09:51:21 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Vista Gold Corp (2)
Symbol VGZ
Shares Issued 82,390,217
Close 2015-05-08 C$ 0.445
Market Cap C$ 36,663,647
Recent Sedar Documents

Vista Gold loses $900,000 (U.S.) in fiscal Q1 2015

2015-05-11 07:11 ET - News Release

Mr. Frederick Earnest reports

VISTA GOLD CORP. ANNOUNCES FIRST QUARTER 2015 RESULTS AND PROVIDES UPDATE ON RECENT ACTIVITIES

Vista Gold Corp. has released its unaudited financial results and highlights for the first quarter ended March 31, 2015 (all amounts are in U.S. dollars). Management's quarterly conference call to discuss these results is scheduled for 2:30 p.m. MT on May 12, 2015. 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 with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.

Summary of first quarter 2015 financial results

The company reported a net loss of $900,000, or one cent per share, for the three months ended March 31, 2015. This includes an unrealized $400,000 mark-to-market loss on the company's investment in Midas Gold Corp. and a realized loss of $300,000 on the sale of eight million shares in the capital of Midas. The company also realized a gain of approximately $2.0-million on the completion of the sale of the Los Cardones gold project. During the three months ended March 31, 2014, the company reported a net loss of $1.1-million, or one cent per share, inclusive of an unrealized $2.1-million mark-to-market gain on the company's investment in Midas.

During the period, expenditures for exploration and property holding costs, principally at the Mt. Todd gold project, were down approximately 31 per cent from the same period in 2014. A significant portion of this reduction results from a weaker Australian dollar in 2015. In addition, the government of the Northern Territory shared the cost of treating and discharging water from the Batman pit during the period; there was no similar program in 2014. At the corporate level, costs were down approximately 18 per cent in 2015 from 2014 levels. The 2014 costs included severance costs which resulted from the 2013 retrenchment; there were no similar programs in 2015.

The company's working capital at March 31, 2015, totalled approximately $10.8-million, including cash of approximately $8.7-million. The company has no debt.

Frederick H. Earnest, president and chief executive officer, commented: "With the funding obtained from non-dilutive sources in the first quarter of the year, we now have a much stronger balance sheet and are better able to sustain our planned activities. At Mt. Todd, the wet season has ended and the site received 25 per cent less rain than normal. As a result, pond levels are much lower than normal. With the pumping and automated control system installed in the Batman pit, we were able to discharge 1.4 million cubic metres of treated water from the pit. We wish to acknowledge the important role that the government of the Northern Territory has played in this effort, and we are pleased with the positive working relationship we enjoy with them. We have begun the field investigation work necessary to prepare the request for the authorization required under the Environmental Protection and Biodiversity Conservation Act 1999 (EPBC Act) from the federal government (as it relates to the Gouldian finch). We anticipate that this authorization will be granted by the fourth quarter of this year. In the meanwhile, we continue to work on the general sections of the mine operating permit (known as the mine management plan, or MMP). We are focused on opportunities to advance the Mt. Todd gold project beyond those improvements already caused by favourable changes in the U.S.-dollar/Australian-dollar exchange rate. We continue to work to have the Mt. Todd gold project ready for development as economic conditions permit."

To review the company's quarterly report on Form 10-Q for the three months ended March 31, 2015, including the related management's discussion and analysis, visit SEDAR, EDGAR or the company's website.

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