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EXHIBIT 99.1
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
- ------------------------------- NEWS -----------------------------------------
VISTA GOLD CORP. ANNOUNCES DISCOVERY OF NEW ZONE OF MINERALIZATION AT MOUNTAIN
VIEW GOLD PROJECT, NEVADA; REDUCED ESTIMATED CAPITAL AND OPERATING COSTS FOR THE
PAREDONES AMARILLOS GOLD PROJECT, MEXICO
DENVER, COLORADO FEBRUARY 12, 2004 - Vista Gold Corp. (TSX & AMEX: VGZ) is
pleased to report final drill results from a recently completed drilling program
at the Mountain View Gold Project in Nevada, and reduced estimated capital and
operating costs for the Paredones Amarillos gold project in Mexico based on a
new process engineering study.
The Mountain View Gold Project is located in northwest Nevada, approximately 40
miles west of the Corporation's Hycroft mine near Winnemucca. It is part of the
Deephole Mining District which saw gold production between 1938 and 1951, with
renewed exploration activity beginning in 1984. Vista acquired the project in
October 2002 from Newmont Capital Limited, a subsidiary of Newmont Mining
Corporation (NYSE: NEM).
The five-hole reverse circulation program totaled 4,330 feet. Intercepts
indicating the potential for bulk-mineable gold mineralization include MV03-188
which intersected 230 feet of mineralization grading 0.039 ounces of gold per
ton, MV03-189 which intersected 30 feet of mineralization grading 0.021 ounces
of gold per ton, MV03-190 which intersected 165 feet of mineralization grading
0.026 ounces of gold per ton and 40 feet grading 0.065 ounces of gold per ton,
and MV03-191 which intersected 210 feet of mineralization grading 0.039 ounces
of gold per ton. A fifth hole, MV03-187, was abandoned due to high water inflows
in the gravels above the bedrock. The results of MV03-188 and MV03-190 indicate
the presence of a new zone of bulk mineralization approximately 400 feet east of
the known core of mineralization.
Higher grade gold intercepts included five feet of gold mineralization in drill
hole MV03-190 assaying 0.370 ounces of gold per ton and 20 feet of gold
mineralization in drill hole MV03-191 assaying 0.112 ounces of gold per ton. The
intercept in MV03-191 is 300 feet above earlier drilling, suggesting that this
high-grade zone is larger than previously known.
The drilling program was performed between October 15 and November 6, 2003 under
the overall supervision of Warren Bates, P.Geo., Vista's International
Exploration Manager. Mr. Bates is a qualified person for the purposes of
Canadian National Instrument 43-101. All samples taken were five feet in length
and were assayed by American Assay Labs of Reno, Nevada, with check assays
performed by Chemex labs of Reno. Drill holes were angle holes drilled in a
northeast direction. Sampling and assaying methods were conducted in accordance
with Canadian National Instrument 43-101 best practices. Selected
weighted-average assay results are shown in the following table:
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<Table>
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Selected Drill Hole Assay Results
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From To Interval Gold Ounces From To Interval Gold Ounces
Hole (feet) (feet) (feet) Per Ton (feet) (feet) (feet) Per Ton
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MV03-188 390 620 230 0.039 Including 390 525 135 0.054
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MV03-189 630 660 30 0.021
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MV03-190 520 685 165 0.026 Including 525 570 45 0.054
730 770 40 0.065 Including 750 755 5 0.370
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MV03-191 495 705 210 0.039 Including 520 615 95 0.046
Including 660 680 20 0.112
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</Table>
Vista acquired the Paredones Amarillos Gold Project located in Baja California
Sur, Mexico, in August 2002 from Viceroy Resource Corporation (now Quest Capital
Corp.), and commissioned Resource Development Inc. (RDi) of Denver, Colorado to
review metallurgical testwork and the feasibility study completed by Echo Bay
Mines in 1997 to evaluate whether a revised flowsheet could lead to a reduction
in capital and/or operating costs for the project. RDi reported that by changing
the flowsheet from a whole-ore leach to one incorporating gravity and production
of a flotation concentrate with subsequent leaching of the flotation
concentrate, a reduction in both capital and operating costs could be achieved.
With the revised flowsheet, a coarser tailings would be produced which can be
filtered, resulting in a significant reduction in the size of the tailings
impoundment. Water supply requirements would be reduced and a smaller cyanide
destruction unit would be required. These revisions resulted in capital cost
estimate reductions of about 6% from US$104.2 million to US$97.7 million.
Operating cost estimates were reduced 9.5% from US$7.33 to US$6.64 per tonne of
ore primarily because of lower reagent costs from leaching a smaller volume of
material (i.e., only the flotation concentrate would be leached as opposed to
leaching all of the ore in the previous study).
Cash operating costs were estimated at US$196 per gold ounce, down 13% from the
previous study, and total costs were estimated at US$279 per gold ounce, a
reduction of 11% from the previous study.
"The drilling at Mountain View and the process engineering study at Paredones
Amarillos demonstrate Vista's commitment to enhancing shareholder value." stated
Jock McGregor, President and CEO. "The completion of this work has demonstrated
the potential to add value to both of these projects."
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, Hycroft and Wildcat projects in Nevada, the Long
Valley project in California, the Yellow Pine project in Idaho, the Paredones
Amarillos and Guadalupe De Los Reyes projects 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.