Vista Gold Corp. ("Vista" or the "Company") (NYSE Amex and TSX: VGZ) today provided an overview of the Company's recent operating highlights and selected financial results and highlights for the year ended December 31, 2011.  The Company's full financial results, Management's Discussion and Analysis together with other important disclosures can be found in the Company's Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the "SEC") and the Canadian securities regulatory authorities on March 14, 2012.

Recent Highlights Include:

• On March 12, 2012, the Company announced initial results from its resource conversion drilling program, which is in progress at its Mt. Todd gold project, and its decision to build a project development team and to evaluate the potential for a larger project as its definitive feasibility study nears completion;
• Vista announced on February 27, 2012 the initial results of a drilling program, in progress at its Guadalupe de los Reyes gold/silver project.  The program is designed to provide information for a Preliminary Economic Assessment study of the shallow gold and silver resources and to test exciting deeper high grade gold and silver extensions to the vein system;
• On February 7, 2012, Vista and Invecture Group S.A. de C.V. ("Invecture") entered into an earn-in right agreement (the "Earn-in Right Agreement") with respect to Vista's Concordia gold project in Baja California Sur, Mexico.  Under the terms of the Earn-in Right Agreement, Invecture made a non-refundable payment of $2 million in exchange for the right to earn a 60% interest (subject to adjustment) in Desarrollos Zapal S.A. de C.V.  See our press release dated February 7, 2012 for additional information on the Earn-in Right Agreement;
• Vista remains debt free after repaying its $23-million convertible notes in March 2011 and has $17.9 million in cash at December 31, 2011;
• The fair value of the Company's investment in Midas Gold Corp. ("Midas") was estimated at $119.9 million at December 31, 2011, an increase of $9.6 million for the three months then ended; and
• Vista appointed Fred Earnest as Chief Executive Officer of the Company effective January 1, 2012.

Highlights for 2011 Include:

• Increased estimated gold resources at Mt. Todd announced on September 6, 2011;
• Public offering of 9,000,000 common shares on April 20, 2011;
• Completion of the combination with Midas Gold Inc. on April 6, 2011 and its subsequent initial public offering on July 14, 2011;
• Repayment of Vista's convertible notes on March 4, 2011; and
• Results of a new Preliminary Feasibility Study at Mt. Todd announced on January 4, 2011.

Summary of 2011 Financial Results

For the year ended December 31, 2011, Vista reported net income of $51.5 million, or $0.75 per share ($0.74 per share on a fully diluted basis), compared to a net loss of $20 million, or $0.42 per share ($0.42 per share on a fully diluted basis), for the year ended December 31, 2010.  Results for the year ended December 31, 2011 benefited from the unrealized gain of approximately $77.8 million that was recognized upon the completion of the combination (the "Combination") of Vista's and Midas Gold Inc.'s assets in the Yellow Pine-Stibnite District in Idaho and the increase in the estimated fair value of its investment in Midas of $37.3 million.  The value of the investment in Midas is estimated based on quoted market prices of Midas' shares, discounted to the extent considered necessary to account for the regulatory holding period applicable to those shares.  These increases in Vista's net income were partially offset by the $35.5 million increase in deferred tax expense and the increase in exploration, property evaluation and holding costs of $8.3 million, which were incurred for the feasibility study being undertaken at the Mt. Todd gold project.

The Company's balance sheet at December 31, 2011 benefited from its investment in Midas, which was recorded at a fair value estimated at $119.9 million on that date.  This increase was offset by the net deferred tax liability of about $35.5 million associated with unrealized gains that were recognized upon the completion of the Combination and for the increase in the estimated fair value of the investment in Midas.  Vista's cash and cash equivalents were primarily impacted by the repayment of $23 million in convertible notes on March 4, 2011, the approximate $29 million that was raised on April 20, 2011 in the Company's public offering of 9,000,000 shares of its common stock, the $3.6 million cash that was invested in Midas and the approximate $25 million of cash that was used in operating activities, of which about $21.8 was incurred on exploration, property evaluation and holding costs on Vista's core projects.

The following table summarizes Vista's selected financial data.  To review the Company's Annual Report on Form 10-K for the year ended December 31, 2011 that includes the annual financial statements of the Company for the year ended December 31, 2011 and the related Management's Discussion and Analysis, visit any of the following websites:  www.sedar.com, www.sec.gov or www.vistagold.com.

All dollar amounts in this press release are in United States dollars, except dollar amounts (other than per share data) in the following table, which are in thousands of United States dollars.

Management Conference Call

A conference call with management to review our financial results for the year ended December 31, 2011 and to discuss corporate and project activities is scheduled for Monday, March 19, 2012 at 10:00 a.m. MDT.

Toll-free in North America:  1-866-443-4188
International:  416-849-6196

This call will also be web-cast and can be accessed at the following web location

http://www.snwebcastcenter.com/event/?event_id=2647

This call will be archived and available at www.vistagold.com after March 19, 2012.  Audio replay will be available for 21 days by calling toll-free in North America:  1-866-245-6755, passcode 420604.

If you are unable to access the audio or phone-in on the day of the conference call, please email questions to Connie Martinez, Manager � Investor Relations (email: connie@vistagold.com), and we will try to address these questions prior to or during the conference call.

About Vista Gold Corp.

Vista is focused on the development of the Mt. Todd gold project in Northern Territory, Australia, to achieve its goal of becoming a gold producer. Vista is advancing exploration on its Guadalupe de los Reyes gold-silver project in Mexico and has recently granted Invecture Group, S.A. de C.V. a right to earn a 60% interest in the Concordia gold project in Mexico. Vista's other holdings include 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.