February 8, 2010

NYSE-A and TSX: VGZ

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Vista Gold

Vista Announces Receipt of Temporary Occupation Permits for Paredones Amarillos Gold Project


In a press release on October 28, 2009, Vista Gold Corp. (“Vista” or the “Company”) announced that it had received the Temporary Occupation Permits (“TOP”) for the Paredones Amarillos gold project located in Baja California Sur, Mexico.

The TOP (one for each of the seven mining concessions that cover the area of the Paredones Amarillos gold project) formally grant Minera Paredones Amarillos S.A. de C.V. (“MPA”), Vista’s wholly owned Mexican subsidiary, the right to use the surface land in the project area owned by the Mexican federal government. The TOP are valid until the year 2039. With the TOP received, the Company has all of the documents necessary to file its application for the Change of Forest Land Use Permit (“CFLUP”) which is required before the Company can commence development of the Paredones Amarillos gold project.

Once in production, the Paredones Amarillos gold project is expected to produce an estimated average of 143,000 ounces of gold per year during the first five years and an estimated 1.2 million ounces of gold over the estimated 9.3 year life of mine.

Fred Earnest, Vista’s President and Chief Operating Officer, stated, “We are very pleased to have received the Temporary Occupation Permits. This is a significant milestone in Vista’s effort to become a mid-tier gold producer. Our advisors in Mexico City have worked tirelessly with many different agencies to achieve the approval of the Temporary Occupation Permits and we appreciate the support and assistance received from each of the agencies involved in the review and ultimate approval of these permits. With the anticipated filing of our CFLUP application expected in the upcoming days, we believe we will be on track to receive the CFLUP by the end of the first quarter of 2010 and anticipate being able to move forward with construction of the Paredones Amarillos gold project for estimated initial production in 2011.”

The Company is preparing a Request for Proposal to be sent to qualified and interested companies for the provision of Engineering, Procurement and Construction Management (“EPCM”) services for the project. During the next 30-45 days, Vista expects to select the EPCM contractor and to commence the first phase of detailed engineering and design work, so that construction activities can start as soon as possible following receipt of the CFLUP.

Vista already owns most of the major equipment required for the process plant (mill), and a recent review indicates that other major project equipment (including mobile mining equipment) are expected to be available with reasonable delivery times. The expected construction period for the project is approximately 15 months.

Vista continues to advance efforts to secure appropriate financing for the Paredones Amarillos gold project’s development including discussions with various qualified banks that may be interested in providing project loans. The process is expected to take three to five months with completion being targeted to coincide with the receipt of the CFLUP.

On November 4, 5 and 6, 2009, MPA held a series of workshops in communities close to the project, including La Paz. The workshops are part of the Company’s ongoing efforts to keep local residents, government officials and other stakeholders informed about the Paredones Amarillos gold project and the measures being taken by the Company to ensure that the Paredones Amarillos gold project will make a positive contribution to the community. These workshops are one of several programs developed by MPA in conjunction with the Mexican consulting group, C3 Consensus, in an effort to reduce public misconceptions, ensure that correct project information is disseminated and at the same time, to receive appropriate stakeholder input which may lead to project development improvements.

For more information about the Paredones Amarillos gold project, please see the technical report entitled “Feasibility Study Update, NI 43-101 Technical Report, Vista Gold Corp., Paredones Amarillos Gold Project, Baja California Sur, Mexico,” dated September 1, 2009, prepared by SRK Consulting (U.S.), Inc. of Lakewood, Colorado. The final report is available on Vista’s website under the Properties/Paredones Amarillos tabs and on SEDAR at www.sedar.com.

Company Profile

Vista Gold Corp. is an international gold mining company based in Littleton, Colorado, with a plus 20-year history of gold exploration, development and operations. Vista is traded on both the TSX and NYSE Amex under the symbol VGZ. Since 2001, Vista has correctly predicted that gold prices would significantly increase for many years to come, and has acquired a number of impressive gold projects during 2001-2006. During 2006 and 2007, Vista completed transactions that resulted in the formation and successful spin-off to its shareholders of Allied Nevada Gold Corp. Since the spin-off Vista has sold one project and currently holds six projects with an estimated 1.3 million ounces of proven and probable reserves, 12.8 million ounces of measured and indicated resources and 4.6 million ounces inferred. Vista has undertaken programs to advance the Paredones Amarillos gold project, located in Baja California Sur, Mexico, including a definitive feasibility study, the purchase of long delivery equipment items, and the purchase of land for the processing facilities, related infrastructure and the desalination plant. The results of a Preliminary Economic Assessment completed in 2009 on the Mt. Todd gold project in Australia are encouraging and Vista is undertaking other studies to advance the project. Vista's other holdings include the Yellow Pine gold project in Idaho, Guadalupe de los Reyes gold project in Mexico, Long Valley gold project in California, and Awak Mas gold project in Indonesia.

Please refer to in this web site. “Cautionary Note Regarding Forward-Looking Statements”

(Dollars Referenced are U.S. dollars)

Contact Us

VISTA GOLD CORP.
Executive Office
Suite 5 7961 Shaffer Parkway Littleton, Colorado USA 80127
Tel: (720) 981-1185 Fax: (720) 981-1186
1 - 866 - 981 - 1185



Cautionary Note to U.S. Investors concerning estimates of Measured and Indicated Resources: This website uses the terms "measured 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 this category will ever be converted into reserves.

Cautionary Note to U.S. Investors concerning estimates of Inferred Resources: This website 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 or other economic study. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally mineable.

Cautionary Note to U.S. Investors concerning estimates of Proven and Probable Reserves: The estimates of mineral reserves shown in this table have been prepared in accordance with NI 43-101. The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in U.S. Securities and Exchange Commission Industry Guide 7. Accordingly, the Company’s disclosure of mineral reserves herein may not be comparable to information from U.S. companies subject to the reporting and disclosure requirements of the U.S. Securities and Exchange Commission.
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