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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 May 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: May 8, 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 May 7, 1997, announcing Vista Gold's
Improved First Quarter Results
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EXHIBIT 99.1
VISTA GOLD CORP. ANNOUNCES IMPROVED FIRST QUARTER RESULTS
DENVER, COLORADO, MAY 7, 1997 - Vista Gold Corp. reported a loss of US$691,000
or $0.01 per share for the first quarter ended March 31, 1997 compared to a net
loss of $1,966,000 or $0.04 per share for the same period in 1996.
This improvement is attributed to record production and lower operating costs
at the Hycroft mine in Nevada. Gold production for the first quarter 1997 was
30,135 ounces, an 86 percent increase over production of 16,206 ounces for the
same period in 1996 and a 44 percent increase over the previous five-year
average for first quarter production at the mine.
The increased production is a result of the operation of a new leach pad and
the Merrill-Crowe recovery plant for the Brimstone ore and expanded leach
solution pumping capacity at the Central Fault pad together with higher grade
ore from Cut 4. Direct cash operating costs for the Hycroft mine for the first
quarter 1997 were US$239 per ounce compared to US$283 per ounce for the same
period in 1996.
SUMMARY RESULTS
(US DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31
1997 1996
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<S> <C> <C>
Revenue $ 11,371 $ 6,669
Net earnings (loss) (691) (1,966)
Cash flow from operations 2,298 1,053
Net earnings (loss) per share $ (0.01) $ (0.04)
Direct cash operating cost per ounce 239 283
Consolidated Production 1997 1996
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Gold (ounces) 30,135 16,206
Silver (ounces) 141,044 39,723
</TABLE>
"Expanded production at Hycroft is the first of several steps we took last year
to position Vista Gold for growth," said Michael B. Richings, President and CEO
of Vista Gold Corp. "We are carrying out our development drilling program at
the Guariche project in Venezuela. Last year we acquired an option agreement to
purchase this property if we are able to prove reserves of at least 500,000
ounces of recoverable gold. Additionally, we are in the process of concluding a
bankable feasibility study for the Amayapampa project in Bolivia. Finally, we
have expanded our exploration activities in Bolivia to include drilling at
Amayapampa Norte, Copacabana and, in the second half of this year, at Capa
Circa."
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Completion and publishing of the final feasibility study on Amayapampa is
scheduled for the end of June. Discussions to arrange limited recourse project
financing with several international banks are very encouraging and it is
expected that the majority of financing required for the development of
Amayapampa should be available from this source.
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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 10-K 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.
