DENVER, May 6, 2019 /PRNewswire/ -- Vista Gold Corp.
(TSX & NYSE American: VGZ) ("Vista" or the "Company") today
announced its unaudited financial results for the quarter ended
March 31, 2019. Management's
quarterly conference call to discuss these results is scheduled for
2:30 p.m. MDT on May 8, 2019. 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 on May
6, 2019 with the U.S. Securities and Exchange Commission and
the Canadian securities regulatory authorities.
Summary of Q1 2019 Financial Results
Vista reported a net loss of $2.7
million or $0.03 per share for
the three-month period ended March 31,
2019. The loss is comprised of $2.1
million of operating expenses and a $0.6 million mark-to-market loss on our
investment in Midas Gold Corp., offset by other income of
$0.1 million.
Working capital at March 31, 2019
totaled approximately $10.7 million,
including cash and short-term investments (comprised of government
securities) of approximately $6.4
million. The Company currently has no debt.
Subsequent to the period end, the Company received the
second $1.5 million option payment from Minera Alamos for the Guadalupe de los Reyes
gold / silver project in Sinaloa,
Mexico. (Please refer to Vista's April 24, 2019 press release).
Mt Todd Update
During the quarter grinding tests were completed on 470
kilograms of samples with average grades ranging from 0.8 to 1.7
grams gold per tonne (g Au/t), from its Mt Todd gold project. The
preliminary grinding test results confirm the results of previous
tests, which indicated that the power required to achieve a target
grind size of 38-45 microns is less than was estimated in the 2018
preliminary feasibility study. (Please refer to Vista's
January 24, 2018 press
release.) We have started an update of the Mt Todd technical
report and plan to incorporate these test results into an updated
preliminary feasibility study scheduled for completion in the
coming months.
Vista's President and CEO, Mr. Frederick
H. Earnest commented, "With completion of the grinding
tests, we are now able to complete leach recovery testing as the
last phase of a comprehensive testing program. With the
anticipated completion of the leach recovery tests in the next
month, we expect to generate grind-size leach recovery curves
covering a wide range of potential ore feed grades. The
relationship between the grind-size and gold recovery on Mt Todd
samples is well established, and we expect the leach recovery tests
to confirm the results of the test work announced in August
2018. (Please refer to Vista's August
2, 2018 press release.)
We are also pleased with the receipt of the Guadalupe de los
Reyes option payment as it provides the Company with non-dilutive
financing, consistent with our corporate strategy."
Management Conference Call
A conference call with management to review our financial
results for the first quarter ended March
31, 2019 and to discuss corporate and project activities is
scheduled for May 8, 2019 at
2:30 p.m. MDT.
Participant Toll Free: 844-898-8648
Participant International: 647-689-4225
Conference ID: 2857058
This call will be archived and available at www.vistagold.com
after May 8, 2019. Audio replay
will be available for 21 days by calling toll-free in North America: 855-859-2056, passcode
2857058.
If you are unable to access the audio or phone-in on the day of
the conference call, please email your questions to
ir@vistagold.com.
All dollar amounts in this press release are in U.S.
dollars.
Technical Report on Mt Todd
For further information on the Mt Todd Gold Project, see the
Technical Report entitled "NI 43-101 Technical Report Mt Todd Gold
Project 50,000 tpd Preliminary Feasibility Study Northern
Territory, Australia", dated
March 2, 2018 with an effective date
of January 24, 2018, which is
available on SEDAR as well as on Vista's website under the
Technical Reports section.
John Rozelle, Vista' s Sr. Vice
President, a Qualified Person as defined by National Instrument
43-101 – Standards of Disclosure for Mineral Projects, has
approved the information in this press release.
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 the largest undeveloped gold
project in Australia.
For further information, please contact Pamela Solly, Vice President of Investor
Relations, 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 an update of the Mt Todd technical report incorporating
new test results into a new report will be completed prior to the
end of the second quarter 2019, completion of leach recovery
testing as the last phase of a comprehensive testing program in the
next month, the leach recovery tests to confirm the results of the
testing work announced in August
2018; and our belief that Mt Todd is the largest undeveloped
gold project in Australia 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: no change to
laws or regulations impacting mine development or mining
activities, our approved business plans, mineral resource
and reserve estimates and results of preliminary economic
assessments, preliminary feasibility studies and feasibility
studies on our projects, if any, our experience with regulators,
our experience and knowledge of the Australian mining industry and
positive changes to current economic conditions 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;
uncertainty as to the results of bulk metallurgical test work; and
uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2019 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.