After rescuing the company from the brink of bankruptcy, Vista Mines’ (TSE) newly elected board of directors is attempting to put the affairs of the company back in order. The new 6-member board, including President Peter White and Secretary-Treasurer Eric Brown, were voted in at a special meeting in Regina, Sask., Feb. 9.
Trading of Vista shares has resumed on The Toronto Stock Exchange, and the company’s executive offices have been relocated to Saskatoon, Sask.
Vista ran into financial trouble last year after failing to bring its Rio gold mine property near Creighton, Sask. into production. The average grade of a 10,000-ton bulk sample proved too low (at 0.12 oz. gold per ton) to warrant a production decision.
However, according to Vista, its mothballed 325-tons-per-day Rio mill remains in good condition, with all equipment intact, and it will be kept on a care-and-maintenance business.
“The new board is negotiating with an accounting firm to prepare quarterly as well as annual financial results for the year ended Dec. 31,” Vista said.
Vista is a 10% owned affiliate of Vista International Petroleums.
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