Good day, ladies and gentlemen. Welcome to Vista Gold's 2013 Third Quarter Financial Results and update on recent activities. [Operator Instructions] As a reminder, this conference is being recorded. Today is Thursday, October 31, 2013. It is now my pleasure to introduce Vista's President and CEO, and your host, Mr. Fred Earnest. Please go ahead, sir.

Thank you, Sam. Good afternoon, ladies and gentlemen. Thank you for joining Vista Gold Corp.'s 2013 third quarter financial results and fourth 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. Market reaction during the third quarter has been diametrically opposed to the efforts of the Vista management team. We continue to achieve corporate and project advancement goals and objectives, yet at the end of the quarter we experienced an unexpected shareholder change as Van Eck Associates made a decision to remove Vista Gold from both the Market Vectors Gold Miners ETF or GDX and the Market Vectors Junior Gold Miners ETF or GDXJ. Vista was one of the handful of companies removed from the ETFs. The associated selling and subsequent index fund rebalancing resulted in 27.5 million shares being traded in the 9 trading days starting September 17 and ending on September 27. During this period of time, our share price dropped from $0.83 to $0.45. It is our understanding that Van Eck's decision was based purely on market cap criteria for the ETF and no other considerations. Prior to its divestiture, Van Eck held 12.5 million shares of Vista Gold stock between the 2 ETFs or approximately 15.3% of our outstanding shares. On another important corporate topic, I would like to note that as previously discussed, effective the 1st of August, the senior management team in the corporate office in Denver and the Mt. Todd project office in Australia joined me and the Board of Directors in taking a voluntary 20% reduction in cash compensation. Furthermore we have eliminated the payment of the cash bonus for 2013. This is a direct manifestation of the commitment and sense of responsibility felt by the management team to share in these difficult times with our shareholders. In the course of this call, we will be making forward-looking statements. These statements involve 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'll now turn the time over to Jack Engele. And 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 September 30, 2013. We reported a net loss of $3 million or $0.04 per share for the 3 months ended September 30, 2013. This includes operating expenses of $3.5 million and an impairment charge of $3.5 million on our mill equipment, which is held for sale. Offsetting these, we had an unrealized mark-to-market gain of about $4.5 million on our Midas shares. During the quarter, our operating expenses included $2.2 million for site management and maintenance work at Mt. Todd. This $2.2 million represents a dramatic reduction from Q1 and Q2 expenses which totaled $7.1 million and $5.9 million respectively. This is because we have completed several cash-intensive programs, including water treatment in the Batman Pit, the prefeasibility study and the environmental impact statement for the Mt. Todd project. In addition, the effect of some of our cost-cutting initiatives are becoming evident. During the quarter, we also incurred corporate general and administrative expenses of about $1.1 million. This is down from $1.9 million and $1.2 million for Q1 and Q2 respectively. Although some of this reduction is from timing differences, the effects of some of our cost cutting initiatives are becoming evident here as well. Activity at Guadalupe de los Reyes was minimal during the quarter. Turning to our balance sheet, our cash and cash equivalents as of September 30 totaled about $4.3 million. The September 30, 2013, fair value of our position in Midas Gold was $26.7 million. This is an increase of $4.5 million during the quarter. The number of shares that we hold remains unchanged at 31.8 million. Last quarter, I talked about the potential to extend our term loan. In September, we reached an agreement with our lender to extend…

Thank you, Jack. I will start with the non-core projects and conclude with the Mt. Todd gold project. I will start with the project review of the Awak Mas gold project in Indonesia. Our partner, One Asia Resources Limited, has recently completed the feasibility evaluation of the project and has obtained the environmental approvals for the development of the project. We are working with One Asia to complete the documentation needed to finalize the joint venture and to assess our options as we move forward. Those familiar with the original transaction will recall that Vista can elect to continue as a 20% JV partner in the project. We can elect to dilute to a 15% carried JV partnership, or we can elect to dilute to a 2% to 2.5% NSR royalty position. Moving to Los Cardones, as Jack noted on October 16, we closed a transaction to sell the Los Cardones project for $13 million, $7 million of which has been received, and $6 million of which is payable at the end of January 2014, failing which the project reverts to Vista and Vista keeps the $7 million initial payment. The decision to sell this project was consistent with our objective of financing the company through nondilutive means. I would point out it was made after serious consideration of the possible financing alternatives and dilution that would have occurred if we have had sold equity to raise a similar amount of capital. The Colomac mill equipment continues to be held by Vista for sale. A.M. King Industries continues to work to sell this equipment whether as a complete mill or as individual components. Recently we were advised that the company who had invested significant effort in evaluating our mill equipment have elected to purchase new equipment for their project. We…

[Operator Instructions] And our first question comes in from Adrian Day from Adrian Day Asset Management.

I caught what Jack was saying about the cost at Mt. Todd, but if he said it, I missed what your other expenses are. So what's your either overall burn rate or burn rate x Mt. Todd?

Burn rate excluding Mt. Todd, Adrian?

Yes.

It's really going to be our corporate G&A costs in the range of $1 million a quarter. We've got other miscellaneous costs, principally debt interest, as well that's going to be in the range of $100,000 to $200,000 per quarter.

[Operator Instructions] And our next question comes in from Dan Miranda [ph], who is a private investor.

I'm trying to figure out -- where are you giving your numbers from for the working capital $26 million? Could you just run through that for me, please?

For the working capital numbers? $26 million. Those are full [indiscernible] numbers, Dan [ph]. In other words, they are as if we had closed the Los Cardones transaction at the end of September. Los Cardones transaction brought $7 million in cash in the door, and it reduced our debt by $3 million. So that has working capital impacts. I also included the effect of the extension of the term loan. The term loan was due to expire March 2014, so as such it was a current liability. When we consider that we have extended that now to March 2015, it becomes for accounting purposes a noncurrent asset and comes out of the working capital calculation.

Okay. And that doesn't include any shares of Midas at all or value there?

Yes, it will include the shares of -- the value of the Midas shares. Let me just go to the balance sheet for a second. It will include the shares of the Midas stock. It also includes -- that's offset by the current -- by the deferred tax liability related to the tax liability that would be incurred in the event of a sale at Midas.

And we have another question coming in from Adrian Day from Adrian Day Asset Management.

Two questions actually, if I may. On the Midas shares, are there any encumbrances on you selling those? And then the second and perhaps bigger question, Mt. Todd, there is no question as you'd say there's huge value there, and it's very sensitive -- very leveraged to a higher price of gold. Would you be willing to entertain some kind of, I don't know what, investment in Mt. Todd, some kind of joint venture on Mt. Todd, that would reduce your costs, but obviously also reduce your ownership, or are you trying -- shall we say you're trying everything you can to hold on to Mt. Todd?

I'll let Jack respond to the question about Midas shares, and I'll respond to the Mt. Todd question.

With regard to Midas, Adrian, I think the fact that we have a control position in Midas is the biggest impediment to selling the stock. There are a few factors here. The stock is technically free trading. All of the legends and the conditions to our trading have now expired, and so it could be tradable. The control position dictates certain notices and time periods in advance of its grade. In addition, the stock is not registered in the United States, and so the logical buyer likely would be outside of the United States.

Right. Okay, okay. Don't get me wrong. I'm not urging you to sell it. I just wanted to know if you could sell it, yes?

Yes, understood.

And Adrian, the response to the second part of your question with regards to the Mt. Todd project, due to our belief that there is considerable value in the Mt. Todd project and that it is highly leveraged to the price of gold, and the fact that we have essentially completed all of the cash intensive activities that were planned and do not intend to undertake other similar activities given that we've been able to bring down our holding costs down considerably and are yet working on a couple of other options to further reduce our cash costs, our inclination at this time is to preserve a 100% interest in the Mt Todd project for our shareholders. Should this current market condition continue for a protracted period of time, this is something that we will likely revisit and review as time goes on, most likely sometime the latter part of the first half next year. But for the present time, it's our goal and ambition to preserve this value for our shareholders and to finance ourselves via undilutive or nondilutive means.

And there are no more questions at this time. Please continue.

Ladies and gentlemen, it appears that there are no further questions. On behalf of the Vista management team, I would like to thank you for your time this afternoon and for your interest. And we look forward to catching up with you individually as we're out and about and holding shareholder meetings, or if not before, at our next quarterly conference update call. Thank you very much. Have a good afternoon.

Ladies and gentlemen, this concludes your conference call for today. We thank you for your participation. You may now disconnect your lines.