Business
Vista Gold Corp. Announces First Quarter Financial Results and Mt Todd Update
DENVER, May 6, 2019 /CNW/ -- Vista Gold Corp. (TSX & NYSE American: VGZ) ("Vista" or the "Company") today announced its unaudited financial results for the quar
About this update from Vista Gold Corp
[{"type":"text","content":"DENVER, May 6, 2019 /CNW/ -- Vista Gold Corp. (TSX & NYSE American: VGZ) (\"Vista\" or the \"Company\") today announced its unaudited financial results for the quarter ended March 31, 2019. Management's quarterly conference call to discuss these results is scheduled for 2:30 p.m. MDT on May 8, 2019. 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 May 6, 2019 with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities. Summary of Q1 2019 Financial Results Vista reported a net loss of $2.7 million or $0.03 per share for the three-month period ended March 31, 2019. The loss is comprised of $2.1 million of operating expenses and a $0.6 million mark-to-market loss on our investment in Midas Gold Corp., offset by other income of $0.1 million. Working capital at March 31, 2019 totaled approximately $10.7 million, including cash and short-term investments (comprised of government securities) of approximately $6.4 million. The Company currently has no debt. Subsequent to the period end, the Company received the second $1.5 million option payment from Minera Alamos for the Guadalupe de los Reyes gold / silver project in Sinaloa, Mexico. (Please refer to Vista's April 24, 2019 press release). Mt Todd Update During the quarter grinding tests were completed on 470 kilograms of samples with average grades ranging from 0.8 to 1.7 grams gold per tonne (g Au/t), from its Mt Todd gold project. The preliminary grinding test results confirm the results of previous tests, which indicated that the power required to achieve a target grind size of 38-45 microns is less than was estimated in the 2018 preliminary feasibility study. (Please refer to Vista's January 24, 2018 press release.) We have started an update of the Mt Todd technical report and plan to incorporate these test results into an updated preliminary feasibility study scheduled for completion in the coming months. Vista's President and CEO, Mr. Frederick H. Earnest commented, \"With completion of the grinding tests, we are now able to complete leach recovery testing as the last phase of a comprehensive testing program. With the anticipated completion of the...