Vista Gold Corp. Announces Second Quarter 2013 Results, Cost Reductions, And Provides Update On Recent Activities

About this update from Vista Gold Corp

[{"type":"text","content":"\n\n\n\nDENVER, Aug. 2, 2013 /CNW/ - Vista Gold Corp. (TSX & NYSE MKT: VGZ) (\"Vista\" or the \"Company\") today announced its unaudited financial results and highlights for the second quarter ended June 30, 2013. Management's quarterly conference call to discuss these results is scheduled for 2:30pm MDT on August 6, 2013. The Company's full financial results, Management's Discussion and Analysis together with other important disclosures can be found in the Company's Quarterly Report on Form 10-Q, filed with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.\nSecond Quarter 2013 Highlights:\nPublished a Preliminary Feasibility Study (\"PFS\") on the Mt. Todd gold project including a 44% increase in Proven and Probable Reserves to 5.9 million ounces gold; \nAwarded Major Project Status by the Northern Territory Government for the Mt. Todd gold project, signifying the Territory's support for the timely and responsible development of the project; \nSubmitted the Mt. Todd gold project's Environmental Impact Statement (\"EIS\") to the Northern Territory Environmental Protection Agency; and \nImplemented significant cost reduction measures including the deferral or elimination of various discretionary programs, the elimination of two executive positions, and executive/senior management and board cash compensation reductions of up to 50%. \nFrederick H. Earnest, President and Chief Executive Officer, commented, \"In the second quarter we have achieved several important milestones. We announced the results of the Mt. Todd PFS, most of which was completed based on feasibility-level engineering, significantly reducing the amount of time and expense to complete a final feasibility study. We completed the treatment of water in the Batman Pit with better-than-expected results and are now in a position to discharge clean water during the next wet season. We submitted the EIS and continue to expect its approval (including certain Federal government approvals) around year-end. With the completion of these cash-intensive activities we expect to significantly lower cash burn rates as we move forward, and importantly, we have positioned the Mt. Todd gold project to move forward quickly once the markets improve.\"\nMr. Earnest added, \"We are very cognizant of current market conditions and are commit...

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