DENVER, Nov. 14 /PRNewswire-FirstCall/ -- Vista Gold Corp. (TSX:
VGZ; Amex) announced today its financial results for the quarter
and nine-months ended September 30, 2006, as filed on November 14,
2006, with the US Securities and Exchange Commission and with the
relevant securities commissions in Canada in the Corporation's
Quarterly Report on Form 10-Q. Vista reported a consolidated net
loss for the three-month period ended September 30, 2006, of US$1.4
million or US$0.05 per share compared to a consolidated net loss of
US$1.0 million or US$0.05 per share for the same period in 2005.
The Corporation's consolidated net loss for the nine-month period
ended September 30, 2006, was US$3.4 million or US$0.14 per share
compared to a consolidated net loss of US$3.4 million or US$0.19
per share for the same period in 2005. The net losses for the
three-month and nine-month periods were minimally different from
those for the prior-year periods, primarily reflecting slight
increases in stock-based compensation expense of US$0.5 million in
the three-month period. Net cash used for operations was
US$1,113,000 for the three-month period ended September 30, 2006,
compared to US$957,000 for the same period in 2005. Cash used in
operations was US$3,259,000 for the nine-month period ended
September 30, 2006, compared to US$2,776,000 for the same period in
2005. The increase of US$156,000 for the three-month period can be
attributed to an increased net loss of US$391,000, an increase in
cash used for accounts receivable of US$102,000 and an increase in
supplies inventory, prepaids and other of US$536,000, partially
offset by an aggregate increase of non-cash items of US$519,000 and
a reduction in accounts payable of US$354,000. The increase of
US$483,000 for the nine-month period can be attributed to an
increased consolidated net loss of US$17,000, an increase in cash
used for accounts receivable of US$455,000 and an increase in
supplies inventory, prepaids and other of US$613,000, partially
offset by an aggregate increase of non-cash items of US$435,000 and
a reduction of accounts payable of US$164,000. For both the three
and nine-month periods, the increase in supplies and prepaids is
mostly due to costs of US$727,995 incurred in connection with the
proposed transaction that will result in the transfer of the
Corporation's Nevada based properties into the recently
incorporated company, Allied Nevada Gold Corp., and the acquisition
by Allied Nevada of the Nevada-leased mineral assets of Carl and
Janet Pescio. Net cash used for investing activities increased to
US$960,000 for the three-month period ended September 30, 2006,
compared to US$533,000 for the same period in 2005. Net cash used
for investing activities increased to US$3,239,000 for the
nine-month period ended September 30, 2006, compared to
US$2,761,000 for the same period in 2005. The respective increases
of US$427,000 and US$478,000 from the three and nine-month periods
are primarily due to increases in capital expenditures for the
Corporation's mineral properties which are primarily the result of
an exploration program that the Corporation is undertaking at the
Maverick Springs project and an option payment that was made in
August for the Guadalupe de los Reyes project. Also during the
three and nine-month periods, plant and equipment expenditures
increased, which was mostly due to an increase in purchases at the
Awak Mas project. Net cash provided by financing activities was
US$1,082,000 in the three-month period ended September 30, 2006
compared to US$7,245,000 for the same period in 2005. For the 2006
period, warrant exercises provided cash of US$763,000 and stock
option exercises provided cash of US$319,000. All proceeds raised
during the 2005 three-month period were from a private placement
financing completed in September 2005 that provided net cash
proceeds of US$7,245,000. Net cash provided by financing activities
was US$26,372,000 for the nine-month period ended September 30,
2006 compared to US$7,643,000 for the same period in 2005. For the
2006 period, a private placement financing completed in February
2006 provided net cash proceeds of US$3,184,000 warrant exercises
provided cash of US$22,390,000 and stock option exercises provided
cash of US$798,000. The amounts raised in the 2005 nine-month
period were from the September 2005 private placement as discussed,
and from exercises of warrants in the amount of US$373,000 and
exercises of stock options in the amount of US$25,000. The
financial position of the Corporation included current assets at
September 30, 2006, of US$24.0 million compared to US$3.1 million
at December 31, 2005, and total assets at September 30, 2006, of
US$62.7 million compared to US$38.0 million at December 31, 2005.
Current liabilities were US$0.6 million at September 30, 2006,
approximately the same as at December 31, 2005 of US$0.5 million.
Total liabilities at September 30, 2006, were US$4.8 million,
compared to US$4.6 million at December 31, 2005. Shareholders'
equity at September 30, 2006, was US$57.9 million compared to
US$33.4 million at December 31, 2005. The Corporation's working
capital as of September 30, 2006 was US$23.4 million compared to
US$2.6 million at December 31, 2005. The selected financial data
including the results of operations for the three-month and
nine-month periods ended September 30, 2006 compared to 2005, and
the financial position as at September 30, 2006 compared to
December 31, 2005 is summarized in the following table: Selected
Financial Data Three Months Ended Nine Months Ended September 30,
September 30, 2006 2005 2006 2005 U.S. $000's, except loss per
share Results of operations Net loss $(1,361) $(970) $(3,395)
$(3,378) Basic and diluted loss per share (0.05) (0.05) (0.14)
(0.19) Net cash used in operations (1,113) (957) (3,259) (2,776)
Net cash used in investing activities (960) (533) (3,239) (2,761)
Net cash provided by financing activities 1,082 7,245 26,372 7,643
Financial position September 30, December 31, 2006 2005 Current
assets $24,017 $3,094 Total assets 62,675 37,999 Current
liabilities 631 452 Total liabilities 4,768 4,596 Shareholders'
equity 57,907 33,403 Working capital 23,386 2,642 Vista Gold Corp.,
based in Littleton, Colorado, evaluates and acquires gold projects
with defined gold resources. Additional exploration and technical
studies are undertaken to maximize the value of the projects for
eventual development. The Company's holdings include the Maverick
Springs, Mountain View, Hasbrouck, Three Hills, Wildcat projects,
the F.W. Lewis, Inc. properties and the Hycroft mine, all in
Nevada, the Long Valley project in California, the Yellow Pine
project in Idaho, the Paredones Amarillos and Guadalupe de los
Reyes projects in Mexico, the Mt. Todd project in Australia, the
Amayapampa project in Bolivia and the Awak Mas project in
Indonesia. The statements that are not historical facts are
forward-looking statements involving known and unknown risks and
uncertainties that could cause actual results to vary materially
from targeted results. Such risks and uncertainties include those
described from time to time in the Corporation's periodic reports,
including its latest annual report on Form 10-K filed and Quarterly
Report in Form 10-Q and other documents with the U.S. Securities
and Exchange Commission and with the relevant securities
commissions in Canada. The Corporation assumes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise. For further
information, please contact Greg Marlier at (720) 981-1185, or
visit the Vista Gold Corp. website at http://www.vistagold.com/
DATASOURCE: Vista Gold Corp. CONTACT: Greg Marlier of Vista Gold
Corp., +1-720-981-1185 Web site: http://www.vistagold.com/
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