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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 June 8, 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: June 9, 1998 By: /s/ Roger L. Smith
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Roger L. Smith
Vice President Finance
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EXHIBIT INDEX
Exhibit Description of Exhibit
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99.1 Press release dated June 8, 1998, Company announces update
on its Amayapampa project
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EXHIBIT 99.1
VISTA GOLD CORP. - AMAYAPAMPA UPDATE
DENVER, COLORADO, JUNE 8, 1998 - Michael B. Richings, the President and CEO of
Vista Gold Corp., responded today to comments concerning the title to the
Amayapampa mineral concession in Bolivia. The comments alleged that Vista's
title was in question due to a dispute in Bolivia in which Mr. Estanislao Radic
brought legal proceedings in the lower penal court in Bolivia against Raul
Garufulich, the former owner of the Amayapampa concession.
Mr. Richings reported that in May 1998, a judge in the Bolivian penal court
found that there was no justifiable case. Subsequently, on June 2, 1998, it was
reported in the El Diario newspaper that a judge of the superior court of the
District of Potosi dismissed the appeal of the case and indicated there could be
no further appeals on the matter in the Bolivian penal courts. Vista was, and
remains, satisfied that its title to the Amayapampa mine is secure.
In August 1997, Vista completed a feasibility study on a 3,000 tonnes per day
mining development program at Amayapampa. Based on this study, Vista submitted
an application for construction and operating environmental permits later in the
year. On May 19, 1998, Vista received the appropriate environmental approval to
proceed with the project. In November 1997, in response to the lower gold
prices, the Company modified the feasibility study, reducing the mining rate to
1,500 tonnes per day. The Company recently submitted a request to modify the
permit to reflect the smaller project. Approval for the modification is expected
shortly.
The Amayapampa project has reserves of 8.9 million tonnes at a grade of 1.84
grams per tonne, containing 527,000 ounces of gold. Currently, the Company is
completing a preliminary underground mining plan for the nearby (12 kilometers)
Capa Circa mine to produce 100 tonnes per day at 8.0 grams per tonne. This
higher grade ore will be processed at the Amayapampa mill, enhancing the
project's overall economics. Preliminary estimates indicate the combined project
would produce an average of 37,000 ounces of gold per year, at a cash cost of
approximately US$150 per ounce. The initial capital cost would be approximately
US$22 million. If these estimates are confirmed by the current studies, Vista
will vigorously pursue financing of the project, which it estimates would
generate an after tax IRR of 19 percent at a US$300 per ounce gold price.
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.
