Vista Gold Corp. Receives Exploration Licenses and Announces Drill Results at Mt. Todd Project, Australia, and Reviews Cash Position



    DENVER, Sept. 4 /CNW/ -- Vista Gold Corp. (Amex:   VGZ; TSX: VGZ) announced
today that it has received four exploration licenses ("ELs") covering about
110,633 hectares primarily to the north- northeast of Vista's Mt. Todd gold
mine in the Northern Territory, Australia. The ELs had been held in reserve
status by the Northern Territory government prior to Vista acquiring the
project.  Vista's management believes exploration potential for gold and other
minerals on these licenses to be good, and a program to systematically
evaluate the mineral potential of this land is underway. Earlier work by past
operators has identified Mt. Todd-type low- grade mineralization in a zone
trending north-northeast of Mt. Todd and scattered prospects throughout the
area covered by the ELs. Additionally, historical drill results indicate the
presence of vein-type high-grade intercepts at various locations in the area
covered by the ELs.
    Vista has received initial gold assays for all of the 19 core drill holes
completed at Mt. Todd earlier this year. Results for the first six core drill
holes (one of which was abandoned due to difficult drilling conditions) were
issued in Vista's press release dated May 30, 2007. Check assaying and
assaying for other metals, including copper, is ongoing. The objectives of the
program are to obtain information that supports the conversion of inferred
gold resources to measured and indicated resources, to explore for additional
resources on strike and down dip, to aid in the determination of the copper
content of the deposit and to obtain samples for metallurgical testing.
    The drilling program began February 1, 2007, and concluded on June 6,
2007, with 25 holes completed (including the one hole abandoned) for 9,883
meters of drilling, under the overall supervision of Robert Perry, CPG,
Vista's Vice President of Exploration. Mr. Perry is a qualified person for the
purposes of Canadian National Instrument 43-101. The drill holes covered an
area of 1,600 meters by 300 meters. Drill hole spacing of the holes drilled in
this program varied from 30 to 300 meters, but spacing between these holes and
holes drilled by previous operators was less than 50 meters. The core drilling
was done by Titeline Drilling PL of Australia, and the assaying for gold is
being done by Northern Australian Labs in Pine Creek, Northern Territory,
Australia, with check assaying by ALS Chemex of Australia. ALS Chemex of
Australia and NT Environmental Laboratories Pty. Ltd. of Darwin, Northern
Territory, Australia are doing multi-element analyses including copper. All
holes were angle holes drilled to intersect mineralization at close to right
angles; however, due to physical constraints and the complex nature of the
deposit, true thickness of the drilled intervals cannot be assumed from the
measured intercepts. Sampling and assaying methods are being conducted in
accordance with the CIM Mineral Exploration Best Practices Guidelines. All
samples taken were nominally one meter in length.
    The initial gold assays for holes not previously reported in Vista's May
30, 2007, press release include the following highlights:



    
    Drill Hole     Interval  Intercept  Assay    Including  Intercept  Assay
                     (m)        (m)     (g/t)       (m)        (m)     (g/t)
    VB07-007        98-107       9      1.16
                   144-151       7      1.40
                   171-178       7      1.14
                 187-195.9     8.9      3.16
                   225-328     103      1.38       227-230      3       6.72
                                                   243-246      3       4.81
                                                   309-316      7       2.22
    VB07-008       17.3-20     2.7      1.89
                   39.3-44     4.7      1.27
                     53-56       3      1.32
                     92-95       3      1.37
                   158-175      17      1.68
                 191.8-210    18.2      2.08
                   251-254       3      2.16
                 302.9-316    13.1      2.23
                   344-348       4      2.64
                   369-373       4      1.93
                   386-407      21      3.36     398-399.2    1.2      32.17
                   514-420       5      1.32
                   431-471      40      2.62   436.9-441.1    4.2       3.38
                                                 451-455.1    4.1       2.97
                                                   467-468      1      47.67
                   483-487       4      1.63
    VB07-009         11-14       3      1.63
                   127-134       7      1.38
                   195-205      10      1.18
                   216-218       2      5.75
                   245-332      87      1.21
                   358-390      32      1.40
                 408.9-412     3.1      4.72
    VB07-010         71-75       4      2.14
                     82-85       3      3.95
                   122-125       3      1.33
                   208-211       3      2.44
                   230-233       3      1.09
                   241-244       3      1.62
                   295-300       5      1.91
                   313-437     124      2.26       358-366      8       10.1
                                                   386-389      3       7.79
    VB07-012         10-13       3      1.69
                   160-167       7      1.24
                   200-203       3      1.63
                   218-221       3      1.16
    VB07-013       202-209       7      1.19
                   316-340      24      1.28
                   372-381       9      1.09
    VB07-014         19-24       5      1.32
                     81-85       4      2.26
                   109-113       4      1.16
                   125-136      11      1.97
                 170.7-174     3.3      1.49
                   355-362       7      1.45
                   401-413      12      2.08
                   429-433       4      2.26
                   439-444       5      1.15
                   451-456       5      3.68
                 500.1-504     3.9      2.12
                   513-526      13       2.2
    VB07-015       22-57.2    35.2      1.68       52-57.2    5.2       4.83
                    71-275     204      1.91       132-136      4       9.46
                                                 225.9-229    3.1       7.63
                                                 257-257.9    0.9      32.23
    VB07-016     259.9-266     6.1      2.02
                   290-295       5      1.04
    VB07-017       110-113       3      2.04
                   126-130       4      1.57
                   219-223       4      3.24
                   282-293      11      2.96
                   301-324      23      1.27
                   331-337       6      1.09
                 375-378.3     3.3      1.69
    VB07-018       173-180       7      1.08
                   194-198       4      1.37
                   211-216       5      1.08
                 245-382.1   137.1      2.27       256-264      8       6.74
                                                   289-295      6       4.29
                                                   327-335      8       3.89
                                                   352-355      3       7.68
                                                 379-382.1    3.1       8.97
                 404-408.1     4.1      1.45
                 415.9-429    13.1      1.58
                 474-483.9     9.9       1.7
    VB07-019       125-129       4      2.16
    VB07-020        96-100       4      1.07
                   173-176       3      1.19
                   188-191       3      2.01
    VB07-021         39-74      35      1.57
                    98-108      10      1.64
                   200-233      33      2.72       208-216      8       7.00
                   249-260      11      1.16
                   272-306      34      1.24
    VB07-022         65-72       7      2.83
                    81-108      27      2.30         81-85      4       7.67
                   200-203       3      3.19
                   254-260       6      1.01
                   413-417       4      3.27
                   450-456       6      2.05
                   482-485       3      6.62
    VB07-023         69-72       3      2.13
                     79-86       7      1.14
                   187-191       4      1.48
    VB07-024       275-279       4      1.74
    VB07-025         26-31       5      3.04
                   109-120      11      1.17
                   127-130       3      1.21
                   223-238      15      1.58
                   359-363       4      1.57
    
    The data, including sampling and assaying, has been verified by Mr. Perry
by inspection of computer assay data print outs and visual inspection of drill
core for purposes of this news release.
    A description of the geology, mineralization and other information on the
project can be found in the report "Preliminary Economic Assessment Mt. Todd
Gold Project, Northern Territory, Australia" dated December 29, 2006, which
has been filed on SEDAR by Vista.
    Metallurgical samples have been selected from the new core samples and
sent to Resource Development, Inc. of Wheat Ridge, Colorado, for additional
metallurgical test work, which Vista expects to be completed later this year.
Vista plans to use the results from the metallurgical testing and a new
resource estimate resulting from the current drilling program to generate a
preliminary feasibility study towards the end of this year.
    Fred Earnest, President and COO of Vista stated, "The results of the 2007
drilling program are very encouraging, and all the intercepts are within the
depth reached in the preliminary open pit design in the Preliminary Economic
Assessment. The recent drill results contain long intervals of mineralization
including hole VB07-015 that contains an intercept of over 200 meters
containing 1.91 g/t gold. We plan to use the results of this drill program
together with other historic information we have obtained to prepare a new
resource estimate later this year."
    On a separate topic, Vista notes that some Canadian-based mining
companies have recently reported exposure to cash positions invested in
Asset-Backed Commercial Paper ("ABCP") programs. Vista has approximately US$
18 million in cash and cash equivalents, all of which are held in high-grade
money market funds in Vista's bank accounts at a major U.S. bank.  Vista has
been informed by its bank that these money market funds do not directly invest
in sub-prime or investment-grade domestic mortgages or single-seller ABCP
programs from either prime or sub-prime mortgage originators and that all
holdings of its money market funds present minimal credit risk. All of Vista's
cash and cash equivalents are invested in products carrying the highest
possible investment grade as determined by leading rating agencies.
    
    About Vista Gold Corp.
    
    Since 2001, Vista has acquired a number of proven gold projects with the
expectation that higher gold prices would significantly increase their value.
As gold prices have risen, Vista has completed various preliminary evaluations
that have demonstrated that some of the projects would be potentially viable
operations at current gold prices. Vista is undertaking technical programs to
bring the most advanced projects to the point where decisions can be made to
put these projects into production, either by Vista, or through sale or joint
venture to other mining companies. Vista's holdings include the Paredones
Amarillos and Guadalupe de los Reyes Projects in Mexico, Mt. Todd Project in
Australia, Yellow Pine Project in Idaho, Awak Mas Project in Indonesia, Long
Valley Project in California, and the 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.
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 results of drilling programs and prospects for exploration and conversion
of resources at the Mt. Todd project, the performance of and results of
feasibility studies, Vista's future business strategy, competitive strengths,
goals, operations, plans, potential project development, future share price
and valuation, future gold prices, credit status and liquidity of Vista's cash
and cash-equivalent investments, Vista's potential status as a producer, and
other such matters are forward-looking statements.  When used in this press
release, the words "estimate", "plan", "anticipate", "expect", "intend",
"believe" and similar expressions are intended to identify forward-looking
statements.  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 forward-looking
statements.  Such factors include, among others, 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; uncertainty of being
able to raise capital on favorable terms or at all; and external risks
relating to the economy and credit markets in general; 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.  Although Vista has attempted to identify important
factors that could cause actual results to differ materially from those
described in forward-looking statements, 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.  Vista assumes no obligation to publicly update any forward-
looking statements, 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, +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