[LETTERHEAD]
Trading Symbol: VGZ
Toronto and American Stock Exchanges
________________________________________________________________NEWS _________
VISTA GOLD UPDATE ON BRIMSTONE RESERVES
DENVER, COLORADO, JUNE 19, 2000 - Vista Gold is pleased to announce that it has
received a report on the resources and reserves of the Brimstone deposit at
Hycroft from Mineral Resources Development, Inc. ("MRDI"). MRDI was retained to
re-estimate the currently defined gold resources in the Brimstone deposit and to
audit the mineable reserves calculated by the Corporation based on the MRDI
resource model. As part of the resource estimation, MRDI completed an audit of
the sample database, determined sample adjustment factors for sample bias and
completed a reinterpretation of the geologic domains controlling the gold
mineralization. MRDI's estimate of the Brimstone resources is summarized in the
table below.
- ------------------------------ -------------------- ----------------- --------------------- ------------------------
GOLD GRADE CONTAINED CONTAINED
RESOURCES TONS (OPT) GOLD (OZ) SILVER (OZ)
- ------------------------------ -------------------- ----------------- --------------------- ------------------------
Measured & Indicated 41,865,000 0.0196 819,000 6,967,000
- ------------------------------ -------------------- ----------------- --------------------- ------------------------
Inferred 14,108,000 0.0152 213,000 2,407,000
- ------------------------------ -------------------- ----------------- --------------------- ------------------------
TOTAL 55,973,000 0.0184 1,032,000 9,374,000
- ------------------------------ -------------------- ----------------- --------------------- ------------------------
MRDI also audited the work performed by Vista Gold to estimate the mineable
reserves and resources contained within the MRDI resource model. As part of the
audit, MRDI examined and evaluated the assumptions pertaining to pit design,
metallurgy and all economic parameters. Vista designed two pits to develop the
mineral resources. The smaller pit was designed to exploit only measured and
indicated resources and therefore, by definition, contains the proven and
probable reserves. The second, larger pit, which includes the smaller pit, was
designed to develop also the inferred resources. This pit design therefore
includes the proven and probable reserves and those mineral resources that can
be mined for a profit. The results for both pits are tabulated below. MRDI
expressed the opinion that these estimates of proven and probable reserves and
mineral resources are reasonable and were estimated in accordance with industry
standards.
- -------------------------------------------------------------------------------------------------------------------
PROVEN AND PROBABLE RESERVES AND MINERAL RESOURCES
ESTIMATED @$300 PER OUNCE GOLD PRICE
- -------------------------------------------------------------------------------------------------------------------
ORE TONS GOLD GRADE WASTE
PIT DESIGN (000'S) (OPT) GOLD (000'S) STRIP
TONS OUNCES TONS RATIO
- -------------- ------------------------------------- ------------- ------------ ------------- ----------- ---------
Small Pit Proven & Probable Reserves 23,791 0.0204 486,288
Inferred Resources 2,349 0.0177 41,535
- -------------- ------------------------------------- ------------- ------------ ------------- ----------- ---------
Total 26,140 0.0202 527,823 33,304 1.24
- -------------- ------------------------------------- ------------- ------------ ------------- ----------- ---------
Proven & Probable Reserves 23,791 0.0204 486,288
Large Pit Measured & Indicated Resources 3,214 0.0179 57,516
Inferred Resources 4,368 0.0178 77,918
- -------------- ------------------------------------- ------------- ------------ ------------- ----------- ---------
Total 31,373 0.0198 621,722 38,967 1.24
- -------------- ------------------------------------- ------------- ------------ ------------- ----------- ---------
Vista has completed a feasibility-level financial analysis of the incremental
benefit of restarting the run-of-mine heap-leaching operation at Hycroft based
on the larger pit. The metallurgical recovery, production schedule, and
operating and capital costs were developed from Hycroft's operating results at
Brimstone and were reviewed by MRDI. The analysis showed that the project would
produce approximately 350,000 ounces over a 7-year period, at an average cash
cost of $204 per ounce of gold (including royalties). The capital cost would be
$4.9 million ($15 per ounce) with a pre-production stripping cost of $4.7
million and a working capital requirement of $2.3 million. The after-tax
internal rate of return at a $300 per ounce spot gold price is estimated to be
34 percent.
In addition to the defined mineral resources in the Brimstone pit, the
Corporation's exploration and review work has identified eight areas that are
either drilled or partially drilled, which it estimates would yield an
additional 14.9 million tons at 0.017 ounces per ton gold, containing 250,000
ounces of mineral resources with additional drilling. The Corporation has also
identified a significant geochemical anomaly in an area that was previously
thought to contain no mineralization to the east of the Brimstone pit. This
area, which is approximately 2,200 feet long by 700 feet wide is about half the
length of the original Brimstone deposit and is in an area immediately east of
what was thought to be a bounding geologic fault. This anomaly is significantly
stronger than any other area on the Hycroft property and could be indicative of
higher-grade mineralization. The same geochemical program also points to other
areas previously unexplored, which may contain more oxide mineralization.
Geologic maps showing the location of this new discovery and exploration
potential of Hycroft will be made available on the Corporation's website at
www.vistagold.com.
The Corporation remains focused on examining alternatives to finance the restart
of operations at Hycroft and to fund follow-up exploration at the mine. At the
Annual General Meeting held on May 19, 2000, Mr. William Calhoun, Director,
resigned. The management and board wishes to express their thanks to Bill for
his past contributions. Mr. Calhoun has been replaced by Mr. Ronald J. (Jock)
McGregor, Vice President of Operations and Development of the Corporation, who
was elected by the shareholders at the same meeting.
Vista Gold Corp. is an international gold mining, development and exploration
company based in Denver, Colorado. Its holdings include the Hycroft mine in
Nevada, development properties in Bolivia and exploration projects in North and
South America.
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The statements that are not historical facts are forward-looking statements
involving known and unknown risks and uncertainties that could cause actual
results to vary materially from the targeted results. Such risks and
uncertainties include those described in the Company's Form 10-K as amended.
For further information, please contact Investor Relations at (303) 629-2450.