\
[LOGO] 7961 SHAFFER PARKWAY
SUITE 5
LITTLETON, COLORADO 80127
TELEPHONE (720) 981-1185
FAX (720) 981-1186
Trading Symbol: VGZ
Toronto and American Stock Exchanges
_______________________________________ NEWS _______________________________
VISTA GOLD CORP. ANNOUNCES FIRST QUARTER 20001 RESULTS
LITTLETON, COLORADO, APRIL 30, 2001 - Vista Gold announced a net loss of
$0.5 million, or $0.01 per share for the three months ended March 31, 2001,
compared to a net loss of $0.2 million ($0.00 per share) for the same period
in 2000. The primary reason for the increased loss was a reduction in gold
production, offset partially by lower operating costs at the Hycroft mine. As
of March 31, 2001, the Corporation had $2.1 million in working capital,
including $1.2 million in cash.
SUMMARY RESULTS
(U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
THREE MONTHS ENDED
MARCH 31
------------------
2001 2000
------ ------
Gold Production (ounces) $1,387 $4,927
Gold revenues 351 1,398
Net loss (529) (162)
Loss per share $(0.01) $(0.00)
HYCROFT
The Hycroft mine continues to produce gold from the rinsing of the existing
leach pads, with 1,387 ounces recovered during the quarter. Gold production
for the same period last year was 4,927 ounces. The current lower production
was expected. Management estimates an additional 1,600 ounces of gold will be
recovered through the remainder of the year. Cash operating cost per ounce
of gold produced was $219 in the first quarter of 2001, compared to $217 per
ounce for the same period in 2000.
CORPORATE ACTIVITY
The Corporation has continued in its efforts to generate working capital. In
February, four haul trucks from the Hycroft mine were sold for net proceeds
of $1.8 million. In March, a hydraulic shovel was sold for net proceeds of
$0.8 million. The sale of this idle mining equipment allows the Corporation
to maintain the Hycroft mine, the Corporation's core asset, without diluting
the position of existing shareholders. In addition, the outstanding equipment
loan of $0.6 million has been paid off.
The Corporation has examined restarting the run-of-mine heap leaching
operation at Hycroft. The optimized production scenario would produce 350,000
ounces of gold over a five-year period at a cash cost of $183 per ounce and
provide an after-tax internal rate of return of 37-percent at a $300 gold
price. Following the sale of the trucks and shovel, an estimated $20 million
dollars of capital including $5 million of working capital will be required
to restart operations at Hycroft. Additional investment in exploration could
further enhance the project economics. If the Corporation can obtain
financing, mining operations could restart immediately, as the project is
fully permitted and infrastructure and key management are in place.
Together with its financial adviser, the Corporation continues to consider
and examine alternative corporate strategies.
Vista Gold Corp. is an international gold mining, development and exploration
company based in Littleton, Colorado. Its holdings include the Hycroft mine
in Nevada, development properties 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 as amended.
For further information, please contact Investor Relations at (720) 981-1185.