Business
Vista Gold Corp. Announces Second Quarter Financial Results and Conference Call With Management
DENVER, Aug. 7 /CNW/ -- Vista Gold Corp. (TSX & NYSE Amex: VGZ) ("Vista" or the "Corporation") an...
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\n\n\n\n\n\nDENVER, Aug. 7 /CNW/ -- Vista Gold Corp. (TSX & NYSE Amex: VGZ) ("Vista"\nor the "Corporation") announced today its financial results for the quarter\nand six months ended June 30, 2009, as filed on August 7, 2009, with the US\nSecurities and Exchange Commission and the relevant securities regulatory\nauthorities in Canada in the Corporation's Quarterly Report on Form 10-Q, and\nannounces a management quarterly conference call scheduled for Tuesday, August\n11, 2009, at 1:00 P.M. MDT.\n\n\n\nResults from Operations\n\n\n\nOur consolidated net earnings for the three-month period ended June 30,\n2009, was US$3.9 million or US$0.11 per share compared to a consolidated net\nloss of US$2.0 million or US$0.06 per share for the same period in 2008. Our\nconsolidated net earnings for the six-month period ended June 30, 2009, was\nUS$2.0 million or US$0.06 per share compared to a consolidated net loss of\nUS$4.2 million or US$0.12 per share for the same period in 2008. For both the\nthree- and six-month periods ended June 30, 2009, the increases in the\nconsolidated net earnings of US$5.9 million and US$6.2 million from the\nrespective prior periods are primarily due to a gain on disposal of marketable\nsecurities of US$6.8 million. The gain was the result of the sale of our\nAllied Nevada Gold Corp. ("Allied") shares which we retained in connection\nwith the transaction that resulted in the formation of Allied and the transfer\nof Vista's Nevada properties to Allied. This transaction resulted in an\nexchange where the Corporation's shareholders received one new Vista common\nshare and 0.794 Allied common share for each old Vista share held. This gain\nhas been partially offset by an increase in the future income tax expense for\nboth the three- and six-month periods of US$1.2 million and US$0.7 million.\n\n\n\nExploration, property evaluation and holding costs\n\n\n\nExploration, property evaluation and holding costs were US$268,000 for\nthe three-month period ended June 30, 2009 and US$601,000 for the six-month\nperiod ended June 30, 2009, as compared with US$252,000 and US$497,000 for the\nsame periods, respectively, in 2008. For both the three-month and six-month\nperiods ended June 30, 2009, there were no significant variances as we\ncontinue to move our projects towards developmen...