Business
Vista Gold Corp. Announces 2015 Results and Provides Update on Guadalupe de los Reyes
DENVER, Feb. 29, 2016 /CNW/ -- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced its audited financial results and highlig
About this update from Vista Gold Corp
[{"type":"text","content":"DENVER, Feb. 29, 2016 /CNW/ -- Vista Gold Corp. (the \"Company,\" \"we\" or \"our\") (NYSE MKT and TSX: VGZ) today announced its audited financial results and highlights for the fiscal year ended December 31, 2015. Management's quarterly conference call to discuss these results is scheduled for 2:30 p.m. MST on March 2, 2016. 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 2015 Financial Results We reported net income of $1.0 million or $0.01 per share for the year ended December 31, 2015. This includes $10.2 million of payments received from the Australian Government under a research and development incentive program for qualifying costs incurred in 2012 and 2013; a $1.6 million mark-to-market loss on our investment in Midas Gold Corp.; $7.5 million of operating expenses, net of a $2.0 million gain on the disposal of the Los Cardones gold project; and $0.1 million of other expenses. Cash operating expenditures were substantially unchanged from 2014. Our working capital as at December 31, 2015 totaled approximately $14.4 million, including cash and short-term investments (comprised of government securities) of approximately $12.9 million. The Company has no debt. Frederick H. Earnest, Vista's President and CEO, commented, \"2015 was a pivotal year in the financial position of the Company. The cash received from the sale of some of our non-core assets, together with the receipt of $10.2 million dollars under the Australian Government's R&D Tax Incentive Program have financed the Company without shareholder dilution, and provided a treasury that we believe will fund the Company into 2018. We plan to continue our core focus on Mt Todd permitting and technical/economic studies. We recently retained a team of experts to review key areas of the project; concentrating on metallurgical recovery, process engineering and plant design, pit slope rock mechanics, mine plans and scheduling, and the gas-fired power plant. We hope that this review will identify opportunities to improve project economics and may move the project closer to development.\" Guadalupe de los Rey...