The Board of Directors of
Vista Gold Corp. (TSX & NYSE Amex Equities: VGZ) ("Vista"
or the "Corporation") is pleased to announce that effective
January 1, 2012, Frederick H. Earnest, President and Chief Operating Officer of
the Corporation was appointed to the role of Chief Executive Officer. Mr.
Earnest's new title will be President and Chief Executive Officer of the
Corporation. Mr. Earnest's appointment follows the retirement of Michael B. Richings as Executive Chairman and Chief Executive Officer.
Mr. Richings will continue to be actively involved
with Vista in his role as a director and the Chairman of the Board of
Directors.
Mr. Richings,
who returned to serve as the Chief Executive Officer of the Corporation in
2004, leaves a legacy of creating shareholder value. Following the
acquisition of Vista's flagship Mt. Todd gold project in 2006, Mr. Richings conceived and led the transaction that resulted in
the formation of Allied Nevada Gold Corp. ("ANV") and a
significant distribution of value to the Corporation's shareholders in the form
of ANV shares. Mr. Richings was also integral
to the recent contribution of the Corporation's Yellow Pine project to the
recently formed Midas Gold Corp. ("Midas"). The current
value of Vista's investment in Midas is approximately US$118 million.
Succeeding Mr. Richings is Mr. Earnest, who is highly qualified for the
role of Vista's Chief Executive Officer having worked closely with Mr. Richings and the Board of Directors for the past several
years. Since August 1, 2007, Mr. Earnest has served as Vista's President
and Chief Operating Officer. Mr. Earnest holds a degree in Mining
Engineering from the Colorado School of Mines and has over 25 years of
experience in the design, evaluation, permitting, construction and operation of
mining projects in the Americas and Australia. During his tenure with Vista,
Mr. Earnest has successfully advanced the Corporation's core projects including
overseeing the growth of the Corporation's Mt. Todd gold project in Australia
and the pending completion of the project's bankable feasibility study.
Mr. Tom Ogryzlo,
the Chairman of Vista's Corporate Governance Committee commented, "on
behalf of the Board of Directors and the shareholders of the Corporation, we
thank Mr. Richings for his leadership and dedication
to the Corporation. We are pleased to have Mr. Richings'
continued leadership as our Chairman of the Board of Directors and are equally
pleased with the smooth transition to Mr. Earnest's very capable
leadership. We know, based on Mr. Earnest's proven track record and
accomplishments with the Corporation during the past 5 years, that we have an
experienced and accomplished mining executive to lead Vista into the future. We
are looking forward to an exciting year in 2012, and to Mr. Richings'
and Mr. Earnest's continued contributions to the growth of the Corporation and
the value for our shareholders."
About Vista Gold Corp.
Vista is focused on
the development of its Mt. Todd gold project in Northern Territory, Australia,
and its Concordia gold project in Baja California Sur, Mexico, to achieve its
goal of becoming a gold producer. After the initial public offering of
the common shares of Midas, Vista holds approximately 30% of Midas' common
shares, which has a large exploration property in Idaho, including the Yellow
Pine property previously held by Vista. Vista's other holdings include the
Guadalupe de los Reyes gold-silver project in Mexico, the Awak
Mas gold project in Indonesia and the Long Valley gold project in
California. For more information about our projects, including technical
studies and resource estimates, please visit our website at www.vistagold.com.