EXHIBIT 99.1

g115341mmi001.jpg

7961 Shaffer Parkway

Suite 5

Littleton, CO  80127

Phone:  720-981-1185

Fax:      720-981-1186

Trading Symbol:  VGZ

Toronto and NYSE MKT Stock Exchanges

 

__________________ NEWS _________________ 

 

Vista Gold Corp. Announces 2016 Results

Denver, Colorado, February 22, 2017 -  

Vista Gold Corp. (“Vista,” the “Company,” “we” or “our”) today announced its audited financial results and highlights for the fiscal year ended December 31, 2016. Management's quarterly conference call to discuss these results is scheduled for 9:00 a.m. MST on February 24, 2017. 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. 

Summary of 2016 Financial Results

We reported a  net loss of $3.1 million or $0.04 per share for the year ended December 31, 2016. This includes $7.7 million of operating expenses; a $3.2 million mark-to-market gain on our investment in Midas Gold Corp.; $1.3 million of payments received from the Australian Government under a research and development incentive program for qualifying costs incurred in 2014 and 2015; and $0.1 million of other income.  

Our working capital at December 31, 2016 totaled approximately $28.4 million, including cash and short-term investments (comprised of government securities) of approximately $23.9 million. The 2016 increase in working capital and cash resulted mainly from our August 2016 public equity financing which provided net cash proceeds of $15.9 million. The Company currently has no debt.    

Frederick H. Earnest, President and Chief Executive Officer, commented, “With the equity offering completed in August 2016, we believe we have sufficient working capital to fund our fixed costs for several years in addition to continuing to execute selected optimization programs and completing all of the critical milestones necessary to advance our Mt Todd project to the point of a development decision.  In the near-term, we plan to complete feasibility-study level testing of the ore screening and sorting processes and grind size optimization testing which we expect will confirm the potential process improvements we reported in our press release dated November 28, 2016.  Following completion of these tests, we anticipate updating our 2013 Preliminary Feasibility Study to reflect improvements in the USD:AUD exchange rate, the results of process flowsheet optimizations and other cost reductions that are expected to have an impact on the Mt Todd project economics. We continue to focus on obtaining the authorizations for the Mt Todd project and have begun drafting the mine management plan (“MMP”), which is one of the final remaining major permits for Mt Todd.”

To review the Company's Annual Report on Form 10-K for the year ended December 31, 2016, including the related Management's Discussion and Analysis, visit any of the following websites: www.sedar.com,  www.sec.gov or www.vistagold.com.

All dollar amounts in the press release are U.S. dollars.

Management Conference Call

A conference call with management to review our financial results for the fiscal year ended December 31, 2016 and to discuss corporate and project activities is scheduled for Friday,  February 24, 2017 at 9:00 a.m. MST.

 


The following information was filed by Vista Gold Corp (VGZ) on Friday, February 24, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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