DENVER, Feb. 22, 2017 /PRNewswire/ --Vista Gold Corp.
("Vista," the "Company," "we" or "our") today announced its audited
financial results and highlights for the fiscal year ended
December 31, 2016. Management's
quarterly conference call to discuss these results is scheduled for
9:00 a.m. MST on February 24, 2017. 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 2016 Financial Results
We reported a net loss of $3.1
million or $0.04 per share for
the year ended December 31, 2016.
This includes $7.7 million of
operating expenses; a $3.2 million
mark-to-market gain on our investment in Midas Gold Corp.;
$1.3 million of payments received
from the Australian Government under a research and development
incentive program for qualifying costs incurred in 2014 and 2015;
and $0.1 million of other income.
Our working capital at December 31,
2016 totaled approximately $28.4
million, including cash and short-term investments
(comprised of government securities) of approximately $23.9 million. The 2016 increase in working
capital and cash resulted mainly from our August 2016 public equity financing which
provided net cash proceeds of $15.9
million. The Company currently has no debt.
Frederick H. Earnest, President
and Chief Executive Officer, commented, "With the equity offering
completed in August 2016, we believe
we have sufficient working capital to fund our fixed costs for
several years in addition to continuing to execute selected
optimization programs and completing all of the critical milestones
necessary to advance our Mt Todd project to the point of a
development decision. In the near-term, we plan to complete
feasibility-study level testing of the ore screening and sorting
processes and grind size optimization testing which we expect will
confirm the potential process improvements we reported in our press
release dated November 28,
2016. Following completion of these tests, we anticipate
updating our 2013 Preliminary Feasibility Study to reflect
improvements in the USD:AUD exchange rate, the results of process
flowsheet optimizations and other cost reductions that are expected
to have an impact on the Mt Todd project economics. We continue to
focus on obtaining the authorizations for the Mt Todd project and
have begun drafting the mine management plan ("MMP"), which is one
of the final remaining major permits for Mt Todd."
To review the Company's Annual Report on Form 10-K for the year
ended December 31, 2016, including
the related Management's Discussion and Analysis, visit any of the
following websites: www.sedar.com, www.sec.gov or
www.vistagold.com.
All dollar amounts in the press release are U.S. dollars.
Management Conference Call
A conference call with management to review our financial
results for the fiscal year ended December
31, 2016 and to discuss corporate and project activities is
scheduled for Friday, February 24,
2017 at 9:00 a.m. MST.
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=1374526&s=1&k=1224AF51400B08D9C5CB5B5CF1D56762
This call will be archived and available at www.vistagold.com
after February 24, 2017. Audio
replay will be available for 21 days by calling toll-free in
North America: 1-888-203-1112,
passcode 7768751.
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 during the conference call.
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. Mt Todd is one of the largest
undeveloped gold projects in Australia. 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 we have sufficient working capital to fund our fixed costs
for several years in addition to continuing to execute selected
optimization programs and completing all of the critical milestones
necessary to advance Mt Todd to the point of a development
decision; our plan to complete feasibility-study level testing of
the ore screening and sorting processes and grind size optimization
testing which we expect will confirm the positive results we
reported in our press release November 28,
2016; our plan to update our 2013 Preliminary Feasibility
Study to reflect improvements in the USD:AUD exchange rate, the
results of process flowsheet optimizations and other cost
reductions that are expected to have an impact on the Mt Todd
project economics; and our belief that the mine management plan is
one of the final remaining major permits for 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, results of optimization studies and
results of preliminary economic assessments, technical studies,
pre-feasibility studies and feasibility studies on our projects, if
any, our experience with regulators, and positive changes to
current economic conditions, foreign exchange rates and the price
of gold. 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 22, 2017 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.