Vista Gold Corp. Announces First Quarter 2001 Results

Apr 30, 2001, 01:00 ET from Vista Gold Corp.

    LITTLETON, Colo., April 30 /PRNewswire/ -- Vista Gold Corp.
 (Amex:   VGZ; Toronto: VGZ.) announced a net loss of $0.5 million, or $0.01 per
 share for the three months ended March 31, 2001, compared to a net loss of
 $0.2 million ($0.00 per share) for the same period in 2000.  The primary
 reason for the increased loss was a reduction in gold production, offset
 partially by lower operating costs at the Hycroft mine.  As of March 31, 2001,
 the Corporation had $2.1 million in working capital, including $1.2 million in
 cash.
 
 
                                SUMMARY RESULTS
                 (U.S. dollars in thousands, except share data)
 
                                                        Three Months Ended
                                                              March 31
                                                        2001           2000
 
      Gold Production (ounces)                          1,387          4,927
      Gold revenues                                      $351         $1,398
      Net loss                                          (529)           (162)
      Loss per share                                  $(0.01)        $(0.00)
 
 
     HYCROFT
     The Hycroft mine continues to produce gold from the rinsing of the
 existing leach pads, with 1,387 ounces recovered during the quarter.  Gold
 production for the same period last year was 4,927 ounces.  The current lower
 production was expected.  Management estimates an additional 1,600 ounces of
 gold will be recovered through the remainder of the year.  Cash operating cost
 per ounce of gold produced was $219 in the first quarter of 2001, compared to
 $217 per ounce for same period in 2000.
 
     CORPORATE ACTIVITY
     The Corporation has continued in its efforts to generate working capital.
 In February, four haul trucks from the Hycroft mine were sold for net proceeds
 of $1.8 million.  In March, a hydraulic shovel was sold for net proceeds of
 $0.8 million.  The sale of this idle mining equipment allows the Corporation
 to maintain the Hycroft mine, the Corporation's core asset, without diluting
 the position of existing shareholders.  In addition, the outstanding equipment
 loan of $0.6 million has been paid off.
     The Corporation has examined restarting the run-of-mine heap leaching
 operation at Hycroft.  The optimized production scenario would produce
 350,000 ounces of gold over a five-year period at a cash cost of $183 per
 ounce and provide an after-tax internal rate of return of 37-percent at a
 $300 gold price.  Following the sale of the trucks and shovel, an estimated
 $20 million dollars of capital including $5 million of working capital will be
 required to restart operations at Hycroft.  Additional investment in
 exploration could further enhance the project economics.  If the Corporation
 can obtain financing, mining operations could restart immediately, as the
 project is fully permitted and infrastructure and key management are in place.
     Together with its financial adviser, the Corporation continues to consider
 and examine alternative corporate strategies.
 
     Vista Gold Corp. is an international gold mining, development and
 exploration company based in Littleton, Colorado.  Its holdings include the
 Hycroft mine in Nevada, development properties in Bolivia and exploration
 projects in North and South America.
 
     The statements that are not historical facts are forward-looking
 statements involving known and unknown risks and uncertainties that could
 cause actual results to vary materially from the targeted results.  Such risks
 and uncertainties include those described in the Company's Form 10-K as
 amended.
 
     For further information, please contact Investor Relations at
 (720) 981-1185.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X84252748
 
 

SOURCE Vista Gold Corp.
    LITTLETON, Colo., April 30 /PRNewswire/ -- Vista Gold Corp.
 (Amex:   VGZ; Toronto: VGZ.) announced a net loss of $0.5 million, or $0.01 per
 share for the three months ended March 31, 2001, compared to a net loss of
 $0.2 million ($0.00 per share) for the same period in 2000.  The primary
 reason for the increased loss was a reduction in gold production, offset
 partially by lower operating costs at the Hycroft mine.  As of March 31, 2001,
 the Corporation had $2.1 million in working capital, including $1.2 million in
 cash.
 
 
                                SUMMARY RESULTS
                 (U.S. dollars in thousands, except share data)
 
                                                        Three Months Ended
                                                              March 31
                                                        2001           2000
 
      Gold Production (ounces)                          1,387          4,927
      Gold revenues                                      $351         $1,398
      Net loss                                          (529)           (162)
      Loss per share                                  $(0.01)        $(0.00)
 
 
     HYCROFT
     The Hycroft mine continues to produce gold from the rinsing of the
 existing leach pads, with 1,387 ounces recovered during the quarter.  Gold
 production for the same period last year was 4,927 ounces.  The current lower
 production was expected.  Management estimates an additional 1,600 ounces of
 gold will be recovered through the remainder of the year.  Cash operating cost
 per ounce of gold produced was $219 in the first quarter of 2001, compared to
 $217 per ounce for same period in 2000.
 
     CORPORATE ACTIVITY
     The Corporation has continued in its efforts to generate working capital.
 In February, four haul trucks from the Hycroft mine were sold for net proceeds
 of $1.8 million.  In March, a hydraulic shovel was sold for net proceeds of
 $0.8 million.  The sale of this idle mining equipment allows the Corporation
 to maintain the Hycroft mine, the Corporation's core asset, without diluting
 the position of existing shareholders.  In addition, the outstanding equipment
 loan of $0.6 million has been paid off.
     The Corporation has examined restarting the run-of-mine heap leaching
 operation at Hycroft.  The optimized production scenario would produce
 350,000 ounces of gold over a five-year period at a cash cost of $183 per
 ounce and provide an after-tax internal rate of return of 37-percent at a
 $300 gold price.  Following the sale of the trucks and shovel, an estimated
 $20 million dollars of capital including $5 million of working capital will be
 required to restart operations at Hycroft.  Additional investment in
 exploration could further enhance the project economics.  If the Corporation
 can obtain financing, mining operations could restart immediately, as the
 project is fully permitted and infrastructure and key management are in place.
     Together with its financial adviser, the Corporation continues to consider
 and examine alternative corporate strategies.
 
     Vista Gold Corp. is an international gold mining, development and
 exploration company based in Littleton, Colorado.  Its holdings include the
 Hycroft mine in Nevada, development properties in Bolivia and exploration
 projects in North and South America.
 
     The statements that are not historical facts are forward-looking
 statements involving known and unknown risks and uncertainties that could
 cause actual results to vary materially from the targeted results.  Such risks
 and uncertainties include those described in the Company's Form 10-K as
 amended.
 
     For further information, please contact Investor Relations at
 (720) 981-1185.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X84252748
 
 SOURCE  Vista Gold Corp.

RELATED LINKS

http://www.vistagold.com