Vista Provides Report on Status of Change of Land Use Permit for Paredones Amarillos Project and Expected Development Timetable



    DENVER, July 2 /CNW/ - Vista Gold Corp. ("Vista") (TSX: VGZ; Amex:   VGZ)
reports on the status of the Change of Land Use Permit for the Paredones
Amarillos Project in Baja California Sur ("BCS"), Mexico (as described in
Vista's press releases dated April 30, May 8, and May 21, 2008) and the
expected development timetable for the project.
    Vista has taken steps to preserve its right to proceed with a judicial
appeal of the opinion issued by the BCS office of Secretariat of Environment
and Natural Resources (SEMARNAT) and has also completed a number of
prerequisite steps to submitting an application for a new Change of Land Use
Permit. Changes in the law governing the Change of Land Use Permit require
Vista to demonstrate that it has the right to use the surface affected by the
permit. Vista has recently received a certificate from the General Direction
of Mines of the General Coordinator of Mines in the Ministry of Economy
verifying that Vista's Mexican subsidiary, Minera Paredones Amarillos S.A. de
C.V. ("MPA"), is the rightful holder of valid mineral rights for the Paredones
Amarillos Project. Vista has also recently received an official appraisal of
the surface land in the project area from the National Institute for the
Appraisal and Administration of National Property (INDAABIN) confirming that
the surface overlying a significant part of these mineral rights (including
the proposed pit and most of the dumps) is federal land. Under Mexican mining
statutes, MPA has the constitutional right to use the surface for mining
activities, subject to applicable environmental permits and federal
authorizations. This position has been further confirmed in the foregoing
certificate issued by the General Direction of Mines of the General
Coordinator of Mines in the Ministry of Economy. One of the mechanisms for
authorizing the use of federal land for mining activities is a Temporary
Occupation Permit (lasting the life of the mining activity). Vista is
preparing an application for a Temporary Occupation Permit and plans to submit
the application shortly. Vista has signed an agreement with a private
landowner for the purchase of the remaining surface land required by the
project. This land covers the area of the mill site, tailing impoundment and
various ancillary facilities. The documents supporting Vista's right to use
the surface, together with the existing and valid environmental permit and
other supporting documents currently being prepared, will form the basis of
the new Change of Land Use Permit application. Vista plans to submit this
application within the next few weeks. Based on earlier discussions with the
Secretary of SEMARNAT (see Vista press release dated May 21, 2008), Vista's
management expects the application to be processed promptly and by law within
60 working days after its filing; the foregoing in accordance with those terms
established in the applicable legal provisions.
    Vista expects to complete the definitive feasibility study for the
Paredones Amarillos Project by mid-August and will commence activities to
arrange financing shortly afterwards. Based on a preliminary schedule and
assuming favorable results from the definitive feasibility study, the
successful completion of project financing, and the issuance of a new Change
of Land Use Permit, construction of the Paredones Amarillos Project is
expected to commence before the end of 2008, with first gold production
planned to commence before the end of 2009. A detailed project schedule is
currently under preparation and will be made public as part of the feasibility
study results.
    Fred Earnest, President and COO, commented, "While there is always
uncertainty over timing associated with these processes, Vista management and
our advisors are confident in our legal right to develop the Paredones
Amarillos Project. We look forward to commencing construction on this new
Mexican gold mine."

    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.
For more information about our projects, including technical studies and
resource estimates, please visit our website at http://www.vistagold.com.
Vista is undertaking programs to advance the Paredones Amarillos Project,
including the preparation of a definitive feasibility study and the purchase
of long delivery equipment items, so that construction can begin during the
last quarter 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, and the Long Valley Project in California.
    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 applicable 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 the timing and receipt of required land use, environmental and
other permits for the Paredones Amarillos Project and timing for starting and
completion of drilling and testing programs at the Paredones Amarillos
Project; plans to confirm the validity of the Change of Land Use Permit for
the Paredones Amarillos Project and timing for confirmation of the status of
this permit; timing for completion of application process for new Change of
Land Use Permit for the Project and outcome of this application process;
timing and outcome for application for Temporary Occupation Permit for mining
activities at the Paredones Amarillos Project; plans to purchase remaining
surface land required by the Project; progress, scheduling and the performance
and results of feasibility studies including the ongoing definitive
feasibility study for the Paredones Amarillos Project; potential funding
requirements and sources of capital; anticipated timing of commencement of
construction and commencement of production at the Paredones Amarillos
Project; contemplated development scenarios for the Paredones Amarillos
Project; preliminary assessment results and plans for a feasibility study at
the Mt. Todd 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, 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 relating to delays and
incurrence of additional costs in connection with the feasibility study
underway at 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 relating to timing and
outcome of application process for new Change of Land Use Permit for the
Project; uncertainty relating to timing and outcome for application for
Temporary Occupation Permit for mining activities at the Project; uncertainty
relating to completion of agreement for purchase of remaining surface land
required by the 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; 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, 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, 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, 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 http://www.vistagold.com.




For further information:

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


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