<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934
DECEMBER 9, 1999
Date of report (Date of earliest event reported)
VISTA GOLD CORP.
(Exact Name of Registrant as Specified in Its Charter)
YUKON TERRITORY, CANADA
(State or Other Jurisdiction of Incorporation)
1-9025 Not applicable.
(Commission File Number) (IRS Employer Identification No.)
370 SEVENTEENTH STREET, SUITE 3000,
DENVER, CO USA 80202
(Address of Principal Executive Offices) (Zip Code)
(303) 629-2450
(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE.
(Former Name or Former Address, if Changed Since Last Report)
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VISTA GOLD CORP.
ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not applicable.
ITEM 5. OTHER EVENTS.
PRESS RELEASE DATED DECEMBER 9, 1999 ANNOUNCES CLOSURE OF MINERAL RIDGE
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of businesses acquired:
Not applicable.
(b) PRO FORMA financial information:
Not applicable.
(c) Exhibits
20.1 Press release dated December 9, 1999 Announces Closure of
Mineral Ridge
ITEM 8. CHANGE IN FISCAL YEAR.
Not applicable.
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
Not applicable.
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SIGNATURES
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 hereunto duly authorized.
VISTA GOLD CORP.
(Registrant)
Date: December 9, 1999 By: /s/ Roger L. Smith
------------------------------------
Roger L. Smith
Vice President Finance
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EXHIBIT INDEX
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<CAPTION>
Exhibit No. Page No.
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<S> <C> <C>
20.1 Press release dated December 9, 1999 5
Announces Closure of Mineral Ridge
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SUITE 3000
370 SEVENTEENTH STREET
[LOGO] DENVER, CO U.S.A. 80202
TELEPHONE: (303) 629-2450
FAX: (303) 629-2499 Trading Symbol: VGZ
Toronto and American Stock Exchanges
- ----------------------------------------------------- NEWS ---------------------
VISTA ANNOUNCES CLOSURE OF MINERAL RIDGE
DENVER, COLORADO, DECEMBER 9, 1999 -- Mr. Michael B. Richings, President and
Chief Executive Officer of Vista Gold Corp., announced today that Vista
Gold's wholly-owned subsidiary, Mineral Ridge Resources Inc., has decided to
cease mining activities at the Mineral Ridge mine in Nevada and has applied
for protection under Chapter 11 of the U.S. Bankruptcy Code in order to begin
the process of a permanent cessation of all mining activities. The decision
was made today following the collapse of discussions between Mineral Ridge
and Dresdner Bank for an orderly closure process.
As previously reported, gold production at the Mineral Ridge mine has failed
to meet expectations. Initially this was caused by mechanical difficulties
in the plant. More recently, significant and persistent ore losses have
occurred during mining operations in comparison to the quantities of ore in
the ore reserve estimates. After reviewing the mineable reserves with an
independent consultant, Mineral Ridge concluded it was probable that
significant losses of ore in terms of volume and grade could be expected in
the future. The reduced production, reduced ore reserves caused by ore
losses and the persistent low gold prices have resulted in the mine failing
to meet its required cash-flow targets under Mineral Ridge's loan agreement
with Dresdner Bank. In the beginning of December 1999, the debt was
approximately $14 million and on December 8, 1999, Dresdner Bank notified
Mineral Ridge that it was in default under the loan agreement. A number of
options were then considered and discussed with the bank, including the
continuation of mining activities on a reduced basis, and the cessation of
mining activities except heap-leaching gold on the pads to fund closure and
reclamation costs or a protective bankruptcy filing.
Although Mineral Ridge is a wholly-owned subsidiary of Vista Gold, the
Dresdner Bank loan was not guaranteed by Vista Gold when it acquired Mineral
Ridge in 1998 and there is no recourse to Vista Gold for any amounts owing
under the loan agreement.
Vista Gold Corp. is an international gold mining, development and exploration
company based in Denver, Colorado. Its holdings include the Hycroft mine in
Nevada, a development project in Bolivia and exploration properties 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 10-K as amended.
For further information, please contact Investor Relations at (303) 629-2450.
