Vista Gold Announces Confirmatory Drilling Program at Paredones Amarillos Gold Project and Update on Permitting Progress



    



    
    DENVER, Aug. 4 /CNW/ -- Vista Gold Corp. (TSX & NYSE Amex:   VGZ) ("Vista"
or the "Company") announced today that it will be initiating a diamond
drilling program at the Paredones Amarillos gold project, located in Baja
California Sur, Mexico. The program of diamond drill holes is designed to
obtain samples to confirm process plant design criteria and provide additional
validation of the mineral reserve model used for the feasibility study
completed in September 2008 and announced in a press release dated September
8, 2008.  Vista received the final authorization to proceed with the drilling
program on Friday, July 31, 2009, and plans on mobilizing the drilling
contractor within two weeks. The Company expects to complete the drilling by
mid-October and complete the evaluation of the results later in the fourth
quarter.

    Vista's advisors and management have been working with Mexican
authorities to expedite the permitting process at the Paredones Amarillos gold
project. Vista's advisors have informed management that the Company's
application for the Temporary Occupation Permit ("TOP") for the use of the
federal land which overlies the Paredones Amarillos deposit is in the final
review stages and that the application process continues to advance favorably.
 Receipt of the TOP is a pre-requisite for filing an application for the
Change of Land Use Permit ("CUSF") which will enable the Company to commence
development of Paredones Amarillos.  The Company has already prepared the CUSF
application and obtained the environmental permit necessary to submit the
application. The Company intends to submit the CUSF application as soon as the
TOP is received.

    Fred Earnest, the Company's President and COO, said, "Approval of the
drilling program is a positive sign and we are hopeful that the final stages
of the Paredones Amarillos permitting process will now move more rapidly. We
expect that the receipt of the TOP and the results of the drilling program
will enable us to commence detailed engineering and refurbishment of the
milling equipment we purchased in April 2008, as well as advance project
financing efforts. We are currently in the final stages of updating the
capital and operating costs and project economics for the development of the
Paredones Amarillos gold project and plan to release the results shortly."
    

    About Vista Gold Corp.

    
    Since 2001, Vista has acquired a number of gold projects with the
expectation that higher gold prices would increase their value. For more
information about our projects, including technical studies and resource
estimates, please visit our website at www.vistagold.com. Vista has undertaken
programs to advance the Paredones Amarillos gold project, located in Baja
California Sur, Mexico, including a definitive feasibility study, the purchase
of long delivery equipment items, and the purchase of land for the processing
facilities, related infrastructure and the desalination plant. The results of
a Preliminary Economic Assessment completed in 2009 on the Mt. Todd gold
project in Australia are encouraging and Vista is undertaking other studies to
advance the project, with the completion of a preliminary feasibility study
targeted for the fourth quarter of 2009   Vista's other holdings include the
Guadalupe de los Reyes gold project in Mexico, Yellow Pine gold project in
Idaho, Awak Mas gold project in Indonesia, and the Long Valley gold project in
California.
    

    Forward-Looking Statements
    
    This press release contains forward-looking statements within the meaning
of the U.S. Securities Act of 1933 and U.S. Securities Exchange Act of 1934
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 financial and operating results and estimates; potential funding
requirements and sources of capital; plans for budgeting financial recoveries;
the timing, performance and results of feasibility studies including the
timing and receipt of required land use, environmental and other permits for
the Paredones Amarillos gold project and timing for starting and completion of
drilling and testing programs at the Paredones Amarillos gold project; the
timing and outcome of the application for the TOP and for the new CUSF for the
Paredones Amarillos gold project and timing for confirmation of the status of
such permits; anticipated timing of commencement of construction and
commencement of production at the Paredones Amarillos gold project;
preliminary assessment results for the Mt. Todd gold project; and plans and
timing for a preliminary feasibility study at the Mt. Todd gold project;
Vista's future business strategy; goals; operations; plans; potential project
development; future gold prices; Vista's potential status as a producer
including plans and timing of potential production; and other such matters are
forward-looking statements and forward-looking information.  When used in this
press release, the words "estimate", "plan", "will", "target", "anticipate",
"expect", "intend", "believe" 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,
risks relating to general economic conditions, delays and incurrence of
additional costs in connection with our Paredones Amarillos gold project,
including uncertainty relating to timing and receipt for required governmental
permits; uncertainty relating to timing and outcome of the TOP and the new
CUSF for the Paredones Amarillos gold project, uncertainty of feasibility
study results and preliminary assessments and of estimates on which such
results are based; risks relating to delays in commencement and completion of
construction at the Paredones Amarillos and Mt. Todd gold projects; risks of
significant cost increases; risks of shortages of equipment or supplies; risks
that Vista's acquisition, exploration and property advancement efforts will
not be successful; risks relating to fluctuations in the price of gold; the
inherently hazardous nature of mining-related activities; uncertainties
concerning reserve and resource estimates; 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; risks related to
repayment of debt; risks related to increased leverage; and uncertainty of
being able to raise capital on favorable terms or at all; as well as those
factors discussed in Vista's latest Annual Report on Form 10-K, as amended and
Quarterly Report on Form 10-Q and other documents filed with the U.S.
Securities and Exchange Commission and Canadian securities regulatory
authorities.  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. 
There can be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. 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, or visit the Vista Gold Corp. website at www.vistagold.com
    



    




For further information:

For further information: Connie Martinez of Vista Gold Corp.,
+1-720-981-1185 Web Site: http://www.vistagold.com


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