[LOGO]  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 COMPLETION OF DUE DILIGENCE ON THE PAREDONES
AMARILLOS GOLD PROJECT

DENVER, COLORADO JULY 23, 2002 - Vista Gold Corp. (TSE; AMEX - VGZ) is
pleased to announce that it has completed the due diligence review of the
Paredones Amarillos gold project, located in Baja California Sur, Mexico.
Consequently the Corporation and Viceroy Resource Corporation (Viceroy) have
signed a binding agreement for Vista's purchase of the 100% interest in the
project held by Viceroy; the terms of the purchase are substantially as
announced in the Corporation's related press release May 29, 2002. Completion
of the transaction is subject to governmental and regulatory approvals, and
execution of a definitive purchase agreement. The transaction is expected to
close in August 2002.

As part of the due diligence review, an independent consultant, Snowden Mining
Industry Consultants of Vancouver, British Columbia was commissioned to
recalculate the gold resources and prepare a technical report in compliance with
Canadian National Instrument 43-101. Their report is currently being finalized
but the recalculated measured and indicated resource is substantially the same
as the resource reported previously.

"We look forward to closing this transaction shortly and moving on to the
acquisition of additional resources," said Jock McGregor, President and CEO.
"The previously announced share consolidation has been completed and I am
pleased that the share price has stabilized and established a solid base from
which we can grow. Recent uncertainties in the stock market have focused
attention on the gold sector, which has led to some impressive short term gains.
We believe, however, that we will be able to sustain long term growth in
shareholder value by building a quality resource base."

Vista Gold Corp. is an international gold mining, development and exploration
company based in Littleton Colorado. Its holdings include the Hycroft mine in
Nevada, the Amayapampa project in Bolivia, and exploration projects in North and
South America.




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 targeted results. Such risks and uncertainties
include those described from time to time in the Corporation's periodic reports,
including the annual report on Form 10-KSB, as amended, filed with the U.S.
Securities and Exchange Commission. The Corporation assumes no obligation to
publicly update any forward-looking statements, whether as a result of new
information, future events or otherwise.

For further information, please contact Jock McGregor or Jack Engele at (720)
981-1185, or visit the Vista Gold Corp. website at WWW.VISTAGOLD.COM