payment for the Los Cardones Project,
approved business plans, anticipated and estimated costs and budget
expenditures to continue to optimize and advance the Company's core
assets, the perceived extent and duration of the current weakness
of gold equity securities and other such matters. 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 Vista 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 estimates, estimates
of results based on such resource estimates; risks relating to
completing metallurgical testing; risks relating to cost increases
for capital and operating costs; risks related to the timing
and the ability to obtain approval of the EIS and the necessary
permits for the Mt. Todd gold project, 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; as well as those factors discussed under the headings
"Note Regarding Forward-Looking Statements" and "Risk Factors" in
Vista's Annual Report Form 10-K as filed on March 14, 2013 and other documents filed with the
U.S. Securities and Exchange Commission 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
Company's website at www.vistagold.com.
SOURCE Vista Gold Corp.