DENVER, March 6, 2018 /PRNewswire/ -- Vista Gold Corp.
(TSX & NYSE American: VGZ) ("Vista" or the "Company") today
announced its audited financial results and highlights for the
fiscal year ended December 31, 2017.
Management's quarterly conference call to discuss these results is
scheduled for 10:30 a.m. MST on
March 9, 2018. 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 2017 Financial Results
We reported a net loss of $12.0
million or $0.12 per share for
the year ended December 31, 2017.
This includes $10.8 million of
operating and other expenses, and a $1.2
million mark-to-market loss on our investment in Midas Gold
Corp.
Our working capital at December 31,
2017 totaled approximately $19.0
million, including cash and short-term investments
(comprised of government securities) of approximately $16.6 million. The Company currently has no
debt.
Frederick H. Earnest, President
and Chief Executive Officer, commented, "2017 was a productive year
for Vista. Ongoing environmental permitting work and
extensive testing to improve the process flowsheet culminated in
two important milestones for the Mt Todd gold project early this
year. On January
22nd we were notified that our request for
authorization of a controlled activity, as required under the
Commonwealth Environmental Protection and Biodiversity Conservation
Act, had been approved. This means that Vista now has all the
major environmental approvals necessary for the development of the
Mt Todd gold project. On January
24th we announced the results of an updated Mt
Todd preliminary feasibility study (PFS) which demonstrates a
large-scale, economically robust gold project at the current gold
price. Given its location, advanced permitting status, low-cost
profile, and cash-generating capacity, we believe Mt Todd is an
attractive undeveloped gold project."
Management Conference Call
A conference call with management to review our financial
results for the fiscal year ended December
31, 2017 and to discuss corporate and project activities is
scheduled for Friday, March 9, 2018
at 10:30 a.m. MST.
Participant Toll Free: 833-297-9917
International: 647-689-4524
Conference ID: 8795093
This call will also be web-cast and can be accessed at the
following web location:
http://event.on24.com/r.htm?e=1623291&s=1&k=6A857F127BC64BF4803EE0942D4DC217
This call will be archived and available at www.vistagold.com
after March 9, 2018. Audio
replay will be available for 21 days by calling toll-free in
North America: 855-859-2056,
passcode 8795093.
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 prior to or during the conference call.
All dollar amounts in this press release are in U.S.
dollars.
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 known
undeveloped gold project in Australia.
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 that Vista now has all the major environmental
approvals necessary for the development of the Mt Todd gold
project; our belief that the Mt Todd gold project is a large-scale,
economically robust gold project at the current gold price and that
it is an attractive undeveloped gold project, our belief in the
accuracy of the PFS and that its results will prove true 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,
prefeasibility studies and feasibility studies on our projects, if
any, our experience with regulators, 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 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.