Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced its financial results and highlights for the third quarter ended September 30, 2012. Management's quarterly conference call to discuss these results is scheduled for 2:00 p.m. MST on November 5, 2012. The Company's full financial results, Management's Discussion and Analysis together with other important disclosures can be found in the Company's Quarterly Report on Form 10-Q, filed with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.  

Third Quarter 2012 Highlights:

• Announced plans to evaluate a two-phased development strategy for the Mt. Todd gold project based on the completion of a comprehensive analysis focused on enhancing project economics while preserving the ability to develop the entire Mt. Todd resource;
• Initiated a preliminary feasibility study ("PFS") of Mt. Todd gold project, with results expected early Q1 2013, to evaluate the two-phased development strategy and to accelerate the environmental permitting process;
• Announced an updated resource estimate for the Mt. Todd gold project (see our September 4, 2012 press release and technical report filed October 5, 2012) and continued to announce positive drill results from the Company's ongoing resource conversion drilling program;
• Began treating water in the Batman pit for discharge during the upcoming wet season at the site; and
• Continued to make good progress at the Las Cardones (formerly named Concordia) gold project in Baja California Sur where our partner, Invecture Group, filed permit applications with Mexican authorities.

Frederick H. Earnest, President and Chief Executive Officer, commented, "During the third quarter, we continued to advance our world-class Mt. Todd gold project by announcing the results of a new resource estimate that now ranks Mt. Todd as the largest undeveloped gold resource in Australia.  We further advanced the project by deciding to evaluate a phased development approach that we expect to improve project economics.  This quarter we expect to complete the ongoing resource conversion drilling program and, early next year, we plan to complete a PFS on the Mt. Todd project. 

Although we are principally focused on advancing Mt. Todd, we continue to make progress at our two Mexican properties as well.  At Guadalupe de los Reyes, we completed our drilling program and announced an updated resource estimate, which is discussed further below.  Lastly, at Las Cardones, our Mexican partner, Invecture Group, has made good progress by submitting permit applications to the Mexican government.  We continue to be pleased by the progress Invecture has been able to make and are hopeful they will continue to have success permitting the Las Cardones project."

Summary of Third Quarter 2012 Financial Results

The Company reported a net income of $12.3 million or $0.16 per share for the three months ended September 30, 2012.  This includes an unrealized $29.1 million mark-to-market gain on our investment in Midas Gold Corp. ("Midas"), partly offset by a $9.9 million increase in deferred tax liability substantially related to this gain. During the three month period ended September 30, 2011, we reported net income of $10.7 million, or $0.15 per share. The 2011 results included an unrealized $27.8 million mark-to-market gain on our investment in Midas, which was also partly offset by a $10.0 million increase in deferred tax liability substantially related to this gain.

Cash and cash equivalents at September 30, 2012 totaled approximately $14.9 million, compared to $7.5 million at June 30, 2012. During the quarter, the Company closed a private placement equity offering which provided $14.2 million net proceeds to the Company.  During the quarter, $5.8 million was used for drilling, permitting, water treatment, technical evaluations and engineering studies at our Mt. Todd gold project and for advancing the preliminary economic assessment at our Guadalupe de los Reyes gold/silver project; and $1.1 million was used for general and administrative expenses.. The Company has no debt.

To review the Company's Quarterly Report on Form 10-Q for the three-month and nine-month periods ended September 30, 2012, including the related Management's Discussion and Analysis, visit any of the following websites: www.sedar.com, www.sec.gov or www.vistagold.com.

Updated Resource Estimate for the Guadalupe de los Reyes Project

The Company also announced an updated resource estimate for its Guadalupe de los Reyes project in Sinaloa, Mexico.  This resource estimate includes 48 core drill holes (7,215 meters) drilled since November 2011. 

The new resource estimate for the Guadalupe de los Reyes Project, as of November 2, 2012, is presented in the table below.  The mineral resource estimate is reported at a cutoff grade of 0.50 grams of gold per tonne, the same cut-off grade as the Company's previous estimate on the project.

The Guadalupe de los Reyes resource estimate is contained entirely within a lower-grade stockwork located close to the surface.  This resource estimate represents a decrease of 103,152 contained gold ounces in the Indicated category and a decrease of 161,707 contained gold ounces in the Inferred category relative to the previous estimate.  Core drilling was selected in order to gain more detailed information rather than reverse circulation drilling that was used historically, and as a result the mineralization at the Guadalupe de los Reyes project has been redefined as being confined to more discrete but higher-grade mineralized zones.  Importantly, our drilling has also intersected several high-grade veins at depth that provide exciting exploration opportunities and underground potential.  The Company is currently evaluating whether a Preliminary Economic Assessment (PEA) is appropriate at this time or whether additional drilling should be conducted prior to the completion of a PEA.

Notes on Guadalupe de los Reyes Resource Estimate

This updated resource estimate was completed on November 2, 2012 by TetraTech MM, Inc. of Golden, Colorado, pursuant to Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").  This updated resource estimate was completed by or under the supervision of Dr. Rex Bryan, SME Registered Member, an independent Qualified Person (as defined in NI 43-101), utilizing standard industry software and resource estimation methodology.  Dr. Bryan has reviewed and approved the technical and scientific information contained in this press release.  Previous technical reports contain extensive geologic and technical information related to the deposit for which the estimate is prepared.  The last technical report was filed on SEDAR on December 10, 2009, and is entitled "Technical Report for the Guadalupe de los Reyes Gold-Silver Project, Sinaloa, Mexico � Amended and Restated" and was issued on December 8, 2009.  This updated resource estimate incorporates the results from 48 drill holes (all core holes) totaling 7,215 meters drilled by Vista in 2011 and 2012 with sample preparation and assaying completed by ALS Chemex in Hermosillo, Mexico and Vancouver, Canada. These results are in addition to the results of drilling completed by Northern Crown Mines, which were used in the previous updates of the Guadalupe de los Reyes resource estimate.  The press releases and technical reports are available on Vista's website (www.vistagold.com) and on SEDAR..  We expect to file on SEDAR a technical report for the updated mineral resource estimate within 45 days of this press release.