Northern Territory Officials and Announces Filing of New Preliminary Feasibility Study for the Mt. Todd Gold Project

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DENVER, Feb. 8, 2011 /PRNewswire/ -- Vista Gold Corp. ("Vista" or the "Company") (TSX & NYSE Amex Equities: VGZ) reported today on its recent meetings with officials of the Northern Territory Government, Australia (the "Territory Government"), to set development objectives for ongoing site management and permitting activities for the Company's Mt. Todd gold project.


Vista acquired the Mt. Todd gold project in February 2006. As part of its acquisition, Vista entered into an agreement (the "Agreement") with the Territory Government. As part of the Agreement, the Territory Government agreed to maintain liability for the brownfields site rehabilitation on the Mt. Todd gold project, until Vista receives the permits to proceed with the development of the Mt. Todd gold project, and Vista agreed to undertake comprehensive environmental, technical and economic studies for the potential redevelopment of the Mt. Todd gold project. The initial term of the Agreement was for a five-year period commencing January 1, 2006. During the initial period of the Agreement, in addition to fulfilling its obligations as the manager of the site, Vista successfully completed environmental evaluations, exploration programs and various technical studies. Significant achievements during this period include:
Completion of a preliminary environmental assessment of the Mt. Todd gold project,Improvements to the water management plan and surface water quality monitoring program,Implementation of a site environmental management plan consistent with Territory Government policies,Completion of drilling programs totaling approximately 18,000 meters,Completion of technical studies which reported a significant growth in NI 43-101 mineral resources of the project and two favorable preliminary feasibility studies with the associated reporting of NI 43-101 mineral reserves, andThe design, construction and ongoing operation of a water treatment facility.

As a result of the positive preliminary feasibility studies, Vista exercised its option to extend the Agreement for an additional five-year period in November 2010. Since acquisition of the Mt. Todd gold project in 2006, Vista has invested $18 million to advance the project.


During recent meetings with Territory Government officials in Darwin, Australia, Vista executives briefed the Territory Government on recent activities at the Mt. Todd gold project and presented Kon Vatskalis, Minister for Resources, with a copy of Vista's January 2011 Preliminary Feasibility Study for the development of the Mt. Todd gold project. The Company also briefed Minister Vatskalis on the Company's planned development activities for 2011 which are expected to include further environmental, technical and economic studies intended to advance the project to final feasibility. Vista executives also met with environmental officials of the Territory Government and indicated that the Company intends to initiate the environmental permitting process for the project in the second quarter of this year.


Fred Earnest, Vista's President and Chief Operating Officer said: "We have had a series of productive meetings with Minister Vatskalis, other senior government officials and technical officers in various departments, and feel we have outlined an effective program for the ongoing management of the Mt. Todd gold project, initiation of the environmental permitting process, and the completion of other technical studies required for the further development of the Mt. Todd gold project. As with all of our projects, we are committed to the highest standards of responsible resource development and believe that the development of the Mt. Todd gold project will benefit the Northern Territory through the creation of jobs, direct and indirect revenues, and long-term, comprehensive environmental management and remediation."


In a separate media release issued by Minister Vatskalis, the Territory Government expressed their continued support for Vista's management and ongoing development of the Mt. Todd gold project, noting that, "Resources Minister Kon Vatskalis today welcomed an announcement by Vista Gold that they will commence the next step in its feasibility study of the former Mount Todd Mine site and begin the process of obtaining the necessary environmental permits for the project." Minister Vatskalis went on to say, "I welcome Vista Gold's enthusiasm towards this project as its development would create jobs for the Territory and assist in the rehabilitation of the site in the future." The full Territory Government media release can be found at the Company's website, >www.sedar.com.


About Vista Gold Corp.


Vista is focused on the development of the Mt. Todd gold project in Northern Territory, Australia, and the Concordia gold project in Baja California Sur, Mexico, to achieve its goal of becoming a gold producer. Vista's other holdings include the Guadalupe de los Reyes gold project in Mexico, the Yellow Pine gold project in Idaho, the Awak Mas gold project in Indonesia, and the Long Valley gold project in California. For more information about our projects, including technical studies and resource estimates, please visit our website at


For further information, please contact Connie Martinez at (720) 981-1185, or visit the Vista Gold Corp. website at http://www.vistagold.com/">www.vistagold.com.


SOURCE Vista Gold Corp.



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