EXHIBIT INDEX
EXHIBIT NO. PAGE NO.
----------- --------
20.1 Press release dated May 8, 2000
Announcing First Quarter 2000 Results. 5
-4-
[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)
THREE MONTHS ENDED
MARCH 31
---------------------------
2000 1999
------ -------
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
-----------------------------
Total gold production 4,927 19,260
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
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.
---
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.