EXHIBIT 20.1
                                           Trading Symbol:  VGZ
                                           Toronto and American Stock Exchanges

             VISTA AND METALLICA ANNOUNCE MERGER DISCUSSIONS

DENVER, COLORADO, MAY 12, 1999 - Vista Gold Corp. ("Vista") and Metallica 
Resources Inc. ("Metallica") announced today that they have entered into 
negotiations for the merger of the two companies to create a new, well 
financed gold producer with significant development projects and exploration 
potential. Both companies have signed an agreement giving them the exclusive 
right to negotiate a transaction with the other and to undertake detailed due 
diligence within the next 90 days.

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.  They anticipate the shareholders of both 
companies would then be asked to approve the exchange of their existing 
common shares for shares of the merged entity based on the recent market 
trading prices of each company. This would result in a share exchange ratio 
that fairly reflects their underlying net asset values based on an internal 
evaluation carried out jointly by the companies.

Vista and Metallica have both retained independent investment banks to 
provide financial advisory services and fairness opinions should a 
transaction result from the negotiations.  Canaccord Capital Corporation has 
been engaged by Vista and Deutsche Bank Securities Limited has been hired by 
Metallica.

Vista owns and operates the Hycroft and Mineral Ridge gold mines in Nevada, 
and the Amayapampa gold project in Bolivia.   A priority of the merged entity 
would be the rapid development of the Amayapampa project.

Metallica owns the Cerro San Pedro gold project in Mexico under which Cambior 
Inc. has a right to earn a 50% 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.

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The statements in this press release that are not historical facts contain 
forward looking information.  These statements address future events 
involving known and unknown risks and uncertainties that could cause actual 
results to vary materially from projected results.  These risks and 
uncertainties include those described in Vista's Form 10-K and Metallica's 
Form 20-F.

For further information, please contact Investor Relations at (303) 629-2450 
or visit our web site at www.vistagold.com.


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