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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 September 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: September 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 September 18, 1997, stating that the Company
announces new mine plan for the Hycroft mine in view of low gold
price.
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EXHIBIT 99.1
VISTA ANNOUNCES NEW MINE PLAN IN VIEW OF LOW GOLD PRICE
DENVER, COLORADO, SEPTEMBER 18, 1997 - Vista Gold Corp. announced today that it
has revised the production plan for the Hycroft mine in Nevada in order to
optimize the mine's ore reserves while reducing production costs. Under the
revised plan, the mine will produce 380,000 ounces at a direct cash cost
(excluding royalties and net proceeds tax of $17/oz) of $231 per ounce over the
next four years and will generate a positive cash flow even if the current low
gold price persists. The new mine plan reduces the waste rock mined per ton of
ore and improves average grade at the expense of reducing the ore reserve by
approximately 190,000 ounces as calculated on January 1, 1997.
The Company has renegotiated the existing loan facility with a major Canadian
bank based upon the revised mine plan at Hycroft. This loan facility provides
funding for the Company's continued activities, including the Amayapampa
project in Bolivia where the Company is examining a number of development
alternatives. One alternative involves a lower level of production but
requires significantly less capital; based on preliminary calculations, this
scenario shows a favorable investment return at a gold price of $325 per ounce.
Detailed evaluations are underway.
At the Guariche project in Venezuela, Vista Gold has recently completed a
resource estimate based on the latest drill results. The measured and
indicated resources are 6.0 million tonnes at 2.1 g/t of gold containing
400,000 ounces. During the next phase of drilling, the Company's geologists
expect to add at least 250,000 ounces of resources based on extensions to
defined ore zones and to test new targets in the immediate vicinity, which
could increase the total resources to over 1 million ounces of gold. Recently,
the Minister of Energy and Mines published a resolution in the official gazette
authorizing the issue of the vein mining titles on the principle concessions at
Guariche.
"These measures that we have taken, together with reductions in corporate and
exploration expenditures, are appropriate responses to the low gold price. We
have initiated a new production plan at Hycroft to improve cash flow; arranged
financing for the continued development activities on our assets in Bolivia;
and we are advancing exploration on what could prove to be a major new,
low-cost gold mine at Guariche," said Mike Richings, President and CEO of Vista
Gold Corp.
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 range from the Hycroft mine in Nevada to
development and exploration projects in North and South America including
Ecuador, Bolivia, Venezuela and Peru.
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The statements that are not historical 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 20F 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 or (888) 629-2450.
