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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the period of November 7, 1997 Commission File Number: 1-9025
VISTA GOLD CORP.
(Name of Registrant)
Suite 3000
370 Seventeenth Street
Denver, Colorado 80202
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the SEC
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate the file number assigned to the registrant in
connection with Rule 12g3-2(b): Not applicable.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
VISTA GOLD CORP.
Date: November 10, 1997 By: /s/ Karla J. Kimrey
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Karla J. Kimrey
Director of Investor Relations
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EXHIBIT INDEX
Exhibit Description of Exhibit
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99.1 Press release dated November 7, 1997, stating that the Company
announces third quarter results
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EXHIBIT 99.1
VISTA GOLD CORP. ANNOUNCES THIRD QUARTER RESULTS
DENVER, COLORADO, NOVEMBER 7, 1997 - Vista reported gold production of
29,882 ounces for the third quarter and a record 90,421 ounces for the first
nine months of 1997. This compares to 1996 production of 23,523 ounces and
63,158 ounces for the third quarter and nine months, respectively. The increased
production mitigated the effects of lower gold prices. Realized gold price for
the first nine months of 1997 was $348 per ounce compared to $394 for the same
period in 1996. The Company is projecting full-year production to be 115,000
ounces at an average direct cash cost of approximately $255 per ounce.
As a result of the current, low gold price environment, Vista Gold has
written down its mineral properties by $33 million. This write down applies to
its Hycroft mine in Nevada and the exploration and development properties in
Bolivia. Recently, the Company announced the development of a new mining plan
for Hycroft designed to generate a positive cash flow at a $325 gold price. The
proven and probable reserves for this plan are projected to be 24.3 million tons
of ore grading 0.02 ounces per ton at December 31, 1997 containing 495,000
ounces of gold. Subsequently, the Company arranged hedging for approximately 85
percent of the production for 1998 and 1999 at an average minimum price of $340
per ounce.
At the Amayapampa project in Bolivia, the Company is in the final
stages of completing a new feasibility study. The new, open pit development,
which will produce 30,000 to 35,000 ounces of gold per year, is expected to have
a capital cost of $20 million and favorable economics at a gold price of $325
per ounce. The proven and probable ore reserves are 9.8 million tons at 0.054
ounces per ton (including dilution) containing 527,000 ounces of gold.
Vista Gold Corp. reported a net loss, after the write down, of US$35.7
million or $0.40 per share for the third quarter ending September 30, 1997
compared to a net loss of US$3.6 million or $0.07 per share for the same period
in 1996. For the first nine months of 1997, the Company reported a net loss of
$37.6 million or $0.42 per share compared to a net loss of $8.5 million or $0.17
per share for the first nine months of 1996.
The book value of the Company's shares, after the write down, was
US$0.81 per share.
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SUMMARY RESULTS
(US dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
1997 1996 1997 1996
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<S> <C> <C> <C> <C>
Revenue ............................. $ 10,354 $ 9,654 $ 32,925 $ 26,062
Net earnings (loss) before write down (2,701) (3,585) (4,583) (8,482)
Net earnings (loss) after write down (35,701) (3,585) (37,583) (8,482)
Net earnings (loss) per share
before write down .............. $ (0.03) $ (0.07) $ (0.05) $ (0.17)
Net earnings (loss) per share
after write down ............... (0.40) (0.07) (0.42) (0.17)
Direct cash operating cost per ounce 266 277 248 283
Consolidated Production
Gold (ounces) ...................... 29,882 23,523 90,421 63,158
Silver (ounces) ..................... 108,528 113,116 413,448 263,549
</TABLE>
Vista Gold Corp. is an international gold mining, development and
exploration company based in Denver, Colorado, with production from the Hycroft
mine in Nevada and development and exploration projects in South America.
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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 20-F as amended.
For further information, please contact Karla J. Kimrey, Director of Investor
Relations, or Michael B. Richings, President and CEO at (303) 629-2450 or (888)
629-2450.
