DENVER, Nov. 12, 2013 /CNW/
- 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.