Good day, ladies and gentlemen, and welcome to Vista Gold’s First Quarter 2013 Financial Results and update on recent activities. (Operator Instructions). Following the presentation, we will conduct a question-and-answer session. (Operator Instructions). As a reminder, this conference is being recorded. Today is Wednesday, May 8, 2013. It is now my pleasure to introduce Vista’s President and Chief Executive Officer and your host, Mr. Fred Earnest. Please go ahead, Mr. Earnest.

Thank you, Valarie. Good afternoon, ladies and gentlemen. Thank you for joining Vista Gold Corp’s 2013 Q1 financial results and second quarter project update conference call. I am pleased to be joined on this call by Jack Engele, our Senior Vice President and CFO. Also present with us here in Denver is Connie Martinez, our Director of Investor Relations. As everyone knows, the market for gold equities, in general, has been extremely challenging this year. Year-to-date, Vista Gold is down 43%, roughly in alignment with the performance of the Market Vectors Junior Gold Miners ETF or GDXJ. Although the gold price has recovered some ground since its precipitous drop in April, we think it is prudent to be prepared for a continuation of volatility in the gold and gold equity markets. Accordingly, we have developed and are continually evaluating strategies that will help to ensure that we remain fully funded through non-dilutive means, thus ensuring that we meet our compliance and environmental responsibilities. We believe that our plans will allow us to continue to add value and advance the Mt. Todd project in preparation for development of the project when market conditions improve. In the course of this call, we will be making forward-looking statements. These statements involved known and unknown risks, uncertainties and other factors, which may cause the actual results’ performance or achievements of Vista to be materially different from any future results, performance, or achievements expressed or implied by such statements. Please refer to our Form 10-K for a detailed discussion of risks and other important factors that could cause actual results to differ materially from those in our forward-looking statements. I will now turn the time over to Jack Engele. Following his discussion of the financial results, I will provide an update on the status of our core projects.

Thank you, Fred. Good afternoon, everyone. I’ll start with our statement of income and loss for March 31, 2013. We reported a net loss of $27.4 million, or about $0.34 a share for the three months ended March 31, 2013. The largest component of this loss was an $18.2 million mark-to-market loss, net of tax, on our Midas shares. We expensed a total of $7.1 million during the quarter for exploration and related work, mainly at Mt. Todd, where we completed a significant water treatment program. Other operating activities include work on the Mt. Todd feasibility study and advancing the project permitting process. During the quarter, we also incurred general and administrative expenses of $1.9 million. Activity at Guadalupe de los Reyes was minimal during the quarter, as our principal focus right now is Mt. Todd. I should point out that these exploration and G&A expenses company-wide include a total of about $900,000 in non-cash stock-based compensation expense. Turning to our balance sheet, our cash and cash equivalents decreased a net of about $2 million during the quarter to $16.3 million. During the quarter, we used $9.5 million in operations. About a quarter of that amount was used to continue the water treatment program at Mt. Todd. We also used about $2 million for plant equipment additions at Mt. Todd. In March, we closed a one year term loan facility, which provided $9.8 million net proceeds to the company. We saw this as a fairly priced non-dilutive source of liquidity during a very difficult equity market. And it gives us the ability to continue our evaluation at Mt. Todd, where we expect to complete a Pre Feasibility Study shortly and significantly advance the project permitting process, neither of which is particularly capital-intensive. Some of the key features of the loan…

Thank you, Jack, for discussing Vista’s financial results for the first quarter of 2013. I will provide a brief overview of our projects, starting with our non-core projects and concluding with, most importantly, with the Mt. Todd gold project. I will start with the Awak Mas gold project in Indonesia. Our partners, One Asia Resources Limited, continued to make progress with the evaluation and permitting of the project. Meetings related to the final approval of the environmental permit and the acceptance of the project feasibility study were held with the respective Indonesian authorities in the last two weeks. And while no official announcements have been made, we are pleased with the good progress that has been made by One Asia in the advancement of this project and we expect that they will be in a position to complete all of their obligations under the joint venture agreement later this year. At the Los Cardones gold project, formally the Concordia gold project in Baja California Sur, Mexico, the Invecture Group has advised us that permitting is moving forward, although at a slower pace than expected. In meetings with the Invecture Group earlier this week, we were advised that Invecture believes it will be in a position to submit both the environmental permit and Change of Forest Land Use applications later this summer. This leads us to believe that we might see the Earn-in Right exercised in the fourth quarter of this year. As previously reported, we have retained A.M. King Industries to manage the orderly sale of the mill equipment, all of which is in storage in Calgary or Edmonton. Two companies have expressed interest in the mill equipment and have either completed inspections or are working with their process engineers to evaluate the suitability of the equipment for their respected…

Thank you. (Operator Instructions).

Valarie, it appears that there are no questions

Actually, we do have one question.

We do have one.

We do. A question from Marco Rodriguez of Stonegate Securities, please go ahead. Marco Rodriguez – Stonegate Securities: Good afternoon, guys. Thank you for taking my questions, apologize, I had to step out for a quick second here. Just going back to your commentary in regard to the Mt. Todd development strategy there, did I hear correctly that it’s a 30,000 tonne and a 45,000 tonne scenario?

That is correct, Marco. The two cases that will be reported in the Preliminary Feasibility will be a 30,000 tonne per day case and a 45,000 tonne per day case. Marco Rodriguez – Stonegate Securities: Could you perhaps provide a little bit of color of how you arrived at that? I think in the last conference call we were possibly talking about something as small as 15,000 tonnes.

Right. As I indicated in the call, we have looked at combinations of mine plans using anything from 0.4 to 0.6 gram per tonne cut-off grades, combined with internal discount factors from 5% to 20%. We have had our process engineers estimate capital costs for a 15,000 tonne per day plant, a 20,000 tonne per day plant and obviously 30,000 and 45,000. That work has been completed in the last eight weeks. We have built numerous detailed cash flow models and we have determined that the 30,000 and 45,000 tonne per day cases result in the most attractive project economics and the most efficient use of the resource. Marco Rodriguez – Stonegate Securities: Got it and last quick question, cash used in operations this quarter was just shy of $10 million, about $9.7 million. What are you expectations for the cash burn for the remainder of the year?

Cash burn for the remainder of the year, Marco, is going to average in the range of $5 million, $5.25 million per quarter. I can give you some detail on that in terms of how much of that is Mt. Todd, G&A, et cetera; $3 million to $3.5 million at Mt. Todd per quarter; about $1.3 million to $1.5 million per quarter G&A and then another $250,000 a quarter for other costs, mainly debt interest. Marco Rodriguez – Stonegate Securities: Got it. Thanks a lot, guys.

Thank you, Marco.

Thank you. There are no further questions from the phone lines at this time. Please continue.

Valarie, on the risk that someone else might dial in, it appears that we have no questions. I would just like to take this opportunity to thank everyone for their interest in Vista Gold. And I just look forward to visiting with you again in approximately four weeks time to review the results of our Preliminary Feasibility Study. Thanks, everybody, and have a good afternoon.

Thank you. Ladies and gentlemen, this does conclude your conference call for today. We thank you for your participation. You may now disconnect your lines and have a great day.