FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

SUN VALLEY GOLD MASTER FUND, LTD

2. Date of Event Requiring Statement (MM/DD/YYYY)
7/27/2012 

3. Issuer Name and Ticker or Trading Symbol

VISTA GOLD CORP [VGZ]

(Last)        (First)        (Middle)

C/O GOLDMAN SACHS (CAYMAN) TRUST LTD, 45 MARKET STREET, GEORGE TOWN

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                            ___ X ___ 10% Owner
_____ Officer (give title below)          _____ Other (specify below)

(Street)

GRAND CAYMAN, E9 KY1-1103       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4) 		2. Amount of Securities Beneficially Owned
(Instr. 4) 		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5) 		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock   (1) 6850584   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4) 		4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5) 		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Warrants   (1)   (2) 7/27/2014   Common Stock   753333   $3.60   D    
Common Stock Warrants     (2) 10/22/2015   Common Stock   1673913     (3) D    

Explanation of Responses:
( 1)  A portion of the reported securities are included within 1,506,666 VGZ Units purchased by the reporting person for $3.00 per Unit. Each Unit consists of one share of common stock and a half warrant for a total of 1,506,666 shares and 753,333 warrants to purchase 753,333 shares.
( 2)  The Common Stock Warrants are exercisable at any time on or before the expiration date.
( 3)  The Common Stock Warrants are exercisable at the following prices: $4.00 from 10/23/11 to 10/22/12; $4.50 from 10/23/12 to 10/22/13; and $5.00 from 10/23/13 to 10/22/15.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
SUN VALLEY GOLD MASTER FUND, LTD
C/O GOLDMAN SACHS (CAYMAN) TRUST LTD
45 MARKET STREET, GEORGE TOWN
GRAND CAYMAN, E9 KY1-1103
X


Signatures
Sun Valley Gold Master Fund, Ltd., By: /s/ Peter F. Palmedo, Director 7/31/2012
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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