DENVER, March 13, 2013 /PRNewswire/ -- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced its audited financial results and highlights for the fiscal year ended December 31, 2012. Management's quarterly conference call to discuss these results is scheduled for 2:30 p.m. MDT on March 14, 2013. The Company's full audited financial statements, Management's Discussion and Analysis together with other important disclosures can be found in the Company's Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.
- Completed the resource conversion drilling program at the Mt. Todd gold project;
- Continued building the Mt. Todd development team by appointing Brent Murdoch as General Manager;
- Completed an updated resource estimate for the Guadalupe de los Reyes gold/silver project based on the Company's completed drilling program;
- Completed a Preliminary Economic Assessment on the Guadalupe de los Reyes gold/silver project;
- Held analyst days in Toronto and New York where Vista's senior management team provided the market an in-depth review of the technical and development work conducted at the Mt. Todd gold project over the previous six years; and
- Completed a public offering of units raising gross proceeds of $11.5 million.
Frederick H. Earnest, President and Chief Executive Officer, commented, "The market for gold equities since the beginning of the fourth quarter of last year has been extraordinarily challenging, with the GDXJ trading down over 34%. Despite the difficult markets, the Company is currently adequately financed and we are implementing steps to make sure we remain so. Although we had intended to complete a Preliminary Feasibility Study ("PFS") on the Mt. Todd gold project earlier this year, present market conditions have given us reason to re-evaluate our development strategy. Previous studies indicated that a larger project would be optimal, but we are currently focusing our analysis on defining a project that limits CapEx and maximizes operating margins, to the extent possible. We expect completion of a PFS within the next two months and will discuss our plans for the Mt. Todd gold project PFS in further detail during the conference call on Thursday after the market close."
Summary of 2012 Financial ResultsWe reported a net loss of $70.7 million or $0.95 per share for the year ended December 31, 2012. This includes an unrealized $50.4 million mark-to-market loss on our investment in Midas Gold Corp. ("Midas"), partly offset by a $20.1 million deferred tax benefit substantially related to this loss and a $6 million impairment of mill assets that had originally been purchased for use at the Los Cardones gold project. The mill assets are now held for sale. During the year ended December 31, 2011, we reported net income of $51.5 million, or $0.75 per share. The 2011 results included a $77.8 million unrealized gain on the disposal of our Yellow Pine gold project, and a $37.3 million unrealized mark-to-market gain on our investment in Midas, which was also partly offset by a $35.5 million deferred tax expense substantially related to these gains. Project expenditures at the Mt. Todd gold project, the Guadalupe de los Reyes gold/silver project, and at our corporate headquarters were in line with expectations.