Vista Gold Corp. Announces Second Quarter Financial Results



    DENVER, Aug. 9 /CNW/ -- Vista Gold Corp. (Amex:   VGZ; TSX) announced today
its financial results for the quarter and six months ended June 30, 2007, as
filed on August 9, 2007, with the US Securities and Exchange Commission and
the relevant securities commissions in Canada in the Corporation's Quarterly
Report on Form 10-Q.  Vista reported a consolidated net loss for the
three-month period ended June 30, 2007, of US$3.2 million or US$0.10 per share
compared to a consolidated net loss of US$0.9 million or US$0.04 per share for
the same period in 2006.  The Corporation's consolidated net loss for the
six-month period ended June 30, 2007, was US$4.0 million or US$0.13 per share
compared to a consolidated net loss of US$2.0 million or US$0.09 per share for
the same period in 2006.  The increased losses for the three-month and
six-month periods compared to the respective prior-year periods of US$2.3
million and US$2.0 million, are primarily the result of one-time costs of
US$2.4 million related to the completion, on May 10, 2007, of the previously
announced Arrangement involving the Corporation, Allied Nevada Gold Corp. and
Carl and Janet Pescio.  The transaction resulted in the acquisition by Allied
Nevada of the Corporation's Nevada properties and the Nevada mineral assets of
Carl and Janet Pescio.
    Upon completion of the Arrangement on May 10, 2007, the Corporation
transferred its Nevada properties, and US$25.0 million in cash net of US$0.6
million in loan repayments, Allied Nevada in return for 26,933,055 shares of
Allied Nevada common stock. Also, pursuant to the Arrangement, the
Corporation's shareholders exchanged each of their Vista Gold Corp. common
shares and received, subject to applicable withholding taxes:  (a) one new
share of Vista Gold Corp., (b) 0.794 of a share of Allied Nevada common stock,
and (c) any payment they are entitled to receive in lieu of a fractional share
of Allied Nevada.  Of the 26,933,055 Allied Nevada shares issued to the
Corporation, 25,403,207 shares were distributed to the Corporation's
shareholders, less any applicable withholding taxes, and the Corporation
retained 1,529,848 shares to facilitate the payment of any taxes payable by it
in respect to the Arrangement.  Holders of Vista Gold Corp. options exchanged
their options for options to acquire Allied Nevada shares and options to
acquire newly created Vista Gold Corp. shares, and holders of the
Corporation's warrants had their warrants adjusted in accordance with the
terms of the warrants.
    At June 30, 2007, the Corporation's total assets were US$53.9 million
compared to US$92.7 million at December 31, 2006, representing a decrease of
US$38.8 million. The decrease of US$38.8 million was primarily due to US$43.1
million of assets transferred from the Corporation to Allied Nevada upon
completion of the Arrangement.  The US$43.1 million included cash of US$24.4
million (being the above US$25 million net of the US$0.6 million loan
repayment) and other assets of US$18.7 million, offset by an increase in
marketable securities of US$7.0 million which primarily reflects the fair
market value of the 1,529,848 shares of Allied Nevada retained by the
Corporation to facilitate payment of any taxes payable in respect to the
Arrangement.
    At June 30, 2007, the Corporation had working capital of US$27.5 million
compared to US$49.7 million at December 31, 2006, representing a decrease of
US$22.2 million.  The principal component of working capital at both June 30,
2007, and December 31, 2006, is cash and cash equivalents of US$19.0 million
and US$48.7 million, respectively.  At June 30, 2007, we had no outstanding
debt to banks or financial institutions.
    Net cash used in operations was US$1,768,000 for the three-month period
ended June 30, 2007, compared to US$1,105,000 for the same period in 2006.
Cash used in operations was US$2,966,000 for the six-month period ended June
30, 2007, compared to US$2,146,000 for the same period in 2006.
    Net cash used for investing activities increased to US$26.3 million for
the three-month period ended June 30, 2007, compared to US$0.8 million for the
same period in 2006. The increase of US$25.5 million mostly reflects the net
US$24.4 million cash transferred to Allied Nevada Gold Corp in connection with
the closing of the Arrangement. Net cash used for investing activities
increased to US$28.3 million for the six-month period ended June 30, 2007,
from US$2.3 million for the same period in 2006.  The increase of US$26.0
million is mostly the result of the completion of the Arrangement as noted
above.
    Net cash provided by financing activities decreased to US$250,000 for the
three-month period ended June 30, 2007, from US$19.8 million for the same
period in 2006.  Net cash provided by financing activities decreased to US$1.5
million for the six-month period ended June 30, 2007, from US$25.3 million for
the same period in 2006.  Warrants exercised during the three-month period
ended June 30, 2007 produced cash proceeds of US$250,000 as compared to
US$19.7 million for the same period in 2006.  Warrants exercised during the
six-month period ended June 30, 2007 produced cash proceeds of US$1.5 million
as compared to US$24.8 million for the same period in 2006.  For the both
three and six-month periods, the decreases relate to the acceleration of the
February 2003 warrants and the September 2004 warrants in May 2006.  There
were no accelerations of warrants during 2007.
    The selected financial data including the results of operations for the
three-month and six-month periods ended June 30, 2007 compared to 2006, and
the financial positions as at June 30, 2007 compared to December 31, 2006, is
summarized in the following table:



    
    Selected Financial Data            Three Months Ended    Six Months Ended
                                             June 30,             June 30,
                                          2007     2006       2007      2006
    U.S. $000's, except loss per share
    

    
    Results of operations
    Net loss                            $(3,228)    $(926)  $(4,004)  $(2,034)
    Basic and diluted loss per share      (0.10)    (0.04)    (0.13)    (0.09)
    

    
    Net cash used in operations          (1,768)   (1,105)   (2,966)   (2,146)
    Net cash used in investing
     activities                         (26,290)     (830)  (28,287)   (2,279)
    Net cash provided by financing
     activities                             250    19,834     1,512    25,290
    

    
    Financial position                  June 30, December 31,
                                          2007      2006
    

    
    Current assets                      $27,904   $50,430
    Total assets                         53,908    92,731
    Current liabilities                     415       732
    Total liabilities                       440     5,604
    Shareholders' equity                 53,468    87,127
    

    
    Working capital                      27,489    49,698
    About Vista Gold Corp.
    
    Since 2001, Vista has acquired a number of discovered gold projects with
the expectation that higher gold prices would significantly increase their
value. As gold prices have risen, Vista has completed various preliminary
evaluations that have demonstrated that some of the projects would be
potentially viable operations at today's gold prices. Currently, Vista is
undertaking technical programs to bring the most advanced projects to the
point where decisions can be made to put these projects into production,
either by Vista, or through sale or joint venture to other mining companies.
Vista's holdings include the Paredones Amarillos and Guadalupe de los Reyes
Projects in Mexico, Mt. Todd Project in Australia, Yellow Pine Project in
Idaho, Awak Mas Project in Indonesia, Long Valley Project in California, and
the Amayapampa Project in Bolivia.
    This press release contains forward-looking statements within the meaning
of the U.S. Securities Act of 1933 and U.S. Securities Exchange Act of 1934.
All statements, other than statements of historical facts, included in this
press release that address activities, events or developments that Vista
expects or anticipates will or may occur in the future, including such things
as future business strategy, competitive strengths, goals, operations, plans,
potential project development, future share price and valuation, future gold
prices, Vista's potential status as a producer, and other such matters are
forward-looking statements.  When used in this press release, the words
"estimate", "plan", "anticipate", "expect", "intend", "believe" and similar
expressions are intended to identify forward-looking statements.  These
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Vista to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.  Such factors
include, among others, risks that Vista's acquisition, exploration and
property advancement efforts will not be successful; risks relating to
fluctuations in the price of gold; the inherently hazardous nature of mining-
related activities; uncertainties concerning reserve and resource estimates;
potential effects on Vista's operations of environmental regulations in the
countries in which it operates; risks due to legal proceedings; risks relating
to political and economic instability in certain countries in which it
operates; and uncertainty of being able to raise capital on favorable terms or
at all; as well as those factors discussed in Vista's latest Annual Report on
Form 10-K and Quarterly Report on Form 10-Q and other documents filed with the
U.S. Securities and Exchange Commission.  Although Vista has attempted to
identify important factors that could cause actual results to differ
materially from those described in forward-looking statements, there may be
other factors that cause results not to be as anticipated, estimated or
intended.  There can be no assurance that such statements will prove to be
accurate as actual results and future events could differ materially from
those anticipated in such statements.  Vista assumes no obligation to publicly
update any forward-looking statements, whether as a result of new information,
future events or otherwise.
    For further information, please contact Connie Martinez at (720)
981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com




For further information:

For further information: Connie Martinez of Vista Gold Corp., 
+1-720-981-1185 Web Site: http://www.vistagold.com


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