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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 18, 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 18, 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 18, 1997, stating that the Company
completes re-engineered feasibility study on Amayapampa project in
Bolivia.
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EXHIBIT 99.1
VISTA GOLD COMPLETES RE-ENGINEERED FEASIBILITY STUDY
ON AMAYAPAMPA PROJECT IN BOLIVIA
DENVER, COLORADO, NOVEMBER 18, 1997 - Vista Gold Corp. is pleased to announce
that it has completed a revision to the feasibility study on the Amayapampa
project. The revised study projects that average annual gold production from
this mine will be approximately 30,000 ounces at an average cash cost of $155
per ounce. At a $325 gold price, the project shows an after-tax return of over
19 percent (at $310 the IRR is over 16 percent). The Company also plans to
re-open the nearby (6 miles/10 km from Amayapampa) Capa Circa mine and transport
the ore to Amayapampa for processing. The two mines would have an estimated
total production of 35,000 to 40,000 ounces of gold per year with an average
cash cost of $154 per ounce.
With the assistance of outside consultants, Vista evaluated the potential for a
smaller project. The revised project will include an open-pit mine at Amayapampa
and a plant designed to process 1,650 tons (1,500 tonnes) of ore per day. A
simplified flow sheet using gravity and carbon-in-leach circuit is projected to
have a metallurgical recovery of 85 percent and produce approximately 30,000
ounces of gold per year from the Amayapampa mine. The Company plans, over a
two-year period, to modernize the Capa Circa underground mine and increase
production from Capa Circa to 220 tons (200 tonnes per day). The ore has similar
metallurgical characteristics to the ore at Amayapampa and will be processed in
the same plant producing an additional estimated 10,000 ounces of gold per year.
The Company estimates total capital costs for the Amayapampa project of $20
million including a 20 percent contingency and necessary working capital. The
costs have been reduced significantly from the previous study by minimizing new
infrastructure, utilizing (where appropriate) used equipment and local materials
and contractors for specific infrastructure facilities.
The proven and probable reserves at Amayapampa are calculated to be 9.8 million
tons (8.9 million tonnes) at 0.054 ounces per ton (1.84 grams/tonne), including
dilution, containing 527,000 ounces of gold. The first 10 years of production
will be from ore at an average grade of 0.058 ounces per ton (2.0 grams/tonne)
and a strip ratio of 2.1:1.
The Company has been in touch with a number of interested lenders and an
independent technical audit has been initiated at the request of one of the
lenders. The Company believes, based on discussions to date, that even at
current gold prices the project will be financed. The Company anticipates
financing to be in place during the first quarter of 1998. Engineering and
construction would commence simultaneously and gold production is scheduled for
the first quarter 1999.
"We are pleased with the re-engineered project - our development team has done
excellent work to make this an economic project at these low gold prices," said
Mike Richings, President
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and CEO of Vista Gold Corp. "We are excited about the prospects of developing a
new mine that will favorably position Vista to take advantage of an improved
gold market."
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 Mike Richings, President and CEO at (303) 629-2450 or (888)
629-2450.
