Vista Gold Corp., Mt. Todd Gold Project - Updated Resource Calculation Ounces of Gold



    DENVER, Feb. 27 /CNW/ -- Vista Gold Corp. (Amex:   VGZ; TSX: VGZ) is
pleased to announce that an updated gold resource estimate for the Batman
deposit at the Mt. Todd Gold Project in Northern Territory, Australia was
completed on February 26, 2008, by Tetra Tech of Golden, Colorado, in
accordance with Canadian National Instrument 43-101 standards.  This updated
gold resource estimate was completed under the direction of Mr. John Rozelle,
P.G., an independent Qualified Person, utilizing standard industry software
and resource estimation methodology. The previous resource estimate was
originally reported by Vista in a press release dated June 26, 2006.  The
updated resource estimate incorporates the results of 9,460 assay intervals
from 25 drill holes (all core holes) drilled by Vista in 2007 with assaying
completed by Northern Australia Labs in Pine Creek and ALS-Chemex in Perth. 
These results are in addition to the results of 91,225 assay intervals from
730 drill holes (225 core, 435 reverse circulation and 70 rotary drill holes)
done by BHP Resources Pty Ltd., Zapopan NL and Pegasus Gold Australia Pty Ltd.
used in the previous Mt. Todd resource estimate. Vista has also completed a
preliminary evaluation of the development of the project, the results of which
were announced in January 2007. For more information on both studies please
refer to the Corporation's June 26, 2006 and January 4, 2007 press releases or
the Company's website (http://www.vistagold.com) for complete studies.  A
technical report for the updated resource estimate will be filed on SEDAR on
or about March 14, 2008.
    The new resource estimate as presented in the following table represents
an increase in Measured Resources(1) of 769,633 ounces of gold and an increase
in Indicated Resources(1) of 367,686 ounces of gold resulting in a combined
increase in Measured and Indicated Resources(1) of 1,137,319 ounces of gold at
a cutoff grade of 0.50 grams of gold per tonne (0.015 ounces of gold per ton).
The gold resource estimate for the Batman deposit as of February 26, 2008,
reported at a cutoff grade of 0.015 ounces of gold per ton is set out below.
The estimate was prepared using GEMCOM software and used whole block kriging
to estimate block values.

    
                                                                     Contained
                        Metric                            Average      Gold
    Resource        Tonnes   Average Grade   Short Tons    Grade      Ounces
    Classification  (x1000)   grams/tonne)    (x1000)    (ounces/ton) (x1000)

    Measured(1)      43,543          0.96     47,987       0.028       1,346
    Indicated(1)     45,746          1.05     50,425       0.031       1,549
    Measured &
     Indicated(1)    89,280          1.01     98,413       0.029       2,895
    Inferred(2)      58,816          0.81     64,832       0.024       1,532


    1)  Cautionary Note to U.S. Investors concerning estimates of Measured
        and Indicated Resources: This table uses the terms "measured
        resources" and "indicated resources". We advise U.S. investors that
        while these terms are recognized and required by Canadian
        regulations, the U.S. Securities and Exchange Commission does not
        recognize them. U.S. investors are cautioned not to assume that any
        part or all of mineral deposits in these categories will ever be
        converted into reserves.
    2)  Cautionary Note to U.S. Investors concerning estimates of Inferred
        Resources: This table uses the term "inferred resources". We advise
        U.S. investors that while this term is recognized and required by
        Canadian regulations, the U.S. Securities and Exchange Commission
        does not recognize it. "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 mineral resource will ever be upgraded to a
        higher category. Under Canadian rules, estimates of inferred mineral
        resources may not form the basis of a feasibility study or
        prefeasibility studies, except in rare cases. U.S. investors are
        cautioned not to assume that any part or all of an inferred resource
        exists or is economically or legally minable.
    

    Fred Earnest, President and COO of Vista Gold Corp., stated, "The updated
resource estimate reflects the success of the 2007 drilling program and the
results of a detailed blasthole data study, both of which exceeded our initial
expectations. The combined program was successful in three key areas: the
conversion of inferred resources to measured or indicated resources, the
discovery of new resources at depth and along strike, and improved variography
resulting from the analysis of over 158,000 assay intervals in the blasthole
database.  The drill assay results indicated better gold grades at depth and
this is reflected in the new resource model. We plan to undertake a new
drilling program in 2008 with the goals of increasing the estimated measured
and indicated gold resources and testing the lower areas of the Batman deposit
for higher grade mineralization.  We intend to complete a preliminary
feasibility study later this year which will evaluate significant technical
and economic issues and determine what portion of the measured and indicated
resources in the Batman deposit could be classified as ore reserves.  In the
coming months we expect to be able to report the results of other technical
studies currently underway. Tetra Tech is estimating the copper resources in
the Batman deposit and Resource Development Inc. is completing metallurgical
studies to evaluate among other things, the recovery of both copper and gold
in a marketable concentrate from the mineralized resources and the
effectiveness of high pressure crushing rolls to process the hard mineralized
material."

    About Mt. Todd

    The Mt. Todd Project is situated within the southeastern portion of the
Early Proterozoic Pine Creek Geosyncline. The Batman deposit geology consists
of a sequence of hornfelsed interbedded greywackes and shales with minor thin
beds of felsic tuff.  Bedding consistently strikes at 325 degrees, dipping 40
to 60 degrees to the southwest.  Northerly trending sheeted quartz sulfide
veins and joints striking at 0 to 20 degrees and dipping 60 degrees to the
east are the major location for mineralization in the Batman deposit.  The
veins are 0.04 to 4 inches in thickness with an average thickness of around
0.4 inches and occur in sheets with up to 6 veins per horizontal foot. In
general, the Batman deposit is 4,800 to 5,100 feet in length by 1,200 to 1,500
feet in true width and 1,500 to 1,800 feet in known down-dip extension (the
deposit is open along strike and at depth).
    The deposit has a drill hole spacing that varies from 80 feet by 80 feet
to 260-330 feet by 260-330 feet and generally averages 160 feet by 160 feet.
All assaying was by fire assay on 50-gram charges with atomic absorption
("AA") finish. It is the opinion of Tetra Tech that quality control and
quality assurance methods employed by the various companies working at Mt.
Todd were standard at the time of the work.  According to Tetra Tech, quality
control and quality assurance methods for previous drilling programs has been
audited several times by independent consultants.
    The 2007 drilling program consisted of 25 core holes resulting in a total
of 9,460 assay intervals.  As the Qualified Person, Mr. Rozelle reviewed the
quality control and quality assurance methods implemented by Vista.  Core was
logged and cut under the direction of Vista's geologists and half-core
segments were sent to independent labs in Pine Creek (Northern Australia Labs)
and Perth (ALS-Chemex) for sample preparation and fire assay analysis/AA
analysis.  Both labs prepared and analyzed a statistically significant number
of duplicate samples.  In addition to submitting commercially acquired blanks
and standards, Vista submitted pulps for re-analysis to the opposing lab. Mr.
John Rozelle, P.G., an independent Qualified Person, has reviewed and verified
the technical and scientific information contained in this press release.
    Vista holds a large exploration land package to the North and East of the
Batman deposit and will be undertaking preliminary exploration activities on
the prospective land package in 2008.  Several localized soil sampling
programs were completed prior to the start of the wet season in 2007.  Plans
are being made for the start of more extensive field mapping and sampling
programs with the expectation that conditions in the field will allow the
programs to resume in April or May.

    About Vista Gold Corp.

    Since 2001, Vista has acquired a number of gold projects with the
expectation that higher gold prices would significantly increase their value.
Vista is undertaking programs to advance the Paredones Amarillos Project,
including a definitive feasibility study and the purchase of long delivery
equipment items, so that construction can begin during the second half of
2008. The results of a preliminary assessment completed in 2007 on the Mt.
Todd Project in Australia were encouraging and additional technical studies
are underway with a definitive feasibility study planned for completion by
mid-2009. Vista's other holdings include the Guadalupe de los Reyes Project in
Mexico, Yellow Pine Project in Idaho, Awak Mas Project in Indonesia, Long
Valley Project in California, and Amayapampa Project in Bolivia.
    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 plans for evaluation of the Mt. Todd Project including preliminary
assessment results and timing and anticipated results for drilling, field
mapping and sampling programs to be undertaken at the Mt. Todd Project;
potential for increasing estimated resources at the Mt. Todd Project and
potential for higher grade mineralization at the Mt. Todd Project; estimates
of ore reserves at the Batman deposit; estimates of copper resources at the
Batman deposit and results of metallurgical studies in connection with
recovery of copper and gold in a marketable concentrate, and effectiveness of
high pressure crushing rolls to process hard mineralized material; anticipated
timing and results for preliminary and definitive feasibility studies to be
undertaken at the Mt. Todd Project; anticipated timing and results for a
definitive feasibility study being undertaken at the Paredones Amarillos
Project; anticipated timing for construction and development activities at the
Paredones Amarillos Project; Vista's future business strategy, competitive
strengths, goals, operations, plans, potential project development, future
share price and valuation; future gold prices; 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, uncertainty of preliminary assessment results
and of feasibility study results and estimates on which such results are
based; risks relating to scheduling for feasibility studies; risks relating to
cost increases for capital and operating costs including cost of power; risks
relating to delays in commencement and completion of construction at the
Paredones Amarillos Project and the Mt. Todd Project; risks of shortages of
equipment or supplies; risks of inability to achieve anticipated production
volume or manage cost increases; 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; 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.
    The forward-looking statements in this press release are based, in part,
upon certain assumptions made by Vista and its consultants including, but not
limited to no material delay in the current timing for completion of the
preliminary and definitive feasibility studies; no material delays in the
securing of environmental permits; adequacy and availability of labor, water,
and power; no material delays in the acquisition of surface rights; no
material delays in the start and completion of construction; and no material
changes in prices of labor, materials and supplies other than normal
inflation.
    For further information, please contact Connie Martinez at (720)
981-1185, or visit the Vista Gold Corp. website at http://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