Business
Vista Gold Corp. Reports Third Quarter Cash of $16.0 Million and Definitive Feasibility Study Progress
DENVER / Oct 27, 2021 / Business Wire / Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results
About this update from Vista Gold Corp
[{"type":"text","content":"DENVER / Oct 27, 2021 / Business Wire / Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended September 30, 2021, which were highlighted by reported cash of $16.0 million and substantial progress toward completion of the Definitive Feasibility Study (“DFS”) for Vista’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”). All dollar amounts in this press release are in U.S. dollars. Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “Our activities during the third quarter focused on increasing shareholder value. The DFS is nearing completion and remains on budget. Mine planning using a higher gold price is expected to increase reserves and extend the life of mine. We started Phase 3 drilling of our exploration program and plan to drill an additional 2,650 meters, for approximately 9,000 meters of total drilling. Results of the drilling program have been very positive. Every drill hole has intersected mineralization, consistent with our geologic model.” Mr. Earnest continued, “We significantly strengthened our balance sheet, with quarter-end cash of approximately $16.0 million. We believe our existing cash will fund the Company’s value enhancing programs, continue to fund working capital, and strengthen our position in discussions with potential partners.” Important Recent Developments The Mt Todd DFS engineering and design are 80% complete, on track and on budget; Completed Phase 2 of the ongoing exploration drilling program and started Phase 3 drilling; and Ended Q3 2021 with cash and cash equivalents of $16.0 million and zero debt. Definitive Feasibility Study Engineering and design for the Mt Todd DFS are 80% complete. With new mine plans at higher gold prices, the DFS is expected to result in a larger reserve and longer mine life. This DFS will address recommendations from the 2019 pre-feasibility study, reflect minor updates of the Project design to be consistent with the approved Mine Management Plan, and advance the level of engineering and detailed costing in all areas of the Project. We are also evaluating several trade-off opportunities (e.g., contract power generation, contract mining and autonomous truck haulage). Accretive Development Strategy The process to seek a strategic partner is adva...