[GRAPHIC OMITTED] 7961 SHAFFER PARKWAY
SUITE 5
LITTLETON, COLORADO 80127
TELEPHONE (720) 981-1185
FAX (720) 981-1186
Trading Symbol: VGZ
Toronto and American Stock Exchanges
_________________________________________________NEWS___________________________
VISTA GOLD CORP. ANNOUNCES SECOND QUARTER 2001 RESULTS AND
REASSAYING RESULTS AT HYCROFT
LITTLETON, COLORADO, AUGUST 9, 2001 - Vista Gold Corp. announced a net loss of
$0.6 million, or $0.01 per share for the three months ended June 30, 2001,
compared to a net loss of $0.8 million, or $0.01 per share for the same period
in 2000. Revenues for the three months ended June 30, 2001 were $0.3 million,
down $0.9 million from the same period in 2000; this reduction in revenue,
resulting from lower gold production, was offset by lower production costs,
lower depreciation and amortization costs, and lower property holding costs at
the Hycroft mine. Cash used in operations was $0.6 million in the three months
ended June 30, 2001, down from the $1.2 million used in the same period in 2000.
As of June 30, 2001, the Corporation had $1.6 million in working capital,
including $0.6 million in cash.
SUMMARY RESULTS
(U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
Three Months Ended Six Months Ended
JUNE 30 JUNE 30
------- -------
2001 2000 2001 2000
---- ---- ---- ----
Gold Production (ounces) 956 4,212 2,343 9,139
Gold revenues $ 272 $ 1,217 $ 623 $ 2,615
Net loss (615) (755) (1,144) (917)
Loss per share $ (0.01) $ (0.01) $ (0.01) $ (0.01)
The Hycroft mine continues to produce gold from the rinsing of the existing
leach pads, with 956 ounces recovered during the three months ended June 30,
2001, and 2,343 ounces recovered during the six months ended June 30, 2001. Gold
production for the same periods in 2000 was 4,212 ounces and 9,139 ounces
respectively. The decline in gold production is consistent with the
Corporation's expectations. Management estimates an additional 660 ounces of
gold will be recovered through the remainder of the year. Cash operating cost
per ounce of gold produced was $195 in the three months ended June 30, 2001 and
$209 for the six months ended June 30, 2001. Cash operating cost per ounce of
gold produced for the same periods in 2000 was $186 and $203 respectively.
At the Hycroft mine, relogging of core, reassaying and reevaluation of existing
data have identified some higher-grade gold and silver zones beneath the Albert
and Brimstone areas. These zones are continuous and have not been considered in
earlier evaluations of the deposits. The following results are from re-assaying
samples which were not previously analyzed for silver, and are typical of the
high-grade silver zone.
- ---------------- ------------ ----------------- -------------- -------------- ----------------- --------------
HOLE NO. (FT) SAMPLE LENGTH GOLD GRADE SILVER GRADE ** GOLD ZONE
FROM/TO (FT) OPT. OPT. EQUIVALENT OPT.
- ---------------- ------------ ----------------- -------------- -------------- ----------------- --------------
94-2458 265-880 615 .027 1.06 0.043 BRIMSTONE
- ---------------- ------------ ----------------- -------------- -------------- ----------------- --------------
96-3013 280-888 608 .023 .82 0.036 BRIMSTONE
- ---------------- ------------ ----------------- -------------- -------------- ----------------- --------------
* 96-2905 400-500 100 .026 2.30 0.062 ALBERT
- ---------------- ------------ ----------------- -------------- -------------- ----------------- --------------
* 92-1957 262-430 168 .036 .82 0.049 BRIMSTONE
- ---------------- ------------ ----------------- -------------- -------------- ----------------- --------------
* HOLES 96-2905 AND 92-1957, BOTTOM IN MINERALIZATION.
** GOLD/SILVER PRICE $275/$4.25 PER OUNCE. METALLURGICAL RECOVERY WILL DEPEND
ON PROCESS SELECTION AND TESTING.
The Corporation has also been conducting a preliminary evaluation of the large
bulk sulfide mineralized zone which underlies both the Crofoot and Brimstone
oxide deposits at Hycroft. Preliminary metallurgical work carried out by
independent laboratories indicates that the sulfide material is amenable to
concentration, by flotation, to produce a concentrate with a gold grade of
approximately 0.4 opt. "Exploitation of these bulk sulfides, although not
economical at today's gold prices, could add significant upside potential to the
Hycroft mine, if gold prices improve in the future", said Jock McGregor,
President and CEO. These prospects will be the subject of additional drilling
and sampling programs as funds become available to the company.
The Corporation continues to pursue cost-cutting measures and is actively
pursuing additional sources of capital, including debt financing, the issuance
of equity, mergers with other companies and the sale of property interest and
other assets.
Vista Gold Corp. is an international gold mining, development and exploration
company based in Littleton, 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 (720) 981-1185, or
visit the Vista Gold Corp. website at www.vistagold.com