EXHIBIT 20.2
VISTA GOLD CORP.
FIRST QUARTER REPORT - 1999

DEAR FELLOW SHAREHOLDERS:

The first quarter has been a very significant one for Vista Gold.  A number 
of important initiatives were taken which will ultimately result in 
significant growth for the Corporation.

The Corporation incurred a net loss of $3.0 million mainly as a result of the 
reduced production associated with start-up at Mineral Ridge and the 
suspension of mining activities at the Hycroft mine, lower gold prices and 
the expense that was associated with holding the Bolivian properties.   
However, in spite of the reduced production at both Mineral Ridge and 
Hycroft, the Corporation generated $1.8 million in positive direct cash flow 
from operations and gold was produced at a direct cash cost of $203 per 
ounce.  

Start-up activities at Mineral Ridge have taken longer than anticipated in 
part due to greater than expected personnel training requirements and in part 
due to the severe weather conditions which were experienced during the first 
and early part of the second quarter.  At the end of the first quarter, most 
of the necessary modifications on the plant were complete and we are 
confident that full production will be achieved during the second quarter.  
At the time of writing, the plant is operating at planned levels and gold 
production for the second quarter is expected to be significantly higher than 
the first quarter.  

Gold production from heap leach inventories at Hycroft has been higher than 
planned and 15,770 ounces were produced at Hycroft during the first quarter. 
Currently, over 20,000 ounces have been produced towards a budgeted 
production estimate of 25,000 ounces for the year.  Based on current gold 
production levels and solution grades on the heaps, management now believes 
that Hycroft will produce between 30,000 and 35,000 ounces of gold for the 
year, which will enhance cash flow from operations.

In March, the Board of Directors approved a $400,000 drilling program at the 
Hycroft mine to be completed by September 1999, which is currently in 
progress. The program will include approximately 6,000 feet (1,829 meters) of 
diamond drilling and 11,000 feet (3,350 meters) of angle reverse circulation 
drilling. This program is designed to confirm the 37 percent upgrade factor 
on the remaining Brimstone deposit's gold resources, which was experienced 
while mining the deposit during 1997 and 1998.  A positive result from this 
program could add significantly to Vista Gold's mineable reserves and allow 
the Hycroft mine to resume production at a gold price of $300 per ounce.  
Preliminary estimates made by the Corporation indicate production at Hycroft 
could be resumed at a rate of 50,000 to 70,000 ounces per year for a minimum 
of 5 years, at an estimated cash cost of $220 to $250 per ounce of gold.

In Bolivia, following the recently completed studies on a revised development 
plan, the Corporation signed a summary term sheet with a major international 
bank to provide the debt financing component for the project and is exploring 
alternatives to complete the total financing 


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package.  Vista is focussing its efforts on arranging the financing for this 
project so that construction can begin during the third or fourth quarters of 
1999.

Subsequent to the end of the first quarter of 1999, the Corporation was 
pleased to announce it had entered into negotiations with Metallica Resources 
Inc. for the merger of the two companies to create a new gold production 
company with significant development projects and exploration potential.  
Detailed due diligence efforts are currently underway, and if the merger 
discussions are successful, the two companies expect to enter into a 
definitive merger agreement, subject to approval of their respective boards 
of directors as well as all necessary shareholder and regulatory approvals, 
by early June 1999.

Metallica owns the Cerro San Pedro gold project in Mexico under which Cambior 
Inc. has a right to earn a 50 percent interest by investing US$20,000,000 in 
project development expenditures.  Metallica is also exploring the El Morro 
and La Fortuna copper-gold properties in Chile and the Mara Rosa gold project 
in Brazil.  The combined entity would be well financed and the development of 
the Amayapampa project in Bolivia would be a priority of the newly created 
company.


/s/Mike B. Richings
Mike B. Richings
President and Chief Executive Officer

May 20, 1999

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 the targeted results.  Such risks and 
uncertainties include those described in the Company's Form 10-K as amended.

For further information, please contact Investor Relations at (303) 629-2450 
or (888) 629-2450.


(303) 629-2450 - VOICE       370 SEVENTEENTH STREET -      (303) 629-2499 - FAX
                          SUITE 3000 - DENVER, CO 80202


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