Exhibit 99.1


[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 BOARD OF DIRECTORS APPROVES PAYMENT ON GUADALUPE DE
LOS REYES PROPERTY, MEXICO

DENVER, COLORADO AUGUST 4, 2004 - Vista Gold Corp. (TSX & AMEX: VGZ)
announces that its Board of Directors has approved a US$500,000 payment in
common shares of the Corporation towards the purchase of a 100% interest in
the Guadalupe de los Reyes gold project in Sinaloa State, Mexico, and a data
package associated with the project and general area. Under the August 2003
purchase agreement, the aggregate purchase price is US$1.4 million and a 2%
NSR-type royalty. Vista has paid US$400,000 in prior payments. The agreement
provides that the current US$500,000 payment may be made in cash or common
shares at the option of the Corporation. The number of shares issuable is to
be determined by dividing US$500,000 by the average closing price of Vista's
common shares on the American Stock Exchange over the last ten trading days
immediately prior to July 31, 2004. Accordingly, the current issuance will
amount to 138,428 common shares.

An additional US$500,000 in cash will be paid by way of US$100,000 payments on
each of the second through sixth anniversaries of the signing of the formal
agreement, with the outstanding balance becoming due upon commencement of
commercial production. Vista retains the right to terminate the agreement at any
time.

A resource study completed in 2003, the results of which were announced
previously, reported the presence of 277,600 ounces of indicated(1) gold
resource and 247,850 ounces of inferred(2) gold resource at a cutoff grade of
0.016 opt gold. The project includes significant silver values.

The Corporation is compiling and reviewing data and is considering updating a
pre-feasibility study that was done by Pincock, Allen & Holt of Denver, Colorado
in 1998.

"We believe the whole district needs to be consolidated, and we hold the heart
of it." President and CEO Mike Richings commented. "Guadalupe de los Reyes has
previously been studied for low-grade, open-pit development. Our interpretation
of the deposit is that there is significant potential for high-grade material
down-dip of the old workings which hasn't been adequately drill tested."

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.

- --------------------
(1)  CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF INDICATED
RESOURCES: This news release 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.

(2)   CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF INFERRED
RESOURCES: This news release 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 MINEABLE.

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 Howard Harlan at (720) 981-1185, or
visit the Vista Gold Corp. website at www.vistagold.com
                                      -----------------