Vista Gold Corp. Announces Third Quarter Financial Results and Conference
Call With Management
</pre> <p><span class="xn-location">DENVER</span>, <span class="xn-chron">Nov. 9, 2010</span> /CNW/ -- Vista Gold Corp. (TSX & NYSE Amex: VGZ) ("Vista" or the "Corporation") announced today its financial results for the quarter and nine months ended <span class="xn-chron">September 30, 2010</span>, as filed on <span class="xn-chron">November 9, 2010</span>, with the <span class="xn-location">United States</span> Securities and Exchange Commission (the "SEC") and the relevant securities regulatory authorities in <span class="xn-location">Canada</span> in the Corporation's Quarterly Report on Form 10-Q, and announces a management quarterly conference call scheduled for <span class="xn-chron">Friday, November 12, 2010</span>, at <span class="xn-chron">9:00 A.M. MST</span>.</p> <pre> Recent Highlights -- Closes private placement financing (shareholder and regulatory approval pending) of U.S.$33 million to be used to re-purchase notes of U.S.$23 million, for the advancement of our Mt. Todd gold project and for general corporate purposes; -- Announces results of Pre-feasibility study and estimate of mineral reserves on our Mt. Todd gold project; and -- Changes name of our Paredones Amarillos gold project in Mexico to Concordia gold project. Results from Operations </pre> <p>All dollar amounts in the following press release are in thousands of <span class="xn-location">United States</span> dollars, except share data.</p> <p/> <p>Our consolidated net loss for the three-month period ended <span class="xn-chron">September 30, 2010</span>, was <span class="xn-money">$1,344</span> or <span class="xn-money">$0.03</span> per share compared to <span class="xn-money">$1,717</span> or <span class="xn-money">$0.05</span> per share for the same period in 2009. Our consolidated net loss for the nine-month period ended <span class="xn-chron">September 30, 2010</span>, was <span class="xn-money">$7,195</span> or <span class="xn-money">$0.16</span> per share compared to consolidated net earnings of <span class="xn-money">$293</span> or <span class="xn-money">$0.01</span> per share for the same period in 2009. For the nine-month period ended <span class="xn-chron">September 30, 2010</span>, the increase in the consolidated net losses of <span class="xn-money">$7,488</span> from the respective prior period is primarily due to decreases in the gain on disposal of Allied <span class="xn-person">Nevada Gold</span> Corp. marketable securities of <span class="xn-money">$6,564</span>.</p> <p/> <p>On <span class="xn-chron">March 4, 2011</span>, the <span class="xn-money">$23,000</span> principal balance of our senior secured convertible notes (the "Notes") will come due. Presently, we do not have sufficient capital to meet this obligation. On <span class="xn-chron">October 22, 2010</span>, we announced the closing of a private placement financing of special warrants (the "Private Placement"). The Corporation issued 14,666,739 special warrants for gross proceeds of <span class="xn-money">$33,734</span>. As previously announced, these proceeds are being held in escrow until the Corporation receives shareholder and regulatory approval of the Private Placement. In the event these approvals are not obtained by <span class="xn-chron">December 15, 2010</span>, the proceeds of the Private Placement will be returned to the purchasers under the Private Placement. (See our press release dated <span class="xn-chron">October 22</span>, 2010).</p> <p/> <p>The following table summarizes selected financial data for the company. To review Vista's Quarterly Report on Form 10-Q for the fiscal quarter ending <span class="xn-chron">September 30, 2010</span>, including our Management Discussion & Analysis, visit either <a href="http://www.sedar.com">www.sedar.com</a>, <a href="http://www.sec.gov">www.sec.gov</a> or <a href="http://www.vistagold.com">www.vistagold.com</a>.</p> <pre> </pre> <p> </p> <p> </p> <p> </p> <pre> Three Months Nine Months Selected Ended Ended Financial September September Data 30, 30, 2010 2009 2010 2009 U.S. $000's, except loss per share Results of operations Net earnings/ (loss) $(1,344) $(1,717) $(7,195) $293 Basic and diluted earnings/ (loss) per share (0.03) (0.05) (0.16) 0.01 </pre> <p> </p> <pre> Net cash used in operations (931) (964) (5,195) (5,189) Net cash provided/ (used in) investing activities (2,815) (1,454) (7,991) 5,805 Net cash provided/ (used in)by financing activities 8 19,841 (2,234) 19,841 </pre> <p> </p> <pre> Financial September December position 30, 31, 2010 2009 </pre> <p> </p> <pre> Current assets $15,158 $30,317 Total assets 89,177 92,573 Current liabilities 23,790 926 Total liabilities 24,018 26,093 Shareholders' equity 65,159 66,480 </pre> <p> </p> <pre> Working capital (8,632) 29,391 Management Conference Call </pre> <p>A conference call with management to review our financial results for the quarter ended <span class="xn-chron">September 30, 2010</span> and to discuss corporate and project activities is scheduled on <span class="xn-chron">Friday, November 12, 2010</span>, at <span class="xn-chron">9:00 a.m. MST</span>.</p> <pre> Toll-free in North America: 1-866-443-4188 International: 1-416-849-6196 </pre> <p>This call will also be web-cast and can be accessed at the following web location:</p> <pre> http://www.snwebcastcenter.com/event/?event_id=1335 </pre> <p>This call will be archived and available at <a href="http://www.vistagold.com">www.vistagold.com</a> after <span class="xn-chron">November 12, 2010</span>. Audio replay will be available for three weeks by calling in North America: 1-866-245-6755, passcode 437814.</p> <p/> <p>If you are unable to access the audio or phone-in on the day of the conference call, please feel free to email questions to <span class="xn-person">Connie Martinez</span>, Manager - Investor Relations, (email: <a href="mailto:[email protected]">[email protected]</a>) and we will try to address these questions prior to or during the conference call.</p> <pre> About Vista Gold Corp. </pre> <p>Vista is focused on the development of the Concordia gold project in Baja California Sur, <span class="xn-location">Mexico</span>, and the Mt. Todd gold project in Northern Territory, <span class="xn-location">Australia</span>, to achieve its goal of becoming a gold producer. Vista's other holdings include the Guadalupe de los Reyes gold project in <span class="xn-location">Mexico</span>, the Yellow Pine gold project in Idaho, the Awak Mas gold project in <span class="xn-location">Indonesia</span>, and the <span class="xn-person">Long Valley</span> gold project in California. For more information about our projects, including technical studies and resource estimates, please visit our website at <a href="http://www.vistagold.com">www.vistagold.com</a>.</p> <pre> Forward-Looking Statements </pre> <p>This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Vista expects or anticipates will or may occur in the future, including such things as, the repayment of the Notes, receipt of shareholder and regulatory approval of the Private Placement, the release to Vista and use of proceeds of the Private Placement, and other such matters are forward-looking statements and forward-looking information. When used in this press release, the words "potential", "indicate", "expect", "intend", "hopes", "believe", "may", "will", "if", "anticipate" and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty regarding shareholder and regulatory approvals, uncertainty of resource and reserve estimates, estimates of results based on such resource and reserve estimates, risks relating to cost increases for capital and operating costs, risks related to the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or supplies, risks relating to fluctuations in the price of gold, the inherently hazardous nature of mining-related activities, potential effects on Vista's operations of environmental regulations in the countries in which it operates, risks due to legal proceedings, risks relating to political and economic instability in certain countries in which it operates, risks related to repayment of debt, risks related to increased leverage and uncertainty of being able to raise capital on favorable terms or at all; as well as those factors discussed under the headings "Uncertainty of Forward-Looking Statements" and "Risk Factors" in Vista's latest Annual Report on Form 10-K as filed on <span class="xn-chron">March 16, 2010</span>, and other documents filed with the SEC and Canadian securities regulatory authorities. Although Vista has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.</p> <p/> <p>For further information, please contact <span class="xn-person">Connie Martinez</span> at (720) 981-1185, or visit the Vista Gold Corp. website at <a href="http://www.vistagold.com">www.vistagold.com</a>.</p> <pre>
For further information: Connie Martinez of Vista Gold Corp., +1-720-981-1185 Web Site: http://www.vistagold.com
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