UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR
THE QUARTERLY PERIOD ENDED MARCH 31, 2001
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
--------------------
COMMISSION FILE NUMBER 1-9025
VISTA GOLD CORP.
(Exact name of registrant as specified in its charter)
Continued under the laws of the
Yukon Territory
(State or other jurisdiction of (Not Applicable)
incorporation or organization) (IRS Employer Identification No.)
7961 Shaffer Parkway
Suite 5
Littleton, Colorado 80127
(Address of principal executive offices) (Zip Code)
(720) 981-1185
(Registrant's telephone number, including area code)
--------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
------- -------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
90,715,040
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Common Shares, without par value, outstanding at May 1, 2001
--------------------
VISTA GOLD CORP.
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2001
INDEX
PAGE
----
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (Unaudited)
(i) Consolidated Balance Sheets as of March 31, 2001
and December 31, 2000 3
(ii) Consolidated Statements of Loss for the three months
ended March 31, 2001 and March 31, 2000 4
(iii) Consolidated Statements of Deficit for the three
months ended March 31, 2001 and March 31, 2000 4
(iv) Consolidated Statements of Cash Flows for the three
months ended March 31, 2001 and March 31, 2000 5
(v) Notes to Consolidated Financial Statements 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS 9
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS 11
ITEM 2. CHANGES IN SECURITIES 11
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 11
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 11
ITEM 5. OTHER INFORMATION 11
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 11
SIGNATURES 12
In this Report, unless otherwise indicated, all dollar amounts are
expressed in United States dollars.
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
VISTA GOLD CORP.
CONSOLIDATED BALANCE SHEETS
March 31 December 31
(U.S. dollars in thousands) 2001 2000
--------------------------- ---- ----
(Unaudited) (Audited)
ASSETS:
Cash and cash equivalents $ 1,177 $ 96
Accounts receivable 908 760
Supplies and other 496 464
----------------------------------
Current assets 2,581 1,320
Property, plant and equipment - Note 3 13,290 15,912
==================================
Total assets $ 15,871 $ 17,232
==================================
LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable $ 150 $ 218
Accrued liabilities and other 217 301
Current portion of long-term debt - Note 4 75 695
----------------------------------
Current liabilities 442 1,214
Accrued reclamation and closure costs 3,283 3,339
Other liabilities 3 6
----------------------------------
Long-term liabilities 3,286 3,345
----------------------------------
Total liabilities 3,728 4,559
Capital stock, no par value per share:
Preferred - unlimited shares authorized; no shares outstanding
Common - unlimited shares authorized; shares outstanding:
2001 and 2000 - 90,715,040 121,146 121,146
Deficit (107,514) (106,985)
Currency translation adjustment (1,489) (1,488)
----------------------------------
Total shareholders' equity 12,143 12,673
==================================
Total liabilities and shareholders' equity $ 15,871 $ 17,232
==================================
Nature of operations and going concern - Note 2
Commitments and contingencies - Note 5
Approved by the Board of Directors
/s/ David R. Sinclair /s/ Keith Steeves
---------------------------- ----------------------------
David R. Sinclair Keith Steeves
Chairman Director
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED
FINANCIAL STATEMENTS.
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VISTA GOLD CORP.
CONSOLIDATED STATEMENTS OF LOSS
Three Months Ended
March 31
--------
(U.S. dollars in thousands, except share data) 2001 2000
---------------------------------------------- ---- ----
(Unaudited) (Unaudited)
REVENUES:
Gold sales $ 351 $ 1,398
Other revenues 7 19
-------------------------------
Total revenues 358 1,417
COSTS AND EXPENSES:
Production costs 321 1,080
Depreciation, depletion and amortization 53 221
Provision for reclamation and closure costs - 10
Mineral exploration, property evaluation and holding costs 254 503
Corporate administration and investor relations 268 285
Interest expense 18 36
Gain on disposal of assets (27) (142)
Gain on sale of marketable securities - (280)
Other income - (134)
--------------------------------
Total costs and expenses 887 1,579
Net loss before taxes (529) (162)
Income taxes - -
--------------------------------
Net loss $ (529) $ (162)
================================
Weighted average shares outstanding 90,715,040 90,715,040
- --------------------------------------------------------------------------------------------------------------------
Net loss per share $ (0.01) $ (0.00)
- --------------------------------------------------------------------------------------------------------------------
VISTA GOLD CORP.
CONSOLIDATED STATEMENTS OF DEFICIT
Three Months Ended
March 31
--------
(U.S. dollars in thousands) 2001 2000
--------------------------- ---- ----
(Unaudited) (Unaudited)
Deficit, beginning of period $ (106,985) $ (93,776)
Net loss (529) (162)
--------------------------------
Deficit, end of period $ (107,514) $ (93,938)
================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED
FINANCIAL STATEMENTS.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31
--------
(U.S. dollars in thousands, except share data) 2001 2000
---------------------------------------------- ---- ----
(Unaudited) (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Loss for the period $ (529) $ (162)
ADJUSTMENTS TO RECONCILE LOSS FOR THE YEAR TO CASH
PROVIDED BY (USED IN) OPERATIONS:
Depreciation, depletion and amortization 53 221
Provision for reclamation and closure costs - 10
Reclamation and closure costs (56) (392)
Gain on disposal of assets (27) (142)
Loss (gain) on currency translation (1) 13
Other non-cash items (3) (3)
--------------------------------
(563) (455)
CHANGES IN OPERATING ASSETS AND LIABILITIES:
Marketable securities - 77
Accounts receivable (149) 166
Gold inventory - 47
Supplies inventory and prepaid expenses (32) 71
Accounts payable (68) (359)
Accrued liabilities and other (83) (134)
--------------------------------
Net cash used in operating activities (895) (587)
--------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment - (116)
Proceeds on disposal of fixed assets and supplies 2,595 176
Other assets - (64)
--------------------------------
Net cash provided by (used in) investing activities 2,595 (4)
--------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of debt (619) (115)
--------------------------------
Net cash used in financing activities (619) (115)
--------------------------------
Net increase (decrease) in cash and cash equivalents 1,081 (706)
Cash and cash equivalents, beginning of period 96 2,297
--------------------------------
Cash and cash equivalents, end of period $ 1,177 $ 1,591
================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED
FINANCIAL STATEMENTS.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(U.S. dollars in thousands unless specified otherwise)
1. General
The consolidated interim financial statements of Vista Gold Corp. (the
"Corporation") for the three months ended March 31, 2001, have been prepared by
the Corporation without audit and do not include all of the disclosures required
by generally accepted accounting principles in Canada for annual financial
statements. In the opinion of management, all of the adjustments necessary to
fairly present the interim financial information set forth herein have been
made. The results of operations for interim periods are not necessarily
indicative of the operating results of a full year or of future years. These
interim financial statements should be read in conjunction with the financial
statements and related footnotes included in the Corporation's annual report,
filed on form 10-K, for the year ended December 31, 2000. These interim
financial statements follow the same accounting policies and methods of their
application as the most recent annual financial statements.
2. Nature of operations and going concern
(a) NATURE OF OPERATIONS
Vista Gold Corp. is engaged in gold production in the United States, and gold
exploration activities in the United States, Canada, and Latin America.
The Corporation's results are dependent on the price of gold. Gold prices
fluctuate and are affected by numerous factors, including, expectations with
respect to the rate of inflation, exchange rates, interest rates, global and
regional political and economic circumstances and governmental policies,
including those with respect to gold holdings by central banks. The demand for
and supply of gold affect gold prices, but not necessarily in the same manner as
demand and supply affect the prices of other commodities. The supply of gold
consists of a combination of new mine production and existing stocks of bullion
and fabricated gold held by governments, public and private financial
institutions, industrial organizations and private individuals. The demand for
gold is primarily driven by its use in jewelry and investment. Additionally,
hedging activities by producers, consumers, financial institutions and
individuals can affect gold supply and demand. Gold can be readily sold on
numerous markets throughout the world and its market value can be ascertained at
any particular time. As a result, the Corporation is not dependent on any one
customer for the sale of its product.
(b) GOING CONCERN
These consolidated financial statements have been prepared on the basis of
accounting principles applicable to a going concern that assume the realization
of assets and the discharge of liabilities in the normal course of business. The
Corporation's consolidated cash balance was $1.2 million and working capital was
$2.1 million as of March 31, 2001. Management estimates total consolidated net
cash expenditures of $0.9 million through the remainder of 2001, including
$75,000 in debt repayments, with an estimated December 31, 2001 cash balance of
$0.3 million.
Management continues to pursue cost-cutting measures and is actively pursuing
additional sources of capital, including debt financing, the issuance of equity,
mergers with other companies, and the sale of property interests and other
assets. Management estimates that the Corporation will have sufficient cash
resources to continue its current level of activity through the end of March
2002. The Hycroft mine is the Corporation's principal source of operating cash
flows. Mining activities at Hycroft were suspended in 1998. The Hycroft mine is
currently producing gold from previously mined ore on the leach pads, a process
that will continue through 2001. However, the amount of recoverable gold
remaining in the leach pads is decreasing and as a result, the rate of gold
production will decrease throughout the year 2001. The Corporation is
investigating the economic feasibility of restarting the Hycroft mine and
developing the Amayapampa project in Bolivia. The plans to restart the Hycroft
mine and develop the Amayapampa project will depend on management's ability to
raise additional capital for these purposes. Although management has been
successful in raising such capital in the past, there can be no assurance that
it will be able to do so in the future. Because of these uncertainties, there is
substantial doubt about the ability of the Corporation to continue as a going
concern beyond March 2002. These financial statements do not give effect to any
adjustments, which may be necessary should the Corporation be unable to continue
as a going concern.
- 6 -
3. Property, plant and equipment
Property, plant and equipment is comprised of the following:
MARCH 31, 2001 DECEMBER 31, 2000
-------------- -----------------
ACCUMULATED ACCUMULATED
DEPRECIATION, DEPRECIATION,
AMORTIZATION AND AMORTIZATION AND
COST WRITE-DOWNS NET COST WRITE-DOWNS NET
---- ---------------- --- ---- ----------------- ---
Hycroft Mine $ 54,327 $51,963 $ 2,364 $ 60,953 $ 55,974 $ 4,979
Bolivian mineral properties 58,028 47,260 10,768 58,029 47,260 10,769
Corporate assets 467 309 158 467 303 164
-------- ------- -------- -------- -------- --------
$112,822 $99,532 $13,290 $119,449 $103,537 $15,912
======== ======= ======= ======== ======== =======
DISPOSAL OF ASSETS
During the first three months of 2001, Hycroft mining equipment with an original
cost of $6.6 million and a net book value of $2.6 million was sold for $2.6
million.
4. Current portion of long-term debt
The Corporation has a $75,000 term note, bearing 4.5% interest, which is due
October 31, 2001.
In January 2001, the $0.6 million term loan, which was collateralized by certain
mobile assets of the Hycroft mine was repaid from the proceeds of the sale of
mining equipment.
5. Commitments and contingencies
On August 25, 2000, United States Fidelity & Guarantee Company ("USF&G") filed
an action in the United States District Court against Vista Gold, Vista Gold
Holdings, Inc., Stockscape.com Technologies, Inc., Cornucopia Resources, Inc.,
Red Mountain Resources, Inc. and Touchstone Resources, Inc. This action involves
a General Contract of Indemnity in connection with the posting of a reclamation
bond for mining activities by Mineral Ridge Inc., the wholly owned subsidiary of
Vista Gold that holds the Corporation's investment in the Mineral Ridge mine, at
Silver Peak, Nevada. In the action, USF&G seeks to compel all of the defendants
to post additional collateral for the bond in the total amount of $793,583.
Neither Vista Gold nor Vista Gold Holdings, Inc. was a party to the General
Contract of Indemnity and both have denied any liability in connection
therewith.
In November 2000, the parties stipulated to an agreed upon discovery plan and
scheduling order. The maximum potential exposure to the Corporation is the
additional collateral requested in the amount of $793,583, together with the
attorneys' fees and costs related to the defense of the action. Other
defendants, if found to be jointly liable, could reduce the amount for which the
Corporation has exposure.
6. Geographic and segment information
The Corporation is engaged in gold production in the United States, and gold
exploration activities in the United States, Canada, and Latin America. Its
major product and only identifiable segment is gold, and all gold revenues and
operating costs are derived in the United States.
- 7 -
7. Differences between Canadian and United States generally accepted
accounting principles
The Corporation prepares its financial statements in accordance with accounting
principles generally accepted in Canada. These differ in some respects from
those in the United States. The effect of these GAAP differences on the
consolidated statements of loss were as follows:
CONSOLIDATED STATEMENTS OF LOSS
Three Months Ended
March 31
--------
(U.S. dollars in thousands, except share data) 2001 2000
---------------------------------------------- ---- ----
(Unaudited) (Unaudited)
Net loss - Canadian GAAP $ (529) $ (162)
Amortization reduction - 82
Revenue recognition (40) -
Cumulative impact of adopting SAB 101 - (59)
----------------------------------------
Net loss - U.S. GAAP (569) (139)
----------------------------------------
Comprehensive loss - U.S. GAAP $ (569) $ (139)
========================================
Basic loss per share - U.S. GAAP $(0.01) $(0.00)
- --------------------------------------------------------------------------------------------------------------------
The Corporation recognizes revenue upon adsorption of gold onto carbon. US GAAP
under SAB 101, the revenue recognition standard effective January 1, 2000,
requires that revenue not be recorded before title is passed.
The effect of GAAP differences on the consolidated balance sheets were as
follows:
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2001 DECEMBER 31, 2000
-------------- -----------------
PER CDN. CDN./U.S. PER U.S. Per Cdn. Cdn./U.S. Per U.S.
GAAP ADJ. GAAP GAAP Adj. GAAP
---- ---- ---- ---- ---- ----
(Unaudited) (Audited)
Current assets $ 2,581 $ (271) $ 2,310 $ 1,320 $ (231) $ 1,089
Property, plant and equipment 13,290 (7,637) 5,653 15,912 (7,637) 8,275
Common shares 121,146 76,754 197,900 121,146 76,754 197,900
Contributed surplus - 2,786 2,786 - 2,786 2,786
Deficit (107,514) (87,448) (194,962) (106,985) (87,408) (194,393)
- 8 -
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(U.S. dollars in thousands, unless specified otherwise)
RESULTS OF OPERATIONS
The Hycroft mine remains the principal source of earnings and operating cash
flows. In December 1998, mining activities were suspended at the Hycroft mine.
Currently, gold is recovered from previously mined ore that had been placed on
the heap leach pads.
HYCROFT MINE
THREE MONTHS ENDED
MARCH 31, 2001 MARCH 31, 2000
-------------- --------------
Gold ounces produced 1,387 4,927
Average revenue per ounce produced $253 $284
Cash operating cost per ounce $219 $217
The reduction in gold production reflects the expected gradual decrease in
recoverable gold in the Hycroft mine heap leach pads. Accordingly, gold sales of
$0.4 million for the three months ended March 31, 2001 decreased $1.0 million
from the same period in 2000.
Cash operating costs at the Hycroft mine totaled $0.3 million ($219 per ounce of
gold produced) for the three months ended March 31, 2001, compared to total cash
operating costs of $1.1 million ($217 per ounce of gold produced), for the same
period in 2000. The reduction in total spending is a direct result of the
decreasing level of activity at the Hycroft mine.
Depreciation, depletion and amortization (DD&A) for the three months ended March
31, 2001 totaled $0.1 million compared to $0.2 million in the same period in
2000. A significant portion of the property, plant and equipment at the Hycroft
mine has been fully depreciated. In addition, the equipment that was sold in the
first quarter of 2001 was written down to recoverable value as of December 31,
2000, consequently, no depreciation expense was recognized on this equipment in
2001.
There was no reclamation provision for the three months ended March 31, 2001. At
the Hycroft mine, reclamation and closure costs were fully accrued in 1998,
accordingly, no further provisions are anticipated.
Net loss for the three months ended March 31, 2001 was $0.5 million, compared to
a net loss of $0.2 million for the same period in 2000. The primary reason for
the increase in net loss was the lower level of activity at the Hycroft mine,
which resulted in lower gold production, offset partially by lower operating
costs.
Net cash flow used in operations was $0.9 million for the three months ended
March 31, 2001. This is an increase of $0.3 million from the same period in
2000, reflecting lower gold production from the Hycroft mine heap leach pads,
offset partially by the lower costs to operate the Hycroft mine. $2.6 million
net cash was provided by investing activities, which involved the sale of four
haul trucks and one shovel from the Hycroft mine. $0.6 million was used in
financing activities to repay the long-term equipment loan.
FINANCIAL CONDITION
The Corporation's consolidated cash balance was $1.2 million compared to $0.1
million at December 31, 2000 and working capital was $2.1 million as of March
31, 2001 compared to $0.1 million at December 31, 2000. This improvement is a
result of selling some Hycroft mining equipment for $2.6 million net cash.
Management estimates total net cash requirements of $0.9 million through the
remainder of 2001, including $75,000 in debt repayments, with an estimated
December 31, 2001 cash balance of $0.3 million.
Management continues to pursue cost-cutting measures and is actively pursuing
additional sources of capital, including debt financing, the issuance of equity,
mergers with other companies, and the sale of property interests
- 9 -
and other assets. Management estimates that the Corporation will have sufficient
cash resources to continue its current level of activity through the end of
March 2002.
GOING CONCERN
The Hycroft mine is the Corporation's principal source of operating cash flows.
Mining activities at Hycroft were suspended in 1998. The Hycroft mine is
currently producing gold from previously mined ore on the leach pads, a process
that will continue through 2001. However, the amount of recoverable gold
remaining in the leach pads is decreasing and as a result, the rate of gold
production will decrease throughout the year 2001. The Corporation is
investigating the economic feasibility of restarting the Hycroft mine and
developing the Amayapampa project in Bolivia. The plans to restart the Hycroft
mine and develop the Amayapampa project will depend on management's ability to
raise additional capital for these purposes. Although management has been
successful in raising such capital in the past, there can be no assurance that
it will be able to do so in the future. Because of these uncertainties, there is
substantial doubt about the ability of the Corporation to continue as a going
concern beyond March 2002.
OUTLOOK
At the Hycroft mine, gold production continues to exceed expectations and the
overall recovery from the Brimstone heap is now over 78 percent of cyanide
soluble gold compared to previous estimates of 75 percent. Re-circulation of
solutions and gold recovery will continue through 2001. In addition to the 1,387
ounces of gold recovered in the first three months of 2001, management expects
to recover 1,600 ounces of gold through the remainder of the year.
At today's low gold prices the Corporation continues to operate in a standby
mode, keeping costs to a minimum. There is good potential to add additional
oxide reserves and discover high-grade zones at Hycroft, but the exploration
drilling requires additional expenditures and management continues to explore
all avenues to find necessary funding. Hycroft is a large epithermal gold system
with multiple targets for high-grade mineralization making it a very valuable
asset. It remains one of the most under-explored systems in Nevada.
In Bolivia, the Amayapampa project is on standby and management is planning
further cost reductions in the next few months. The proven and probable reserves
at Amayapampa contain over 500,000 ounces of gold, but the Corporation believes
that a gold price of $325 per ounce will be required before the project can be
financed and developed.
- 10 -
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Except as described below, the Corporation is not aware of any material pending
or threatened litigation or of any proceedings known to be contemplated by
governmental authorities which is, or would be, likely to have a material
adverse effect upon the Corporation or its operations, taken as a whole.
On August 25, 2000, United States Fidelity & Guarantee Company ("USF&G") filed
an action in the United States District Court against Vista Gold, Vista Gold
Holdings, Inc., Stockscape.com Technologies, Inc., Cornucopia Resources, Inc.,
Red Mountain Resources, Inc. and Touchstone Resources, Inc. This action involves
a General Contract of Indemnity in connection with the posting of a reclamation
bond for mining activities by Mineral Ridge Inc., the wholly owned subsidiary of
Vista Gold that holds the Corporation's investment in the Mineral Ridge mine, at
Silver Peak, Nevada. In the action, USF&G seeks to compel all of the defendants
to post additional collateral for the bond in the total amount of $793,583.
Neither Vista Gold nor Vista Gold Holdings, Inc. was a party to the General
Contract of Indemnity and both have denied any liability in connection
therewith.
In November 2000, the parties stipulated to an agreed upon discovery plan and
scheduling order. On March 12, 2001 Stockscape/Cornucopia filed a cross-claim
against Vista Gold Corp. relating to the same issues but referring to the Share
Purchase and Sale Agreement between Cornucopia Resources Ltd. and Vista Gold
Corp. The maximum potential exposure to the Corporation is the additional
collateral requested in the amount of $793,583, together with the attorneys'
fees and costs related to the defense of the action. Other defendants, if found
to be jointly liable, could reduce the amount for which the Corporation has
exposure.
A legal dispute in Bolivia in which a Mr. Estanislao Radic ("Radic") brought
legal proceedings in the lower penal court in Bolivia against Mr. Raul Garafulic
("Garafulic"), resulted in comments in the Bolivian press questioning the
validity of the Corporation's ownership of the Amayapampa property. In May 1998,
a judge in the Bolivian penal court found there was no justifiable case. In June
1998, a judge of the superior court of the district of Potosi dismissed the
appeal of the case and indicated that there could be no further appeals on the
matter in the Bolivian penal courts. In 1999, this time in civil court, Radic
filed a second lawsuit against Garafulic, in Potosi, and Garafulic filed a civil
lawsuit for damages against Radic in La Paz. Garafulic appealed for the Supreme
Court to have both cases combined under the jurisdiction of a judge in La Paz.
Finally, in January 2001, the Supreme Court decreed that the lawsuits should be
combined and held in Potosi. Vista Gold never has and does not now have direct
ownership of the disputed property and is therefore uncertain as to why it is a
named defendant in this lawsuit. The Corporation does not anticipate that the
outcome of this civil suit will have any material adverse impact on Vista Gold
Corp. or the value of its holdings in Bolivia.
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
- 11 -
99.01 First Quarter 2001 Report to Shareholders
(b) Reports on Form 8-K
The following documents were filed under cover of Form 8-K
during the quarter ended March 31, 2001
1. Report dated February 1, 2001 regarding the sale of haul trucks.
2. Report dated March 29, 2001 regarding the Corporation's 2000 results.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VISTA GOLD CORP.
(Registrant)
Date: May 1, 2001 By: /s/ Ronald J. McGregor
-----------------------
Ronald J. McGregor
President and Chief Executive Officer
Date: May 1, 2001 By: /s/ John F. Engele
-------------------
John F. Engele
Vice President Finance
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