DENVER, Aug. 3, 2015 /CNW/ -- Vista Gold Corp. (the
"Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced
its unaudited financial results and highlights for the second
quarter ended June 30, 2015.
Management's quarterly conference call to discuss these results is
scheduled for 2:30 p.m. MDT on
August 4, 2015. The Company's
unaudited financial statements, Management's Discussion and
Analysis together with other important disclosures can be found in
the Company's Quarterly Report on Form 10-Q, filed with the U.S.
Securities and Exchange Commission and the Canadian securities
regulatory authorities.
Summary of Second Quarter 2015 Financial Results
We reported net income of $3.6
million or $0.04 per share for
the three months ended June 30,
2015. This includes a $5.9
million payment received from the Australian Government
under a research and development incentive program ("R&D Tax
Incentive") for costs incurred in the 2012 fiscal year; and an
unrealized $0.3 million
mark-to-market loss on our investment in Midas Gold Corp.
("Midas"). During the three months ended June 30, 2014, we reported a net loss of
$2.9 million, or $0.04 per share inclusive of an unrealized
$0.6 million mark-to-market loss on
our investment in Midas. During the period, total operating
expenses of $2.0 million were 15%
lower than total operating expenses for the same period in
2014.
Our working capital at June 30,
2015 totaled approximately $14.9
million, including cash and short-term investments
(comprised of U.S. Treasury Bills) of approximately $12.6 million. The Company has no debt.
As disclosed in our July 27, 2015
press release, subsequent to the period end, we received an
additional approximately $4.3 million
R&D Tax Incentive refund, net of costs. This refund is related
to qualifying costs we incurred in the 2013 fiscal year. After
giving effect to this refund, our June 30,
2015 pro forma cash and short-term investments would
increase to $16.9 million.
Frederick H. Earnest, President
and Chief Executive Officer, commented, "We were pleased with the
addition of approximately $10.2
million of cash to our treasury from the R&D Tax
Incentive Program. Based on our current plan of operations, we
believe that we are now funded into 2018; and we still have
opportunities to access additional financing from non-dilutive
sources such as the sale of our used mill equipment and
monetization of other non-core assets. We believe we have addressed
our liquidity needs and positioned the Company to continue to
evaluate and execute programs that could better position the Mt
Todd gold project for fast-track development when economic
conditions permit. With our improved treasury position and strong
management team we believe we are in a position to judiciously
evaluate and pursue other near-term value creating
opportunities."
To review the Company's Quarterly Report on Form 10-Q for the
three months ended June 30, 2015,
including the related Management's Discussion and Analysis, visit
any of the following websites: www.sedar.com, www.sec.gov or
www.vistagold.com.
Management Conference Call
A conference call with management to review our financial
results for the three months ended June 30,
2015 and to discuss corporate and project activities is
scheduled for Tuesday, August 4, 2015
at 2:30 p.m. MDT.
Toll-free in North America:
1-866-233-5249
International: 416-642-3300
This call will also be web-cast and can be accessed at the
following web location:
http://event.on24.com/r.htm?e=1031014&s=1&k=C49292DF4D15D44C690CD34AED4933CB
This call will be archived and available at www.vistagold.com
after August 4, 2015. Audio
replay will be available for 21 days by calling toll-free in North
America: 1-866-245-6755, passcode 582544.
If you are unable to access the audio or phone-in on the day of
the conference call, please 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.
All dollar amounts in the press release are U.S. dollars.
About Vista Gold Corp.
Vista is a well-funded gold project developer. Our principal
asset is our flagship Mt Todd gold project in Northern Territory,
Australia. We also hold
approximately 4.9% of the outstanding common shares of Midas,
non-core projects in Mexico and
the United States and royalty
interests in projects in Bolivia
and Indonesia. For more
information about our projects, including technical studies and
resource estimates, please visit our website
at www.vistagold.com.
For further information, please contact Connie Martinez at (720) 981-1185.
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 we expect or anticipate
will or may occur in the future, including such things as our
belief that we are funded into 2018, our ability to access
additional non-dilutive financing, our ability to evaluate and
execute programs that could better position the Mt Todd gold
project for fast-track development, the timeline for improved
economic conditions for the development of the Mt Todd gold project
and our position to judiciously evaluate and pursue other near-term
value creating opportunities are forward-looking statements and
forward-looking information; 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: our approved
business plans, exploration and assay results, mineral resource and
reserve estimates and results of preliminary economic assessments,
pre-feasibility studies and feasibility studies on our projects, if
any. 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 the Company 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 and reserve
estimates, uncertainty as to the Company's future operating costs
and ability to raise capital; risks relating to cost increases for
capital and operating costs; 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 our 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 the Company's
latest Annual Report on Form 10-K as filed on March 3, 2015 and other documents filed with the
U.S. Securities and Exchange Commission and Canadian securities
regulatory authorities. Although we have 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, we assume no obligation
to publicly update any forward-looking statements or
forward-looking information; whether as a result of new
information, future events or otherwise.
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SOURCE Vista Gold Corp.