Business
Vista Gold Corp. Announces Second Quarter Financial Results and Drilling Results at Paredones Amarillos Project
Vista Gold Corp. Announces Second Quarter Financial Results and Drilling Results at Paredones Amarillos Project.
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\n\nDENVER, Aug. 12 /CNW/ -- Vista Gold Corp.\n(Amex: VGZ; TSX) announced today its financial results for the quarter and six\nmonths ended June 30, 2005, as filed on August 12, 2005, with the US\nSecurities and Exchange Commission in the Corporation's Quarterly Report on\nForm 10-Q. Vista reported a consolidated net loss for the three-month period\nended June 30, 2005, of US$1.5 million or US$0.08 per share compared to a\nconsolidated net loss of US$1.4 million or US$0.09 per share for the same\nperiod in 2004. The Corporation's consolidated net loss for the six-month\nperiod ended June 30, 2005, was US$2.4 million or US$0.13 per share compared\nto a consolidated net loss of US$2.5 million or US$0.17 per share for the same\nperiod in 2004. The net losses for the three-month and six-month periods were\nminimally different from those for the prior-year periods, primarily\nreflecting slightly decreased exploration, property evaluation and holding\ncosts, and increased corporate administration and investor relations costs of\nUS$0.1 million for the three-month period due to a mass mailing marketing\ncampaign, with slightly decreased costs for the six-month period.\nNet cash used for operations was US$1,127,000 for the three-month period\nended June 30, 2005, compared to US$1,207,000 for the same period in 2004.\nCash used in operations was US$1,819,000 for the six-month period ended\nJune 30, 2005, compared to US$1,655,000 for the same period in 2004. The\ndecrease of US$80,000 for the three-month period can be attributed to\nreduction in prepaid expenses and accounts payable and accruals of US$99,000\nfor the same period in 2004. The increase of US$164,000 for the six-month\nperiod was attributable to a reduction in accounts receivable for the same\nperiod in 2004.\nNet cash used for investing activities increased to US$1,964,000 for the\nthree-month period ended June 30, 2005, compared to US$70,000 for the same\nperiod in 2004. The increase of US$1,894,000 in 2005 was due to the purchase\nof the Awak Mas project in May 2005 for US$1.5 million and exploration\nactivities at the Paredones Amarillos project of US$0.4 million. For the six-\nmonth period ended June 30, 2005, net cash used for investing activities\ndecreased by US$279,000 to US$2,228,000 compared to US$2,507,000 for the same\nperiod in 2004. Overall expenditures ...