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[GRAPHIC] 7961 SHAFFER PARKWAY
SUITE 5
LITTLETON, COLORADO 80127
TELEPHONE (720) 981-1185
FAX (720) 981-1186
Trading Symbol: VGZ
Toronto and American Stock Exchanges
____________________________________________________ N E W S _________________
VISTA GOLD CORP. ANNOUNCES SECOND QUARTER 2000 RESULTS
DENVER, COLORADO, AUGUST 8, 2000 - Vista Gold Corp. announced a net loss of
$775,000, or $0.01 per share, for the three months ended June 30, 2000 as
compared to a net loss of $4.5 million, or $0.05 per share, for the same
period in 1999. The primary reason for the improvement and decrease in net
losses was the discontinuance of operations at the Mineral Ridge Mine, which
operated at a loss in 1999.
SUMMARY RESULTS
(U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
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<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Gold sales $1,217 $ 4,862 $2,615 $11,272
Net loss (775) (4,491) (917) (7,536)
Earnings (loss) per share $(0.01) $ (0.05) $(0.01) $ (0.08)
Weighted average shares outstanding 90,715,040 90,715,040 90,715,040 90,715,040
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CONSOLIDATED PRODUCTION
(OUNCES)
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<S> <C> <C> <C> <C>
Hycroft mine gold production 4,212 10,104 9,139 25,874
Mineral Ridge mine gold production - 7,908 - 11,398
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Total gold production 4,212 18,012 9,139 37,272
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At the Hycroft mine, production (from ore previously mined and placed on the
leach pads) is expected to be 12,000 ounces for year 2000. The Corporation
has recently completed a feasibility study indicating favorable economics for
restarting the Hycroft operation at a spot gold price of $300 per ounce.
Vista is continuing to study other production models, which may support a
restart of mining at prices below $300 per ounce.
Exploration activities at Hycroft are being directed towards the previously
announced geochemical anomaly and have revealed a 2000-foot long silicified
fault breccia in the foot-wall of the structure that defines the east margin
of the Brimstone pit. The silicified breccia has been mapped with widths
ranging from 20 to 120 feet. The zone has consistently anomalous gold and
silver values, with gold
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ranging from .006 to .014 ounces per ton, and silver values ranging from one
to five ounces per ton. Secondary oxidized silver values over 30 ounces per
ton have been obtained from chip samples of five feet in width. The zone is a
new target, which offers the opportunity to increase the current Brimstone
oxide ore reserves.
In the immediate foot-wall of this silicified structure, chalcedonic veins
and pyritic silicification have been sampled. Vein widths of up to three feet
have been encountered with neighboring pyritic silicification reaching widths
of five feet. Silver values of ten to 30 ounces per ton have been obtained in
five-foot chip samples and while this zone has not yet been drilled by Vista,
it indicates that higher grade, vein type mineralization is present on the
Hycroft Property.
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. It is anticipated that the current cash position ($0.9
million, including unsold gold bullion), together with revenue from expected
gold production and the effect of reduced expenditure levels will be
sufficient to meet the Corporation's needs into 2001. The Corporation
together with its financial advisor is examining a number of alternative
corporate strategies. Vista also has contingency plans to dispose of surplus
equipment, should it be necessary, which would provide an estimated
additional one-year of funding at current expenditure levels.
The Corporation has relocated its executive office to 7961 Shaffer Parkway,
Suite 5, Littleton, Colorado 80127. The new telephone number is (720)
981-1185 and the facsimile number is (720) 981-1186.
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 (720) 981-1185.
