7961 SHAFFER PARKWAY
SUITE 5
[VISTA GOLD CORP. LOGO] LITTLETON, COLORADO 80127
TELEPHONE (720) 981-1185
FAX (720) 981-1186
Trading Symbol: VGZ
Toronto and American Stock Exchanges
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VISTA GOLD CORP. ANNOUNCES COMPLETION OF RESOURCE STUDY FOR THE LONG VALLEY
PROJECT AND INTENT TO PROCEED WITH PURCHASE
DENVER, COLORADO JANUARY 23, 2003 - Vista Gold Corp. (TSX & AMEX: VGZ) is
pleased to announce that it has completed its due diligence review of the Long
Valley gold project, and will proceed with the purchase, as outlined in the
Corporation's press release of November 20th. The project, comprised of 95
claims covering 1,800 acres, is located in Mono County, 30 miles northwest of
Bishop, California. It is being acquired under a purchase option agreement with
Standard Industrial Metals, Inc. The aggregate purchase price of $750,000 would
be paid in annual installments over a five-year period ending January 2007.
Due diligence included completion of a resource study following Canadian
National Instrument 43-101 standards. The resource study was performed by
Mine Development Associates of Reno, Nevada, an independent consulting firm,
under the supervision of Mr. Neil Prenn, P. Eng., Qualified Person. Resources
were calculated using industry-standard block modeling software. Based on the
study, geological resources (1) above a 0.010 opt cut-off are:
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Short Tons Gold Grade Contained
Troy oz/ton Ounces
(opt)
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MEASURED AND INDICATED (2)
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Oxide resources 36,073,000 0.018 660,800
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Sulfide resources 32,203,000 0.017 550,400
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Total measured and indicated 68,276,000 0.018 1,211,200
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INFERRED (3)
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Oxide resources 11,540,000 0.019 219,400
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Sulfide resources 21,374,000 0.016 352,100
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Total inferred 32,914,000 0.017 571,500
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Oxidation of the mineralization extends to depths of 250 feet from
surface. The oxidized material forms about 55% of the measured and
indicated resource and 38% of the inferred resource.
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(1) Mineral resources which are not mineable reserves do not have demonstrated
economic viability.
(2) CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF INDICATED
RESOURCES: This table uses the terms "measured and indicated resources". We
advise U.S. investors that while these terms are recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission does not
recognize them. U.S. INVESTORS ARE CAUTIONED NOT TO ASSUME THAT ANY PART OR
ALL OF MINERAL DEPOSITS IN THIS CATEGORY WILL EVER BE CONVERTED INTO
RESERVES.
(3) CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF INFERRED
RESOURCES: This table uses the term "inferred resources". We advise U.S.
investors that while this term is recognized and required by Canadian
regulations, the U.S. Securities and Exchange Commission does not recognize
it. "Inferred resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred
mineral resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the basis of a
feasibility or other economic study. U.S. INVESTORS ARE CAUTIONED NOT TO
ASSUME THAT ANY PART OR ALL OF AN INFERRED RESOURCE EXISTS OR IS
ECONOMICALLY OR LEGALLY MINABLE.
Resources were calculated using data from 816 reverse circulation and 20 diamond
drill holes, totaling 262,315 feet. Drill spacing averages 120 feet. The bulk of
the drilling was performed by Royal Gold, Battle Mountain Gold and Amax Gold,
between 1990 and 1997. Standard sampling and assaying, quality control and
surveying procedures were applied.
Gold mineralization forms two large flat-lying "blankets", from surface to
depths of up to 500 feet. The Hilton Creek zone is approximately 8,000 feet by
1,200 feet in plan view, and the Southeast zone is approximately 5,000 feet by
1,000 feet. Mineralization is open to the east, north and south as well as at
depth. In addition to the presently defined resource, there is extensive
historical exploration data, suggesting significant exploration potential.
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
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