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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 March 13, 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: March 17, 1997 By: /s/ Karla J. Kimrey
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Karla J. Kimrey
Director of Investor Relations
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EXHIBIT INDEX
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Exhibit Description of Exhibit
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99.1 Vista Gold Corp. - 1996 Results
Vista Gold Corp. reported revenues (all amounts in US dollars) of $36.4
million for 1996 compared to revenues of $41.3 million for 1995. For the
full year 1996, the Company had a net loss of $11.8 million or $0.21 per
share, compared to net income of $2.2 million or $0.05 per share (including a
one-time gain of $4.9 million) for the full year 1995.
For the fourth quarter, Vista reported revenues of $10.4 million, compared to
$9.5 million for 1995, a 10 percent improvement. Net loss for the quarter
was $3.3 million, $0.04 per share, compared to a net loss of $3.3 million,
$0.07 per share, for the same period in 1995. Fourth quarter 1996 gold
production increased to 26,223 ounces from 24, 324 ounces for the fourth
quarter 1995, an 8 percent increase.
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EXHIBIT 99.1
VISTA GOLD CORP. - 1996 RESULTS
DENVER, COLORADO, MARCH 13, 1997 -- Vista Gold Corp. reported revenues (all
amounts in US dollars) of $36.4 million for 1996 compared to revenues of $41.3
million for 1995. For the full year 1996, the Company had a net loss of $11.8
million or $0.21 per share, compared to net income of $2.2 million or $0.05 per
share (including a one-time gain of $4.9 million) for the full year 1995.
Operating cash flow for 1996 was $6.4 million compared to $7.6 million for
1995. Exploration expenditures for 1996 and 1995 were $4.2 million and $4.1
million, respectively. Vista Gold had $8.6 million in cash and $28.9 million
in current assets as of December 31, 1996.
The net loss for 1996 was primarily attributed to a $6.7 million increase in
the gold inventory at the Hycroft mine in Nevada and a reduction in revenues
caused by lower production in early 1996. Gold production for 1996 from the
Hycroft mine was 89,381 ounces compared to 101,128 ounces for 1995. As a
result of expanded mine production, the ore placed on the heaps during the year
contained 150,000 ounces, expanding the gold inventory by 22,000 ounces or a 66
percent increase in 1996. The reduced production from the Hycroft mine was
attributed to lower-than-normal recovery from clay-rich ores in the first
quarter.
For the fourth quarter, Vista reported revenues of $10.4 million, compared to
$9.5 million for 1995, a 10 percent improvement. Net loss for the quarter was
$3.3 million, $0.04 per share, compared to a net loss of $3.3 million, $0.07
per share, for the same period in 1995. Fourth quarter 1996 gold production
increased to 26,223 ounces from 24, 324 ounces for the fourth quarter 1995, an
8 percent increase.
In 1996, Vista commenced an expansion at the Hycroft operation and implemented
the development of the Brimstone deposit. The new Brimstone plant is now fully
operational and increased leach solution pumping capacity has been implemented
at both leach locations.
Total production for the first two months of 1997 was 17,731 ounces compared to
9,785 ounces for the same period in 1996, an 80 percent improvement and an
increase over budgeted production. In February 1997, new daily gold records
were established with a single day's production of 501 ounces. The Company
anticipates full year 1997 gold production from the Hycroft mine to be
approximately 115,000 ounces, a 29 percent increase over 1996 production.
In February 1997, the Company arranged a $13 million credit facility secured
against the Hycroft mine assets.
The Amayapampa bankable feasibility study is advancing rapidly, with planned
drilling 80 percent complete. Engineering and permitting activities are on
schedule with the environmental impact statement planned for submission to the
Bolivian government in April. The Company
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anticipates completion of a final bankable feasibility study by late June and
construction commencing in the third quarter.
Exploration results for 1996 indicate several promising properties in North and
South America. The first phase drilling program of the Copacabana project in
southwestern Bolivia, carried out in late 1996, indicated the possibility of a
significant gold deposit. The best results from drill hole RC3 had 0.45 ounces
per ton (13.97 g/t) over 39 feet (12 m). Out of 9 holes drilled on the
project, along a 2,300 foot (700 m) strike length, significant gold
intersections were obtained from 7 drill holes. High grade assays were
obtained from multiple veins across a 330 foot (100 m) width. Drill hole 96CP3
intersected high grade mineralization with 13 feet (4 m) of 0.59 ounces per
ton (18.3 g/t) and a lower intercept with 0.45 ounces per ton (13.97 g/t) over
39 feet (12 m). Approximately 655 feet (200 m) south of drill hole CP3, drill
hole CP5 intersected 39 feet (12 m) at 0.34 ounces per ton (10.6 g/t). The
Company expects further exploration drilling in the near future.
In Nevada, Vista is currently involved in a project located within the Jerritt
Canyon mining district, one of the larger sediment- hosted gold districts in
Nevada. The district has had prior production of more than 4.0 million ounces
and current reserves of 3.5 million ounces. Additionally, Vista is actively
exploring two other project sites in Nevada where the Company owns a 100
percent interest. Additional drilling and other geological activities will
continue at these and other sites throughout 1997.
At the Hycroft mine, exploration activities during 1996 were initially directed
toward increasing the heap leachable oxide ore resulting in additional
resources between the Central Fault and the Brimstone deposits. Some deep
drilling was completed to obtain metallurgical samples of the sulfide ore.
Core samples obtained in this program indicate the potential for small, high
grade pods of mineralization similar to the nearby Rosebud deposit, which has
an approximate grade of 0.4 ounces per ton (12.4 g/t).
"We are now beginning to realize the potential that we envisioned when Granges
merged with Da Capo," said Michael B. Richings, President and CEO of Vista
Gold. "We have successfully expanded production at the Hycroft mine, we are
moving forward on our development projects in Bolivia, and we have some
exciting results coming from our exploration efforts."
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SUMMARY RESULTS
(U.S. dollars in thousands, except per share data)
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THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
1996 1995 1996 1995
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Revenue $10,382 $ 9,471 $36,444 $41,294
Results of mining operations (1,189) (258) (5,225) 3,265
Operating cash flow 2,150 930 6,361 7,582
Net income (loss) (3,344) (3,285) (11,826) 2,159
Earnings (loss) per share ($0.04) ($0.07) ($0.21) $0.05
Weighted average
shares outstanding 77,795,435 46,033,047 56,309,941 42,074,356
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CONSOLIDATED PRODUCTION
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THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
1996 1995 1996 1995
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Gold (ounces) 26,223 24,324 89,381 101,128
Silver (ounces) 57,766 29,759 321,315 417,823
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Vista Gold Corp. is an international gold mining, development and exploration
company based in Denver, Colorado, with its registered office in Vancouver,
British Columbia. Its holdings include the Hycroft mine in Nevada, development
projects in Bolivia and Venezuela, and exploration projects in North and South
America including Ecuador, Bolivia, Venezuela and Peru.
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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 Form 20-F as amended.
For Further information, please contact Karla J. Kimrey, Director of Investor
Relations, or Michael B. Richings, President and CEO of Vista Gold Corp. at
(303) 629-2450.
