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EXHIBIT 99.1
[VISTA GOLD 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 HASBROUCK, THREE HILLS RESOURCE
STUDIES; INITIATES DRILL PROGRAM AT MAVERICK SPRINGS
DENVER, COLORADO JULY 31, 2003 -Vista Gold Corp. (TSX & AMEX: VGZ) is pleased
to announce that it has completed resource studies on its Hasbrouck and Three
Hills projects in the Tonopah district, Nevada, in compliance with Canadian
National Instrument 43-101. The projects are located, respectively, five
miles south and two miles west of Tonopah, Nevada. They comprise a total of
98 claims and host oxidized epithermal-style gold mineralization.
The resource studies were performed by Mine Development Associates of Reno,
Nevada, an independent consulting firm, under the supervision of Mr. Neil
Prenn, P. Eng., a Qualified Person. Resources were calculated using
industry-standard block modeling software. Based on the studies, geological
resources1 above a 0.010 opt cut-off are:
<Table>
<Caption>
Gold grade
Troy oz/ton Contained
Short tons (opt) Ounces
---------- ----------- ---------
INDICATED (2)
Hasbrouck 20,300,000 0.023 459,000
Three Hills 5,736,000 0.023 133,000
Total indicated 592,000
INFERRED (3)
Hasbrouck 8,160,000 0.021 172,000
</Table>
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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 term "indicated 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. 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.
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The Hasbrouck model was developed using data from 54,339 feet of drilling,
principally comprised of 105 reverse circulation holes totaling 44,400 feet
and 22 rotary drill holes totaling 8,980 feet. The drilling database was
compiled from work performed by FMC Gold Co., Cordex Syndicate and Franco
Nevada Inc. between 1974 and 1988. The newly developed model shows that
mineralization may extend in an easterly direction at the Hasbrouck property.
The Three Hills model was developed using data from 62,874 feet of drilling,
comprised of 183 reverse circulation holes totaling 54,657 feet, 45 air-track
and rotary holes totaling 6,320 feet and 9 diamond drill holes totaling 1,897
feet. The drilling was completed by Echo Bay Mines Ltd., Eastfield Resources,
Saga Exploration and Cordex Syndicate between 1974 and 1996.
"These projects have excellent potential," said Jock McGregor, Vista's
President and CEO. "The Tonopah area has recently produced new exploration
successes as well as the revival of mature mining districts at Goldfield,
Nevada. We believe Vista can increase resources at Hasbrouck and Three Hills
by taking a new look at the old data, and drilling new areas at Three Hills."
At the Maverick Springs project, 50 miles southeast of Elko, Nevada, the
Corporation and Silver Standard Resources Inc. (NASDAQ:SSRI) have started a
16-hole, 16,000 foot drill program. The program has the potential to
significantly increase resources at Maverick Springs by in-fill drilling in
the mineralized extension discovered last fall, as summarized in the
Corporation's December 16, 2002 press release. Exploration holes will also be
drilled north and south of the previously identified mineralization. The
program is being funded by Silver Standard under an option agreement as
summarized in the Corporation's November 7, 2002 press release. Maverick
Springs is a large silver-rich Carlin style deposit.
Vista Gold Corp., based in Littleton, Colorado, evaluates and acquires gold
projects with defined gold resources. Additional exploration and technical
studies are undertaken to maximize the value of the projects for eventual
development. The Corporation's holdings include the Maverick Springs,
Mountain View, Hasbrouck, Three Hills and Hycroft projects in Nevada, the
Long Valley project in California, the Paredones Amarillos project in Mexico,
and the Amayapampa project in Bolivia.
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-K 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 at (720) 981-1185, or
visit the Vista Gold Corp. website at www.vistagold.com