DENVER, Feb. 29, 2016 /PRNewswire/ -- Vista Gold
Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today
announced its audited financial results and highlights for the
fiscal year ended December 31, 2015.
Management's quarterly conference call to discuss these results is
scheduled for 2:30 p.m. MST on
March 2, 2016. The Company's full
audited financial statements, Management's Discussion and Analysis
together with other important disclosures can be found in the
Company's Annual Report on Form 10-K, filed with the U.S.
Securities and Exchange Commission and the Canadian securities
regulatory authorities.
Summary of 2015 Financial Results
We reported net income of $1.0
million or $0.01 per share for
the year ended December 31, 2015.
This includes $10.2 million of
payments received from the Australian Government under a research
and development incentive program for qualifying costs incurred in
2012 and 2013; a $1.6 million
mark-to-market loss on our investment in Midas Gold Corp.;
$7.5 million of operating expenses,
net of a $2.0 million gain on the
disposal of the Los Cardones gold project; and $0.1 million of other expenses. Cash operating
expenditures were substantially unchanged from 2014.
Our working capital as at December 31,
2015 totaled approximately $14.4
million, including cash and short-term investments
(comprised of government securities) of approximately $12.9 million. The Company has no debt.
Frederick H. Earnest, Vista's
President and CEO, commented, "2015 was a pivotal year in the
financial position of the Company. The cash received from the sale
of some of our non-core assets, together with the receipt of
$10.2 million dollars under the
Australian Government's R&D Tax Incentive Program have financed
the Company without shareholder dilution, and provided a treasury
that we believe will fund the Company into 2018.
We plan to continue our core focus on Mt Todd permitting and
technical/economic studies. We recently retained a team of experts
to review key areas of the project; concentrating on metallurgical
recovery, process engineering and plant design, pit slope rock
mechanics, mine plans and scheduling, and the gas-fired power
plant. We hope that this review will identify opportunities to
improve project economics and may move the project closer to
development."
Guadalupe de los Reyes Update
On February 25, 2016, Vista
received notification from Great Panther Silver Limited ("Great
Panther") that it is terminating its option agreement on Vista's
non-core Guadalupe de los Reyes gold
and silver project (the "Guadalupe project") in Sinaloa, Mexico; and that the $1.5 million option payment due in February 2016 would not be made. Pursuant
to the terms of the option agreement, Vista and Great Panther are
now working together to transition 100% of the Guadalupe project
back to Vista's control.
Frederick H. Earnest, added, "The
Guadalupe project is a non-core project for Vista. The work
that Great Panther and its subsidiary (Coboro Minerales de
Mexico, S.A. de C.V) completed
over the last two years has confirmed previous work and provided
additional information about the low-sulfidation epithermal veins
systems in the district. We continue to believe that the Guadalupe
project has good prospects for future development based on the
identified and prospective mineral resources. At the appropriate
time we intend to seek a new partner who can advance the project to
a development decision."
To review the Company's Annual Report on Form 10-K for the year
ended December 31, 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 fiscal year ended December
31, 2015 and to discuss corporate and project activities is
scheduled for Wednesday, March 2,
2016 at 2:30 p.m. MST.
Toll-free in North America:
1-888-455-2296
International: 719-325-2323
This call will also be web-cast and can be accessed at the
following web location:
http://event.on24.com/r.htm?e=1145423&s=1&k=66EBAA8D858DD45E6AA2CBEC0028F700
This call will be archived and available at www.vistagold.com
after March 2, 2016. Audio
replay will be available for 21 days by calling toll-free in North
America: 1-866-245-6755, passcode 890013.
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.
The Company 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 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, the Company being funded into 2018; our plan to continue our
focus on Mt Todd; our belief that the recommendations may lead to
improved project economics and may move the project closer to
development; our plan to seek a partner who can advance the
Guadalupe project; our belief that the Guadalupe project has good
prospects for future development based on the identified and
prospective mineral resources; our believe that the return of the
Guadalupe project will have no impact on Mt Todd 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, and pre-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 February 26, 2016 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.