Vista Provides Update on Exploration and Metallurgical Testing Results at the Mt. Todd Project in NT, Australia

    DENVER, July 21 /CNW/ -- Vista Gold Corp. (TSX & Amex:   VGZ) ("Vista" or
the "Company") is pleased to provide an update on activities underway at its
Mt. Todd Project in the Northern Territory, Australia. The Company is
currently conducting technical programs that management expects will lead to
the completion of a preliminary feasibility study by the end of the year.
    Part of this year's program is a diamond core drilling program totaling
approximately 7,000 meters in 14 holes to obtain further information about the
size and quality of the mineral resource. The program is designed to increase
the sampling density to support the conversion of inferred gold resources to
measured and indicated resources at depth, and to explore for additional
resources down dip. In a press release dated February 27, 2008, Vista reported
an updated gold resource estimate including the results of a 25 hole program
that resulted in 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 cut-off grade of 0.015 ounces of gold per ton.
These estimates (as reported in Vista's February 27, 2008 press release) are
shown below.

                    Metric     Average               Average
      Resource      Tonnes      Grade    Short Tons   Grade     Contained Gold
    Classification  (x1000) (grams/tonne) (x1000)  (ounces/ton) Ounces (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 Investors concerning estimates of Measured and
        Indicated Resources: This document uses the terms "measured resources"
        and "indicated resources". We advise U.S. investors that while these
        terms are recognized and required by Canadian securities regulators,
        the U.S. Securities and Exchange Commission does not recognize them.
        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 Investors concerning estimates of Inferred
        Resources: This document uses the term "inferred resources". We advise
        U.S. investors that while this term is recognized and required by
        Canadian securities regulators, 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. Investors are cautioned
        not to assume that all or any part of an inferred resource exists or
        is economically or legally minable.
    The current drilling program began in April 2008, and is continuing under
the direct supervision of Tim Tuba, Vista's Exploration Manager in Australia.
The core drilling is being completed by Boart Longyear Australia Pty Ltd, with
the sample preparation being completed by ALS Chemex in Adelaide, South
Australia, followed by assaying for gold by ALS Chemex in Perth, Western
Australia.  A sample quality control/quality assurance program has been
implemented and check assaying is being done by Genalysis Laboratory Services
Pty Ltd in Perth. Multi-element analyses, including copper, are being done by
ALS Chemex, also in Perth. 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 one meter in length, except the
last interval of the drill hole.
    At present, eight holes have been completed with gold assays received for
the first hole drilled. Currently, the time from shipment of the sawed drill
core until receipt of assays is approximately 55 days, which is longer than
expected but reflects actual turnaround times currently experienced.  The
assays include the following highlights:

                                      Assay                             Assay
    Drill Hole  Interval  Intercept  (grams/   Including   Intercept   (grams/
                (meters)  (meters)    tonne)    (meters)   (meters)     tonne)

    VB07-026    506-694      189       0.94     505-519       14         1.39
                                                551-566       15         1.92
                                                637-652       15         1.47
                                                683-694       11         1.87
    The assay analysis has been completed by ALS Chemex in accordance with
industry accepted standards and has been reviewed by Tim Tuba, P. Geo. as the
qualified person under NI 43-101.
    A metallurgical test program is also designed to determine the processing
parameters for the project. Initial test work by the Company indicated that it
may be possible to recover the copper by flotation into a concentrate
containing both gold and copper and by leaching the cleaner tail to recover
gold, and subsequently, produce a gold bullion product. The Company is also
investigating technology to reduce the cost and energy required to grind the
hard Mt. Todd ore. Vista has recently completed a program with Polysius Corp.,
of Beckum, Germany, to evaluate the effectiveness of crushing and grinding of
the ore using high pressure grinding roll (HPGR) technology compared with a
conventional crushing, semi-autogenous grinding and ball mill grinding
circuit. The results of this testing have been reviewed by Deepak Malhotra of
Resource Development Inc. of Wheat Ridge, Colorado, a consulting metallurgist
and qualified person.  The tests indicate that the use of this technology in
the crushing/grinding circuit has the potential to reduce energy requirements
by approximately 9.5 kWhr/tonne, which at an estimated power cost of US$0.12
per kWhr represents a savings of US$1.14 per tonne treated, when compared to
the use of a conventional crushing, SAG and ball mill grinding circuit.
Metallurgical tests using samples generated from the HPGR tests have been
completed, with assay results pending.
    For more information on the resource estimates completed on the Mt. Todd
Project, please refer to Vista's January 4, 2007, February 27, 2008 and April
24, 2008 press releases, or to the completed technical studies, all of which
have previously been filed on and may also be found on
Vista's website at
    Fred Earnest, President and COO stated, "The drilling results obtained
thus far support our belief that the Mt. Todd ore body continues at depth with
higher assay values than those encountered in shallow drilling.  The drilling
program is proceeding from the south to the north and will test the down-dip
extension of the heart of the ore body as identified by last year's drilling."
He continued, "We believe that the HPGR test results represent a significant
breakthrough in processing the Mt. Todd ore.  We expect the reduction in power
costs to have a significant impact on the results of the preliminary
feasibility study that we intend to undertake at the conclusion of the
drilling program. It is unfortunate, but unavoidable, that the results of the
drilling and metallurgical test programs are currently being delayed by slow
turnaround of assay results from laboratories in the US and Australia."
    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
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, the Yellow Pine Project in Idaho, the 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 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; resource estimates at the Mt. Todd Project; capital and operating
cost estimates; potential for increasing estimated resources at the Mt. Todd
Project and potential for higher grade mineralization at the Mt. Todd Project;
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 at the Mt. Todd Project and
potential for reduction in energy requirements and for cost savings from
utilization of high pressure grinding roll technology at the Project;
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; and other such matters, are forward-looking
statements and 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
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 forward-looking
statements and information.  Such factors include, among others, risks
relating uncertainty of preliminary assessment results and of feasibility
study results and estimates on which such results are based; uncertainties
involved in the determination of the economic viability of a deposit,
including estimates of mineral reserves, metallurgical recoveries, costs and
gold prices; risks relating to scheduling for feasibility studies; risks
relating to delays and incurrence of additional costs in connection with the
feasibility study underway at Vista's Paredones Amarillos Project, including
uncertainty relating to timing and receipt for required governmental permits;
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 significant cost
increases; risks of inability to achieve anticipated production volumes; 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; intense competition in
the mining industry;  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 regulators.
Although Vista has attempted to identify important factors that could cause
actual results to differ materially from those described in forward-looking
statements and 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 and information will prove to be accurate as actual results
and future events could differ materially from those anticipated in such
statements and information.  Except as required by law, Vista assumes no
obligation to publicly update any forward-looking statements and 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

For further information:

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

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