Business
Vista Gold Corp. Announces Third Quarter 2013 Results And Provides Update On Recent Activities
DENVER , Oct. 30, 2013 /CNW/ - Vista Gold Corp. (TSX & NYSE MKT: VGZ) ("Vis...
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\nDENVER, Oct. 30, 2013 /CNW/ - Vista Gold Corp. (TSX & NYSE MKT: VGZ) (\"Vista\" or the \"Company\") today announced its unaudited financial results and highlights for the third quarter ended September 30, 2013. Management's quarterly conference call to discuss these results is scheduled for 2:30pm MDT on October 31, 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.\nHighlights:\nCompleted the public consultation process for the Mt. Todd gold project's Environmental Impact Statement (\"EIS\") and substantially completed responses to comments received, continuing the EIS permitting process that is anticipated to conclude around year-end; \nImplemented significant cost reduction measures; \nReached an agreement to extend the due date of Vista's Cdn$10 million term loan by one year to March 2015 subject to certain conditions; and \nClosed in October the sale of the Company's Los Cardones gold project in Baja California Sur, Mexico, for $13 million in non-dilutive financing and partially repaid the Company's term loan.\nFrederick H. Earnest, President and Chief Executive Officer, commented, \"During the third quarter, we continued our strategy of advancing the Mt. Todd gold project toward a 'development-ready' status. We submitted the project's initial EIS in late June and are now finalizing responses to all comments received during the public consultation process. We continue to anticipate EIS approval (including certain Federal governmental approvals) around year-end. Simultaneously, we took steps to improve the Company's near-term liquidity by implementing previously-announced cost reduction measures and selling the Los Cardones gold project for $13 million, $7 million of which was received in October and $6 million of which is due in January 2014 failing which the ownership of the project would revert to Vista and Vista would retain the $7 million payment (as further explained in our October 18, 2013 press release). We continue to evaluate other opportunities to raise capital through the sale of non-core assets.\"\nSummary of Third Quarter 2013 Results\nWe reported a net loss of $3...