DENVER, Aug. 9 /PRNewswire-FirstCall/ -- Vista Gold Corp. (Amex:
VGZ; TSX) announced today its financial results for the quarter and
six months ended June 30, 2007, as filed on August 9, 2007, with
the US Securities and Exchange Commission and 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 June 30, 2007, of US$3.2 million or
US$0.10 per share compared to a consolidated net loss of US$0.9
million or US$0.04 per share for the same period in 2006. The
Corporation's consolidated net loss for the six-month period ended
June 30, 2007, was US$4.0 million or US$0.13 per share compared to
a consolidated net loss of US$2.0 million or US$0.09 per share for
the same period in 2006. The increased losses for the three-month
and six-month periods compared to the respective prior-year periods
of US$2.3 million and US$2.0 million, are primarily the result of
one-time costs of US$2.4 million related to the completion, on May
10, 2007, of the previously announced Arrangement involving the
Corporation, Allied Nevada Gold Corp. and Carl and Janet Pescio.
The transaction resulted in the acquisition by Allied Nevada of the
Corporation's Nevada properties and the Nevada mineral assets of
Carl and Janet Pescio. Upon completion of the Arrangement on May
10, 2007, the Corporation transferred its Nevada properties, and
US$25.0 million in cash net of US$0.6 million in loan repayments,
Allied Nevada in return for 26,933,055 shares of Allied Nevada
common stock. Also, pursuant to the Arrangement, the Corporation's
shareholders exchanged each of their Vista Gold Corp. common shares
and received, subject to applicable withholding taxes: (a) one new
share of Vista Gold Corp., (b) 0.794 of a share of Allied Nevada
common stock, and (c) any payment they are entitled to receive in
lieu of a fractional share of Allied Nevada. Of the 26,933,055
Allied Nevada shares issued to the Corporation, 25,403,207 shares
were distributed to the Corporation's shareholders, less any
applicable withholding taxes, and the Corporation retained
1,529,848 shares to facilitate the payment of any taxes payable by
it in respect to the Arrangement. Holders of Vista Gold Corp.
options exchanged their options for options to acquire Allied
Nevada shares and options to acquire newly created Vista Gold Corp.
shares, and holders of the Corporation's warrants had their
warrants adjusted in accordance with the terms of the warrants. At
June 30, 2007, the Corporation's total assets were US$53.9 million
compared to US$92.7 million at December 31, 2006, representing a
decrease of US$38.8 million. The decrease of US$38.8 million was
primarily due to US$43.1 million of assets transferred from the
Corporation to Allied Nevada upon completion of the Arrangement.
The US$43.1 million included cash of US$24.4 million (being the
above US$25 million net of the US$0.6 million loan repayment) and
other assets of US$18.7 million, offset by an increase in
marketable securities of US$7.0 million which primarily reflects
the fair market value of the 1,529,848 shares of Allied Nevada
retained by the Corporation to facilitate payment of any taxes
payable in respect to the Arrangement. At June 30, 2007, the
Corporation had working capital of US$27.5 million compared to
US$49.7 million at December 31, 2006, representing a decrease of
US$22.2 million. The principal component of working capital at both
June 30, 2007, and December 31, 2006, is cash and cash equivalents
of US$19.0 million and US$48.7 million, respectively. At June 30,
2007, we had no outstanding debt to banks or financial
institutions. Net cash used in operations was US$1,768,000 for the
three-month period ended June 30, 2007, compared to US$1,105,000
for the same period in 2006. Cash used in operations was
US$2,966,000 for the six-month period ended June 30, 2007, compared
to US$2,146,000 for the same period in 2006. Net cash used for
investing activities increased to US$26.3 million for the
three-month period ended June 30, 2007, compared to US$0.8 million
for the same period in 2006. The increase of US$25.5 million mostly
reflects the net US$24.4 million cash transferred to Allied Nevada
Gold Corp in connection with the closing of the Arrangement. Net
cash used for investing activities increased to US$28.3 million for
the six-month period ended June 30, 2007, from US$2.3 million for
the same period in 2006. The increase of US$26.0 million is mostly
the result of the completion of the Arrangement as noted above. Net
cash provided by financing activities decreased to US$250,000 for
the three-month period ended June 30, 2007, from US$19.8 million
for the same period in 2006. Net cash provided by financing
activities decreased to US$1.5 million for the six-month period
ended June 30, 2007, from US$25.3 million for the same period in
2006. Warrants exercised during the three-month period ended June
30, 2007 produced cash proceeds of US$250,000 as compared to
US$19.7 million for the same period in 2006. Warrants exercised
during the six-month period ended June 30, 2007 produced cash
proceeds of US$1.5 million as compared to US$24.8 million for the
same period in 2006. For the both three and six-month periods, the
decreases relate to the acceleration of the February 2003 warrants
and the September 2004 warrants in May 2006. There were no
accelerations of warrants during 2007. The selected financial data
including the results of operations for the three-month and
six-month periods ended June 30, 2007 compared to 2006, and the
financial positions as at June 30, 2007 compared to December 31,
2006, is summarized in the following table: Selected Financial Data
Three Months Ended Six Months Ended June 30, June 30, 2007 2006
2007 2006 U.S. $000's, except loss per share Results of operations
Net loss $(3,228) $(926) $(4,004) $(2,034) Basic and diluted loss
per share (0.10) (0.04) (0.13) (0.09) Net cash used in operations
(1,768) (1,105) (2,966) (2,146) Net cash used in investing
activities (26,290) (830) (28,287) (2,279) Net cash provided by
financing activities 250 19,834 1,512 25,290 Financial position
June 30, December 31, 2007 2006 Current assets $27,904 $50,430
Total assets 53,908 92,731 Current liabilities 415 732 Total
liabilities 440 5,604 Shareholders' equity 53,468 87,127 Working
capital 27,489 49,698 About Vista Gold Corp. Since 2001, Vista has
acquired a number of discovered gold projects with the expectation
that higher gold prices would significantly increase their value.
As gold prices have risen, Vista has completed various preliminary
evaluations that have demonstrated that some of the projects would
be potentially viable operations at today's gold prices. Currently,
Vista is undertaking technical programs to bring the most advanced
projects to the point where decisions can be made to put these
projects into production, either by Vista, or through sale or joint
venture to other mining companies. Vista's holdings include the
Paredones Amarillos and Guadalupe de los Reyes Projects in Mexico,
Mt. Todd Project in Australia, Yellow Pine Project in Idaho, Awak
Mas Project in Indonesia, Long Valley Project in California, and
the Amayapampa Project in Bolivia. This press release contains
forward-looking statements within the meaning of the U.S.
Securities Act of 1933 and U.S. Securities Exchange Act of 1934.
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 future business strategy,
competitive strengths, goals, operations, plans, potential project
development, future share price and valuation, future gold prices,
Vista's potential status as a producer, and other such matters are
forward-looking statements. When used in this press release, the
words "estimate", "plan", "anticipate", "expect", "intend",
"believe" and similar expressions are intended to identify
forward-looking statements. 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 forward-looking
statements. Such factors include, among others, risks that Vista's
acquisition, exploration and property advancement efforts will not
be successful; risks relating to fluctuations in the price of gold;
the inherently hazardous nature of mining- related activities;
uncertainties concerning reserve and resource estimates; 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; and uncertainty of being able to
raise capital on favorable terms or at all; as well as those
factors discussed in Vista's latest Annual Report on Form 10-K and
Quarterly Report on Form 10-Q and other documents filed with the
U.S. Securities and Exchange Commission. Although Vista has
attempted to identify important factors that could cause actual
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Vista 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 Connie Martinez at (720) 981-1185, or
visit the Vista Gold Corp. website at http://www.vistagold.com/
DATASOURCE: Vista Gold Corp. CONTACT: Connie Martinez of Vista Gold
Corp., +1-720-981-1185 Web site: http://www.vistagold.com/
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