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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
MAY 8, 2000
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.
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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 MAY 8, 2000 ANNOUNCING FIRST QUARTER 2000 RESULTS
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
Press release dated May 8, 2000 Announcing First Quarter 2000
Results
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: May 8, 2000 By: /s/ Roger L. Smith
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Roger L. Smith
Vice President Finance
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EXHIBIT INDEX
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EXHIBIT NO. PAGE NO.
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20.1 Press release dated May 8, 2000
Announcing First Quarter 2000 Results. 5
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[LETTERHEAD]
Trading Symbol: VGZ
Toronto and American Stock Exchanges
_______________________________________________________________ NEWS _________
VISTA GOLD CORP. ANNOUNCES FIRST QUARTER 2000 RESULTS
DENVER, COLORADO, MAY 8, 2000 - Vista Gold Corp. announced a net loss of
$162,000 for the three months ended March 31, 2000 as compared to a net loss
of $3.0 million for the same period in 1999. The primary reason for the
decrease in net losses was the discontinuance of operations at the Mineral
Ridge Mine and the result of the Corporation's efforts to reduce expenses and
overhead in all areas.
SUMMARY RESULTS
(U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
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THREE MONTHS ENDED
MARCH 31
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2000 1999
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Gold revenues $ 1,398 $ 6,410
Net loss (162) (3,045)
Earnings (loss) per share $ NIL $ (0.03)
Weighted average shares outstanding 90,715,040 90,715,040
CONSOLIDATED PRODUCTION
(OUNCES)
Hycroft mine gold production 4,927 15,770
Mineral Ridge mine gold production - 3,490
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Total gold production 4,927 19,260
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Hycroft's gold production continues to exceed expectations, and by the end of
the quarter Hycroft had produced 4,927 ounces. The additional gold production
can be attributed to metallurgical recovery that has exceeded projections
made from laboratory test work. This is an important and positive factor for
the Corporation's plans to restart the low-cost "run-of-mine" heap-leach
operation by confirming gold production projections and cost estimates
employed in the restart evaluation. The Corporation has continued to advance
its analysis of restarting operations at Hycroft, and currently, together
with its consultant, MRDI, is finalizing the evaluation.
In light of the continued low gold prices, the Corporation has taken many
steps to reduce the cost of its activities including significant reduction in
holding costs in Bolivia. The current cash position ($1.8 million, including
unsold bullion), together with the revenue from gold production (now
projected to be in excess of 12,000 ounces in 2000) and the reduced
expenditure levels, is sufficient to meet its needs into 2001. The
Corporation is pursuing a number of alternative plans to raise the additional
capital necessary to maintain its assets or provide for the recommencement
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of operations. The Corporation has recently retained a financial advisor with
a mandate to assist with any financing activities and to examine all
alternatives including merger opportunities. In addition, Vista has
contingency plans to dispose of surplus equipment should it be necessary,
which would provide an estimated additional one year of funding.
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 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 10-K.
For further information, please contact Investor Relations at (303) 629-2450.
