As a result of a review by the British Columbia Securities
Commission, we are issuing the following news release to clarify
our disclosure. DENVER, Oct. 7, 2011 /CNW/ -- Vista Gold Corp.
("Vista" or the "Company") would like to clarify its disclosure in
a presentation (the "Prior Presentation") made at the Denver Gold
Forum in Colorado Springs, Colorado, and previously available on
the Company's website. Certain disclosure was not compliant with
sections 2.2(a), 2.2(c), and 3.4 of Canadian National Instrument
43-101 Standards of Disclosure for Mineral Projects ("NI 43-101")
because it aggregated measured and indicated resources with
inferred resources and did not provide required supporting
information and cautionary language. In addition, the Prior
Presentation contained certain disclosure that was not compliant
with section 2.3(1)(a) of NI 43-101 because it disclosed the
potential mineral content of a deposit without the disclosure
required by section 2.3(2) of NI 43-101. Also, non NI 43-101
compliant disclosure of an estimate of gross metal value was
included in the Prior Presentation. The Prior Presentation did not
state the name and relationship to the Company of each qualified
person responsible for preparing the technical information
disclosed in the Prior Presentation as required by section 3.1 of
NI 43-101. A new corporate presentation dated October 2011 (the
"Corporate Presentation") is available on the Company's website,
which does not contain the non-compliant disclosure. In the
interest of complete disclosure and to avoid any possible
confusion, Vista presents below its current estimated mineral
resources and reserves for all of its projects. Vista Gold Corp.
Estimated Total Gold Resources (5 Projects) Resource Contained Gold
Classification Ounces =============== ============== Measured (1)
2,993,000 --------------- --------- Indicated (1) 8,639,000
------------- --------- Measured & Indicated (1) 11,632,000
-------------- ---------- Inferred (2) 4,473,000 ============
========= Vista Gold Corp. Estimated Total Silver Resources
================================ (1 Project) =========== Resource
Contained Silver Classification Ounces ===============
================ Indicated (1) 8,314,000 --------------- ---------
Inferred (2) 9,426,000 ============ ========= Vista Gold Corp.
Estimated Gold Reserves by Project Metric CutOff Tonnes Average
Grade (g/ Grade ====== t) Contained ===== (x1000) ====== Gold (g/t)
======= Ounces Mineral Reserve Classification ===== ======
=============== Mt. Todd Gold Project - Batman Deposit
====================================== Proven (3) 0.4 48,961 0.91
1,431,000 Probable (3) 0.4 100,914 0.83 2,681,000 Proven and
Probable (3) 0.4 149,875 0.85 4,112,000 Concordia Gold Project
====================== Proven(3) 0.4 7,147 1.17 268,000 Probable(3)
0.4 30,801 1.06 1,047,000 ----------- --- ------ ---- ---------
Proven and Probable(3) 0.4 37,948 1.08 1,315,000 ============ ===
====== ==== ========= The foregoing estimated mineral reserves are
included in the estimated mineral resources disclosed in this press
release. Vista Gold Corp. Estimated Gold Resources by Project (with
silver resources as noted) Metric CutOff Tonnes Average Grade (g/
Grade ====== t) Contained ===== (x1000) ====== Gold (Silver) (g/t)
======= Ounces Mineral Resource Classification ===== =========
================ Mt. Todd Gold Project - Batman Deposit
====================================== Measured (1) 0.4 67,166 0.88
1,896,000 Indicated (1) 0.4 154,836 0.82 4,087,000 Measured &
Indicated (1) 0.4 222,002 0.84 5,983,000 Inferred (2) 0.4 103,563
0.78 2,610,000 Mt. Todd Gold Project - Quigleys Deposit
======================================== Measured (1) 0.5 511 1.04
17,000 Indicated (1) 0.5 5,565 0.91 162,000 Measured &
Indicated (1) 0.5 6,076 0.92 179,000 Inferred (2) 0.5 9,057 0.95
277,000 Concordia Gold Project ====================== Measured (1)
0.4 9,390 1.10 332,000 Indicated (1) 0.4 61,216 0.91 1,787,000
Measured & Indicated (1) 0.4 70,606 0.93 2,119,000 Inferred (2)
0.4 7,694 0.64 158,000 Guadalupe de los Reyes Gold/Silver Project
================================== Indicated (1) 0.5 10,048 1.50
484,000 Indicated Silver (1)* * 10,048 25.74 8,314,000 Inferred (2)
0.5 4,888 2.02 317,000 ------------ --- ----- ---- ------- Inferred
Silver(2)* * 4,888 59.98 9,426,000 =========== === ===== =====
========= Long Valley Gold Project ========================
Measured (1) 0.34 24,128 0.58 452,000 Indicated (1) 0.34 37,810
0.62 759,000 Measured & Indicated (1) 61,938 0.61 1,211,000
Inferred (2) 0.34 29,858 0.58 572,000 Awak Mas Gold Project
===================== Measured (1) 0.5 7,084 1.30 296,000 Indicated
(1) 0.5 34,609 1.22 1,360,000 Measured & Indicated (1) 41,693
1.24 1,656,000 -------------------- ------ ---- --------- Inferred
(2) 0.5 20,425 0.82 539,000 ============ === ====== ==== ======= *
The Guadalupe de los Reyes silver resources were estimated using
the calculated silver grades of the material within the respective
categories above using a gold cutoff grade of 0.5 g/t. Independent
qualified persons (as defined in NI 43-101) prepared or supervised
the preparation of the mineral resource estimates contained in this
press release. For additional information on these mineral resource
estimates and our projects, see the following press release and
technical reports, each of which is available on SEDAR and on the
Company's website: -- The Company's press release dated September
6, 2011, setting out an updated mineral resource estimate on our
Mt. Todd Gold Project, which was prepared by or under the
supervision of Dr. Rex Bryan, SME Registered Member, an independent
qualified person (as defined in NI 43-101). We expect to file a NI
43-101 the supporting technical report by October 20, 2011, which
will be available on SEDAR and on our website; -- "10.65 MTPY
Preliminary Feasibility Study, NI 43-101 Technical Report, Vista
Gold Corp., Mt. Todd Gold Project, Northern Territory, Australia,"
dated January 28, 2011, prepared by or under the supervision of
John W. Rozelle, D. Erik Spiller, Stephen A. Krajewski, and Edwin
C. Lips of Tetra Tech MM, Inc., Thomas L. Dyer, Mine Development
Associates and Deepak Malhotra, Resource Development Inc., each an
independent qualified person (as defined in NI 43-101); --
"Preliminary Feasibility Study, NI 43-101 Technical Report, Vista
Gold Corp., Mt. Todd Gold Project, Northern Territory, Australia,"
dated October 1, 2010, prepared by or under the supervision of John
Rozelle, D. Erik Spiller, Stephen A. Krajewski, and Edwin C. Lips
of Tetra Tech MM, Inc., Thomas L. Dyer, Mine Development Associates
and Deepak Malhotra, Resource Development Inc., each at the time of
the preparation of the report, an independent qualified person (as
defined in NI 43-101); -- "Feasibility Study Update, NI 43-101
Technical Report, Vista Gold Corp., Paredones Amarillos Gold
Project, Baja California Sur, Mexico," dated September 1, 2009
prepared by or under the supervision of Terry Braun of SRK
Consulting (US), Inc., Steven Ristorcelli and Thomas Dyer of Mine
Development Associates, Deepak Malhotra of Resource Development
Inc. and David Kidd of Golder Associates Inc., each an independent
qualified person (as defined in NI 43-101); -- "Technical Report
for the Guadalupe de los Reyes Gold-Silver Project, Sinaloa,
Mexico," dated August 12, 2009 and amended and restated on December
11, 2009 prepared by or under the supervision of Leonel Lopez of
Pincock, Allen & Holt, an independent qualified person (as
defined in NI 43-101); -- "Technical Report, Preliminary
Assessment, Long Valley Project, Mono County, California, USA,"
dated January 9, 2008 prepared by or under the supervision of Neil
Prenn and Thomas Dyer of Mine Development Associates, and Deepak
Malhotra of Resource Development Inc., each an independent
qualified person (as defined in NI 43-101); and -- "Preliminary
Assessment, Awak Mas Gold Project, Sulawesi, Indonesia," dated
January 16, 2008 prepared by or under the supervision of John
Rozelle, of Gustavson Associates, LLC, at the time of the
preparation of the report, an independent qualified person (as
defined in NI 43-101). Retraction of Previous Presentation: The
Company has withdrawn the Prior Presentation from the website and
has replaced it with the Corporate Presentation, disclosing the
Company's estimated mineral resources and reserves compliant with
NI 43-101. Cautionary Note Regarding Public Disclosure: In those
instances where the Company has retracted, revised, clarified or
updated previous disclosure, the Company advises the recipients of
such disclosure not to rely on such statements to the extent that
they may continue to be found in the public domain. The technical
information contained in this news release has been reviewed and
approved by Vista's Vice President of Exploration, Mr. Frank Fenne
P.G., who is a qualified person (as defined in NI 43-101).
Cautionary Note to U.S. Investors concerning estimates of Measured
and Indicated Resources: This press release and the reports
referred to in this press release use the terms "measured
resources," "indicated resources" and "measured & indicated
resources." We advise U.S. investors that while these terms are
Canadian mining terms as defined in accordance with NI 43-101 and
the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM")
- CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended (the "CIM
Standards"), such definitions differ from the definitions in U.S.
Securities and Exchange Commission ("SEC") Industry Guide 7 and are
normally not permitted to be used in reports and registration
statements filed with the SEC. The SEC normally only permits
issuers to report mineralization that does not constitute SEC
Industry Guide 7 compliant "reserves" as in-place tonnage and grade
without reference to unit measures. The term "contained gold
ounces" used in this press release is not permitted under the rules
of the SEC. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into SEC (1) Industry Guide 7 reserves. Cautionary Note
to U.S. Investors concerning estimates of Inferred Resources: This
press release and the reports referred to in this press release use
the term "Inferred Resources." We advise U.S. investors that while
this term is a Canadian mining term as defined in accordance with
NI 43-101 and the CIM Standards, this term is not a defined term
under SEC Industry Guide 7 and is normally not permitted to be used
in reports and registration statements filed with the SEC.
"Inferred Resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
Inferred Resource will ever be upgraded to a higher category. The
SEC normally only permits issuers to report mineralization that
does not constitute SEC Industry Guide 7 compliant "reserves" as
in-place tonnage and grade without reference to unit measures. The
term "contained gold ounces" used in this press release is not
permitted under the rules of the SEC. U.S. investors are cautioned
not to assume that any part or all of (2) an Inferred Resource
exists or is economically or legally minable. Cautionary Note to
U.S. Investors concerning estimates of Reserves: This press release
and the reports referred to in this press release use the term
"proven and probable reserves" and "mineral reserves." We advise
U.S. investors that while these terms are Canadian mining terms as
defined in accordance with NI 43-101 and the CIM Standards, such
definitions differ from the definitions in SEC Industry Guide 7.
Under SEC Industry Guide 7 standards, a "final" or "bankable"
feasibility study is required to report reserves, the three-year
historical average price is used in any reserve or cash flow
analysis to designate reserves and the primary environmental
analysis or report must be filed with the appropriate governmental
authority. U.S. investors are cautioned not to assume that any part
or all of mineral deposits in this category will ever be converted
(3) into SEC Industry Guide 7 reserves. About Vista Gold Corp.
Vista is focused on the development of its Mt. Todd gold project in
Northern Territory, Australia, and its Concordia gold project in
Baja California Sur, Mexico, to achieve its goal of becoming a gold
producer. After the initial public offering of the common shares of
Midas, Vista holds approximately 30% of Midas' common shares, which
has a large exploration property in Idaho, including the Yellow
Pine property previously held by Vista. Vista's other holdings
include the Guadalupe de los Reyes gold-silver project in Mexico,
the Awak Mas gold project in Indonesia and the Long Valley gold
project in California. For more information about our projects,
including technical studies and resource estimates, please visit
our website at www.vistagold.com. Forward-Looking Statement This
press release contains forward-looking statements within the
meaning of the U.S. Securities Act of 1933, as amended, and U.S.
Securities Exchange Act of 1934, as amended, and forward-looking
information within the meaning of Canadian securities laws. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that Vista expects or anticipates will or may occur in the future,
including such things as estimates of mineral resources and
reserves, the timing and completion of an updated technical report,
the high in situ potential value of resources at the Guadalupe de
los Reyes project, and other such matters are forward-looking
statements and forward-looking information. When used in this press
release, the words "optimistic", "potential", "indicate", "expect",
"intend", "hopes," "believe," "may," "will," "if, "anticipate" and
similar expressions are intended to identify forward-looking
statements and forward-looking information. 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. Such factors include, among others, uncertainty of
resource and reserve estimates, estimates of results based on such
resource and reserve estimates; risks relating to scheduling for a
technical study; risks that a new technical report will not be
filed within 45 days or at all; risks relating to cost increases
for capital and operating costs including cost of power; risks
relating to fluctuations in the price of gold; the inherently
hazardous nature of mining-related activities; potential effects on
Vista's operations of environmental regulations in the countries in
which it operates; risks due to legal proceedings; risks relating
to political and economic instability in certain countries in which
it operates; as well as those factors discussed under the headings
"Uncertainty of Forward-Looking Statements" and "Risk Factors" in
Vista's latest Annual Report on Form 10-K as filed on March 14,
2011, and Quarterly Report on Form 10-Q, as filed August 9, 2011
and other documents filed with the U.S. Securities and Exchange
Commission and Canadian securities commissions. Although Vista has
attempted to identify important factors that could cause actual
results to differ materially from those described in
forward-looking statements and forward-looking information, there
may be other factors that cause results not to be as anticipated,
estimated or intended. Except as required by law, Vista assumes no
obligation to publicly update any forward-looking statements or
forward-looking information; whether as a result of new
information, future events or otherwise. For further information,
please contact Connie Martinez at (720) 981-1185. Vista Gold Corp.
CONTACT: Web Site: http://www.vistagold.com
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