Vista Gold Corp. Announces Sale of Its Allied Nevada Gold Corp. Shares



    DENVER, April 3 /CNW/ -- Vista Gold Corp. ("Vista" or the "Company") (TSX
& NYSE Amex:   VGZ) announced that it has sold 1,529,848 shares of Allied Nevada
Gold Corp. ("Allied") for approximately US$9.0 million.  In May 2007, Vista
completed a transaction that resulted in the formation of Allied and the
transfer of Vista's Nevada properties to Allied. The Allied shares sold by
Vista were retained by Vista in connection with this transaction to facilitate
the payment of any taxes payable by Vista in respect of the transaction. 
Vista has determined that there are no other taxes payable by Vista in respect
of the transaction and made the decision to sell the Allied shares at the
appropriate time and use the cash for project development requirements. The
proceeds from the sale of the Allied shares will increase the Company's
unaudited cash balance to approximately US$20.5 million.
    

    
    Fred Earnest, President and COO of Vista, commented, "Since the formation
of Allied Nevada Gold Corp. we have watched the progress of Allied's
exploration and development programs.  Allied's success in expanding and
identifying new mineral resources at the Hycroft mine is very encouraging to
Vista, as we are starting to enjoy similar successes at our Mt. Todd gold
project in Northern Territory, Australia. Allied's recent success in reaching
commercial gold production at the Hycroft mine and the completion of a new
resource estimate are significant achievements that have had a favorable
impact on Allied's share price.  As a result, we decided that this was the
appropriate time to convert this working capital asset to cash."
    

    About Vista Gold
    
    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 our Paredones gold project, including the completion of a
bankable feasibility study and the purchase of long delivery equipment items
for use at that project. A drilling program was completed on our Mt Todd
project in 2008 and a new resource estimate was completed early in 2009.
Metallurgical studies are underway and a new pre-feasibility study is expected
to be completed during 2009. Vista's other holdings include the Guadalupe de
los Reyes project in Mexico, the Yellow Pine project in Idaho, the Awak Mas
project in Indonesia, and the Long Valley 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 the impact of working capital from the
disposition of Allied shares; plans for evaluation of the Mt. Todd project
including estimates of silver, copper and gold resources; preliminary
assessment results; completion of the pre-feasibility study for the Mt. Todd
project; Vista's future business strategy; plans; potential project
development; Vista's potential status as a producer including plans, timing
and targeted initial production levels; and other such matters are
forward-looking statements and forward-looking information.  When used in this
press release, the words "estimate", "plan", "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 project, including uncertainty relating to timing
and receipt for required governmental permits; uncertainty relating to timing
and receipt for confirmation of the validity of the Change of Land Use Permit
for the Paredones Amarillos 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 project and Mt. Todd project; 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 and Quarterly
Report on Form 10-Q 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.  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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890