Business
Vista Gold Corp. Announces Second Quarter Financial Results and Mt Todd Update
DENVER, July 31, 2019 /CNW/ -- Vista Gold Corp. (NYSE American andTSX: VGZ) ("Vista" or the "Company") today announced its unaudited financial results for the q
About this update from Vista Gold Corp
[{"type":"text","content":"DENVER, July 31, 2019 /CNW/ -- Vista Gold Corp. (NYSE American andTSX: VGZ) (\"Vista\" or the \"Company\") today announced its unaudited financial results for the quarter ended June 30, 2019. Management's quarterly conference call to discuss these results is scheduled for 2:30 p.m. MDT on August 6, 2019. The Company's unaudited condensed consolidated financial statements, management's discussion and analysis, together with other applicable disclosures can be found in the Company's Quarterly Report on Form 10-Q, filed on July 31, 2019 with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities. Second Quarter Highlights Latest test results continue to demonstrate average gold recoveries in the low-90% range; Commenced update to preliminary feasibility study (\"PFS\") on Vista's Mt Todd gold project, anticipated for completion in the third quarter; and Maintained solid working capital. Summary of Q2 2019 Financial Results Vista reported a net loss of $3.0 million, or $0.03 per share, for the three-month period ended June 30, 2019. The loss is comprised of $2.0 million of operating expenses and a $1.1 million mark-to-market loss on our investment in Midas Gold Corp., offset by other income of $0.1 million. Working capital at June 30, 2019 was $9.6 million, including cash and short-term investments (comprised of government securities) of $6.3 million. The Company has no debt. Mt Todd Update Metallurgical test work at Vista's Mt Todd gold project continued throughout the second quarter. Initial leach test results on material from the Batman deposit with an 80% passing (\"P80\") grind size of approximately 50 microns achieved average gold recoveries of 92.7%, a six percentage point improvement from the average gold recoveries reported in the January 2018 prefeasibility study. Additional leach test work is nearing completion and final results are expected in the coming weeks. Vista's President and CEO, Mr. Frederick H. Earnest commented, \"As we come to the conclusion of the comprehensive metallurgical optimization program, we are encouraged by the intermediate results that continue to support recoveries in the low-90% range. While this testing program has contin...