Business
Vista Gold Corp. Announces 2016 Results
DENVER, Feb. 22, 2017 /CNW/ --Vista Gold Corp. ("Vista," the "Company," "we" or "our") today announced its audited financial results and highlights for the fisc
About this update from Vista Gold Corp
[{"type":"text","content":"DENVER, Feb. 22, 2017 /CNW/ --Vista Gold Corp. (\"Vista,\" the \"Company,\" \"we\" or \"our\") today announced its audited financial results and highlights for the fiscal year ended December 31, 2016. Management's quarterly conference call to discuss these results is scheduled for 9:00 a.m. MST on February 24, 2017. 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 2016 Financial Results We reported a net loss of $3.1 million or $0.04 per share for the year ended December 31, 2016. This includes $7.7 million of operating expenses; a $3.2 million mark-to-market gain on our investment in Midas Gold Corp.; $1.3 million of payments received from the Australian Government under a research and development incentive program for qualifying costs incurred in 2014 and 2015; and $0.1 million of other income. Our working capital at December 31, 2016 totaled approximately $28.4 million, including cash and short-term investments (comprised of government securities) of approximately $23.9 million. The 2016 increase in working capital and cash resulted mainly from our August 2016 public equity financing which provided net cash proceeds of $15.9 million. The Company currently has no debt. Frederick H. Earnest, President and Chief Executive Officer, commented, \"With the equity offering completed in August 2016, we believe we have sufficient working capital to fund our fixed costs for several years in addition to continuing to execute selected optimization programs and completing all of the critical milestones necessary to advance our Mt Todd project to the point of a development decision. In the near-term, we plan to complete feasibility-study level testing of the ore screening and sorting processes and grind size optimization testing which we expect will confirm the potential process improvements we reported in our press release dated November 28, 2016. Following completion of these tests, we anticipate updating our 2013 Preliminary Feasibility Study to reflect improvements in the USD:AUD exchange rate, the results of process flowsheet optimizations and other cost reductions th...