Business
Vista Gold Corp. Announces First Quarter 2016 Results
DENVER, May 2, 2016 /CNW/ -- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT: VGZ) (TSX: VGZ) today announced its unaudited financial results for the
About this update from Vista Gold Corp
[{"type":"text","content":"DENVER, May 2, 2016 /CNW/ -- Vista Gold Corp. (the \"Company,\" \"we\" or \"our\") (NYSE MKT: VGZ) (TSX: VGZ) today announced its unaudited financial results for the first quarter ended March 31, 2016. Management's quarterly conference call to discuss these results is scheduled for 2:30 p.m. MDT on May 3, 2016. 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 April 29, 2016 with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities. Summary of First Quarter 2016 Financial Results We reported a net loss of $0.7 million or $0.01 per share for the three months ended March 31, 2016. This includes $2.2 million of operating expenses; a $0.7 million payment received from the Australian Government under a research and development incentive program for costs incurred in the 2014 fiscal year; an unrealized $0.5 million mark-to-market gain on our investment in Midas Gold Corp. (\"Midas\"); and $0.3 million of other income. During the three months ended March 31, 2015, we reported a net loss of $0.9 million or $0.01 per share inclusive of $2.2 million of operating expenses; an unrealized $0.7 million mark-to-market loss on our investment in Midas; and $2.0 million gain on the sale of our Los Cardones gold project in Mexico. Our working capital at March 31, 2016 totaled approximately $14.0 million, including cash and short-term investments (comprised of government securities) of approximately $12.0 million. The Company has no debt. Frederick H. Earnest, President and Chief Executive Officer, commented, \"We continue to believe that our balance sheet will fund our currently planned activities into 2018, and we still have potential future sources of non-dilutive financing including the sale of our used mill equipment and our non-core Guadalupe de los Reyes gold/silver project in Mexico. Our focus remains fixed on our Mt Todd gold project where we are completing additional modelling and testing to support our request for authorization under the Environmental Protection and Biodiversity Conservation Act of 1999 (Australia); and we are analyzing recommendations from a team of technical experts that we engaged earlier this year to rev...