TORONTO, ONTARIO--(Marketwired - March 3, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Highvista Gold Inc. ("Highvista" or the "Company") (TSX VENTURE:HVV) reports that it has released its unaudited condensed interim consolidated financial statements for the three and nine months ended December 31, 2013 and the related management's discussion and analysis of financial position and results of operations ("MD&A").
As of December 31, 2013, the Company had cash and cash equivalents of $431,292 to settle current liabilities of $599,981, including $523,255 due to Norvista pursuant to a secured promissory note. The note is currently in default and on March 3, 2014, Norvista indicated that it intends to accelerate the repayment of the loan, which matures on April 30, 2014 and amongst other possibilities, realize on its security interest over certain assets of the Company.
The Company is considering its options, which may include attempting restructure of the debt with Norvista or negotiating with Norvista for the surrender of certain assets of the Company in satisfaction of the secured debt.
There can be no assurance that the Company will be able to reach a satisfactory agreement with Norvista.
Highvista owns 100% of a Mexican subsidiary that controls the 24,215 hectare Canasta Dorada Gold Project. This project is located in the Sonoran Gold Belt immediately adjacent to AuRico Gold's El Chanate Mine. Details of Highvista's Canasta Dorada Project can be viewed at the Company's website at www.highvistagold.com.
Statements in this press release may contain forward-looking information including, but not limited to, statements with respect to the Company's proposed drill program. Information concerning mineral resource estimates and the interpretation of exploration results may also be considered forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including but not limited to, the ability of the Corporation to raise sufficient capital to pay the exploration and development costs on the properties, the availability of skilled labour, availability of equipment, and future capital and operating costs. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, the unavailability of sufficient capital to pay for proposed exploration and development, the risks of capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, commodity price and exchange rate fluctuations, the uncertainty of estimates and projections relating to production, health, safety and environmental risks, delays in the development of projects, uncertainties relating to the interpretation of the geology, unanticipated operational or technical difficulties and other factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
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