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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 8, 1999 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 8, 1999 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 Press Release dated March 8, 1999 stating the
Company announced results of Bolivian project
feasibility study.
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Trading Symbol: VGZ
Toronto and American Stock Exchanges
VISTA ANNOUNCES RESULTS OF BOLIVIAN PROJECT FEASIBILITY STUDY
DENVER, COLORADO, MARCH 8, 1999 - Vista Gold Corp. ("Vista") is pleased to
announce that it has completed an optimized internal feasibility study on its
Amayapampa/Capa Circa project located in southwestern Bolivia. Based on a gold
price of $300 per ounce, the proven and probable reserves at Amayapampa are
calculated to be 10.7 million tons grading 0.051 ounces per ton including
dilution, containing 548,000 ounces of gold. The study calls for Amayapampa to
be mined by open-pit methods. Indicated resources at Capa Circa, located 10
kilometers from Amayapampa, are 198,000 tons grading 0.23 ounces per ton
including dilution, containing 46,000 ounces of gold. Capa Circa will be mined
by underground methods. Ore from both properties would be processed in one plant
to be located at Amayapampa. The process plant will be designed to operate at a
rate of 2,475 tons of ore per day and will consist of a gravity and
carbon-in-leach circuit with a projected metallurgical recovery of 85 percent.
Nearly 505,000 ounces of gold will be produced over the approximate 12-year
project life, at an average rate of 43,000 ounces per year. Combined gold
production from Amayapampa and Capa Circa during the first 5 years of operations
will average 50,100 ounces per year, and this level of production could be
sustained with continued exploration/development success at Capa Circa. The
initial capital costs are estimated to be $26 million, including necessary
working capital and a 20 percent contingency. Average operating costs are
estimated to be $7.17 per ton of ore for a total cash cost of $157 per ounce. At
a gold price of $300 per ounce, the project is expected to generate an after-tax
internal rate of return of 17.3 percent. This optimized feasibility study
prepared by Vista is based on two previous studies which were audited by Behre
Dolbear & Company, Inc., as a third party consultant to a financial institution.
Approval of the permit to construct and operate at Amayapampa, called the
Declatoria de Impacto Ambiental under Article 24 of the Environmental Law, was
received on May 6, 1998. This permit was based on a 3,600-ton-per-day ore
processing project, and once financing arrangements are in place, Vista will
request a modification of the permit to allow operation at the lower production
rate. Permitting efforts are underway for Capa Circa.
Vista has received an indicative term sheet from a major international bank to
provide the debt financing component for the project and is exploring
alternatives to complete the total financing package. "We are excited about the
prospect of developing our Bolivian gold properties and are pursuing several
financing options which will allow us to advance the project," said Mike
Richings, President and CEO.
Vista Gold Corp. is an international gold mining, development and exploration
company based in Denver, Colorado. Its holdings include the Hycroft and Mineral
Ridge mines in Nevada, the development properties 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.
