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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 August 6, 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: August 6, 1998 By: /s/ Roger L. Smith
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Roger L. Smith
Vice President of Finance
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EXHIBIT INDEX
Exhibit Description of Exhibit
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99.1 Vista Gold Corp. announces record second quarter production and
one-millionth ounce produced at Hycroft.
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EXHIBIT 99.1
VISTA ANNOUNCES RECORD SECOND QUARTER PRODUCTION AND
ONE-MILLIONTH OUNCE PRODUCED AT HYCROFT
DENVER, COLORADO, AUGUST 6, 1998 - Vista Gold Corp. (the "Company") reported net
earnings of US$0.5 million for the three months ended June 30, 1998 or US$0.01
per share compared to a net loss of US$1.2 million or US$0.01 per share for the
same period in 1997. For the first six months of 1998, the Company reported net
earnings of US$2.7 million or US$0.03 per share compared to a net loss of US$1.9
or US$0.02 per share for the same period in 1997.
The Company's Hycroft mine in Nevada reported its second consecutive quarter of
record gold production. The mine produced 35,171 ounces of gold in the second
quarter for a total of 70,188 ounces in the first six months of the year. This
compares to second quarter 1997 production of 30,404 ounces and 60,539 ounces
for the first six months of 1997.
Record gold production, together with measures taken to reduce costs, resulted
in a cash operating cost per ounce of $207 for the three months ended June 30,
1998, a decrease of $47, or 19 percent, from 1997. For the six months ended June
30, 1998, the cash operating cost per ounce was $207 as compared to $264 for the
same period in 1997.
SUMMARY RESULTS
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
1998 1997 1998 1997
<S> <C> <C> <C> <C>
(U.S. dollars in thousands, except share data)
Gold sales $11,199 $10,635 $22,170 $21,301
Net earnings (loss) 502 (1,191) 2,680 (1,883)
Cash provided by operating activities 1,807 694 13,154 1,823
Cash operating cost per ounce 207 254 207 264
Net earnings (loss) per share 0.01 (0.01) 0.03 (0.02)
Gold production (ounces) 35,171 30,404 70,188 60,539
</TABLE>
The measures taken to reduce costs included reducing mining activities and
planning for complete suspension of mining at the end of May. As a result of
higher than expected grades at the Brimstone pit however, the Company has been
able to defer the suspension until September. The impact of higher grades and
deferred suspension will be to increase estimated production for 1998 to 108,000
ounces - gold production will continue through 1999 into 2000 from inventoried
ore.
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The Company has examined various mining plans that will allow resumption of
mining when gold prices return to more normal levels. In the short-term, the
Company will commence reclamation in areas that will not be affected by future
operations. The Hycroft property is not fully explored and the Company is
pursuing joint venture opportunities to explore for deeper and potentially
higher-grade ore.
Following the second quarter's record gold production, the Hycroft mine produced
its one-millionth ounce of gold on July 12, 1998. "The Hycroft operation has
achieved a major production milestone due to the efforts of the employees. We
are very proud of the Hycroft team, who have successfully demonstrated the
Company's ability to run an efficient and low-cost operation under very
difficult conditions," said Mike Richings, President and CEO.
Also, subsequent to June 30, 1998, Zamora Gold Corp. ("Zamora"), a company in
which Vista is a significant shareholder, completed the acquisition of various
property interests in Ecuador from Compania Minera Gribipe, S.A. ("Gribipe"), a
major Ecuadorian mineral exploration company. As a condition of the transaction,
Zamora issued 39.5 million common shares to Gribipe for the acquisition of the
property interests and an additional 7.6 million common shares to Vista in
settlement of debts owed to Vista by Zamora. Vista's ownership of Zamora has
been reduced from 48.7 percent to 26.5 percent as a result of the transaction.
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 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 Investor Relations at (303) 629-2450 or
(888) 629-2450.
