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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 20, 1998 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 20, 1998 By: /s/ Roger L. Smith
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Roger L. Smith
Vice President of Finance
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EXHIBIT INDEX
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Exhibit Description of Exhibit
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99.1 Press release dated March 20, 1998, stating that the
Company announces 1997 results.
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EXHIBIT 99.1
VISTA GOLD CORP. - 1997 RESULTS
DENVER, COLORADO, MARCH 20, 1998 - Record gold production from the Hycroft mine
more than offset declining gold prices in 1997. Vista Gold Corp. reported gold
revenues of $40.1 million for 1997 compared to $34.8 million for 1996, an
increase of $5.3 million. Operating cash flow for 1997 was $8.0 million
compared to $6.4 million for 1996.
However, following a review of the carrying value of its mineral properties in
light of current low gold prices, the Company wrote down its mineral properties
and its investment in Zamora Gold Corp. by $43.7 million and $2.7 million,
respectively. As a result, the Company had a net loss of $51.7 million, or
$0.58 per share in 1997. There was no similar write-down in 1996. Before
write-downs, the 1997 net loss was $5.3 million, or $0.06 per share compared to
losses of $11.8 million, or $0.21 per share in 1996.
Exploration expenditures for 1997 and 1996 were $2.3 million and $3.6 million,
respectively. The Company had $1.8 million in cash and $19.1 million in
current assets as of December 31, 1997. Subsequently in January, the Company
took steps to improve its cash position in 1998. This was accomplished by
liquidating the existing forward position in the gold market and temporarily
reducing mining activities at Hycroft. This is expected to result in an
improvement in cash flow during the year of $16.5 million, of which $13.0
million will be used to eliminate the Company's remaining debt.
SUMMARY RESULTS
(U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
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YEAR ENDED
DECEMBER 31
1997 1996
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Gold revenues $ 40,123 $ 34,847
Operating cash flow 7,963 6,361
Net earnings (loss) before write-down (5,292) (11,826)
Net earnings (loss) after write-down (51,712) (11,826)
Net earnings (loss) per share before write-down (0.06) (0.21)
Net earnings (loss) per share after write-down (0.58) (0.21)
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CONSOLIDATED PRODUCTION
(OUNCES)
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Gold 117,378 89,381
Silver 479,920 321,315
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Following record gold production of 117,378 ounces in 1997, the Company is
projecting first quarter 1998 gold production from the Hycroft mine to be
approximately 34,000 ounces, a new quarterly production record. Through March
18, 1998, 27,981 ounces had been recovered including a record daily production
on March 18th of 611 ounces. The planned reduction in mining activities is
proceeding as scheduled with ore mining expected to cease in May. Gold
production will continue through 1998 and 1999 from ore on the leach pads, with
1998 gold production projected to be approximately 95,000 ounces.
The previously announced agreement with Repadre International Corporation for
the sale of a net smelter return royalty and private placement of commons
shares has been terminated by the mutual agreement of the parties.
Vista Gold Corp. is an international gold mining, development and exploration
company based in Denver, Colorado. Its holdings include the Hycroft mine in
Nevada, development projects in Bolivia and Venezuela, and exploration projects
in North and 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 Form 20-F as amended.
For further information please contact Michael B. Richings, President and CEO
of Vista Gold Corp. at (303) 629-2450.
