VGZ.TO · 2019-08-13 12:00:00

Vista Gold Corp. Announces Final Leach Test Results at Mt Todd with Average Gold Recoveries Above 90%

Metallurgy & Processing

__________________ NEWS _________________

Vista Gold Corp. Announces Final Leach Test Results at Mt Todd

with Average Gold Recoveries Above 90%

Denver, Colorado, August 13, 2019 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or

the “Company”) today announced the completion of its metallurgical testing program and reported final

leach test results for its Mt Todd gold project located in Northern Territory, Australia.

Results of this comprehensive metallurgical program are based on testing completed on 71 samples of

material from the Batman deposit, representing various head grades and a wide range of grind sizes. Results

confirm:

• Average gold recoveries are in the low-90% range, compared to 86.4% in the Preliminary

Feasibility Study dated effective January 24, 2018 (as defined below);

• Grinding to 80% passing (P80) 40 microns results in higher gold recoveries across all grade

ranges; and

• Additional higher gold recoveries correlate to higher grade feed material.

Frederick H. Earnest, President and Chief Executive Officer, commented, “We are pleased with the results

of the comprehensive metallurgical testing program. The average gold recove ries at a finer grind size

continue to reflect the predictable nature of the deposit observed in previous programs. We expect these

results to positively impact the economics of the Mt Todd gold project. Our analysis indicates that each

1% improvement in gold recovery results in approximately a 0.6% increase in IRR and a US$ 27 million

increase in the NPV 5%. In addition to the improvement in gold recovery, this metallurgical program

provides us with the engineering information to make modest changes in the process flowsheet to reflect

the finer grind size. We are now focused on completing an updated preliminary feasibility study that will

also incorporate current equipment prices, consumable supply costs, and foreign exchange rates. We have

hired an independent engineering firm to complete a benchmarking study for our internal use in the review

of the preliminary feasibility study results due to be announced later this quarter.”

Metallurgical Testing Program Description and Results

The metallurgical testing program was conducted on bulk samples from the Batman deposit with gold

grades in the following ranges: greater than 1.5 grams gold per tonne ( “g Au/t”), 1.0 to 1.5 g Au/t, 0.8 to

1.0 g Au/t, 0.6 to 0.8 g Au/t, 0.4 to 0.6 g Au/t, and less than 0.4 g Au/t (lower than cut -off grade). All

samples were HPGR crushed, screened and sorted at testing facilities in Germany. Subsequently, they were

shipped to Denver, Colorado where samples were prepared by Resource Development Inc. ( “RDi”). Fine

grinding tests were completed at FLSmidth in Salt Lake City, Core Metallurgical Labs in Perth, and SGS

Laboratories near Toronto. Fine grinding was completed to simulate results from VXP mills and IsaMills.

In addition to providing samples for subsequent leach testing, these tests provided engineering information

to support the preparation of an updated preliminary feasibility study. Standard leach tests reflective of the

proposed Mt Todd process flowsheet were completed at RDi with assays completed by Florin Analytical

Services in Reno.

7961 Shaffer Parkway

Suite 5

Littleton, CO 80127

Phone: 720-981-1185 Trading Symbol: VGZ

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The following tables summarize the leach test results of 71 samples:

Test # Particle

Size (P80)

% Recovery

(Au)

Calc. Head

Grade (Au

g/mt)

Residue

Grade (Au

g/mt)

BR113 101 86.1 1.77 0.25

BR114 101 85.4 1.77 0.26

BR119 91 87.6 1.82 0.23

BR120 91 88.9 1.74 0.19

BR117 76 87.3 1.74 0.22

BR118 76 87.0 1.70 0.22

BR116 74 87.0 1.70 0.22

BR115 74 86.4 1.67 0.23

BR153(1) 53 93.6 1.96 0.12

BR154(1) 53 93.6 1.90 0.12

BR196 31 90.3 1.73 0.17

BR195 31 90.4 1.69 0.16

BR204 22 93.1 1.70 0.12

BR205 22 93.0 1.63 0.11

BR201 19 91.8 1.56 0.13

92.3 0.13

+1.5g Au/t

<53 micron average values

Test # Particle

Size (P80)

% Recovery

(Au)

Calc. Head

Grade (Au

g/mt)

Residue

Grade (Au

g/mt)

BR122 97 84.6 1.24 0.19

BR121 97 86.6 1.20 0.16

BR123 74 89.1 1.26 0.14

BR124 74 87.5 1.21 0.15

BR144 59 84.9 1.21 0.18

BR143 59 84.8 1.17 0.18

BR197 29 90.4 1.21 0.12

BR198 29 90.1 1.16 0.11

BR206 20 92.7 1.10 0.08

BR207 20 92.7 1.09 0.08

91.5 0.10

>=1.0g Au/t < 1.5g Au/t

<53 micron average values

Test # Particle

Size (P80)

% Recovery

(Au)

Calc. Head

Grade (Au

g/mt)

Residue

Grade (Au

g/mt)

BR126 87 85.5 0.88 0.13

BR125 87 86.5 0.87 0.12

BR128 79 88.4 0.89 0.10

BR127 79 87.4 0.86 0.11

BR147 69 85.5 0.95 0.14

BR148 69 85.0 0.91 0.14

BR130 69 86.9 0.86 0.11

BR129 69 89.1 0.83 0.09

BR158 59 87.4 0.93 0.12

BR199 35 89.5 0.9 0.09

BR200 35 89.6 0.85 0.09

BR209 22 91.8 0.88 0.07

BR208 22 91.9 0.84 0.07

90.7 0.08

>=0.8g Au/t < 1.0g Au/t

<53 micron average values

Test # Particle

Size (P80)

% Recovery

(Au)

Calc. Head

Grade (Au

g/mt)

Residue

Grade (Au

g/mt)

BR104 70 85.3 0.63 0.09

BR105 70 84.9 0.61 0.09

BR106 70 84.1 0.61 0.10

BR157 59 88.5 0.77 0.09

BR162(1) 52 92.3 0.73 0.06

BR161(1) 52 91.4 0.72 0.06

BR96 49 89.9 0.68 0.07

BR95 49 89.6 0.66 0.07

BR97 49 89.5 0.66 0.07

BR101 39 90.5 0.65 0.06

BR102 39 90.9 0.64 0.06

BR103 39 90.4 0.64 0.06

BR100 36 92.1 0.79 0.06

BR98 36 88.3 0.70 0.08

BR99 35 89.7 0.73 0.08

BR109 18 94.0 0.69 0.04

BR107 18 89.4 0.68 0.07

BR108 18 93.8 0.66 0.04

BR111 15 91.0 0.61 0.06

BR110 15 92.0 0.60 0.05

BR112 15 90.9 0.60 0.06

90.9 0.06

>=0.6g Au/t < 0.8g Au/t

<53 micron average values

(1) Previously reported in the May 29, 2019 press release.

Qualified Person

Deepak Malhotra, on behalf of Resource Development Inc., an independent Qualified Person as defined

by Canadian National Instrument 43-101, supervised the preparation of the information that forms the basis

for the scientific and technical information disc losed herein and has reviewed this press release and

consented to its release.

For further information on the Mt Todd Gold Project, see the Technical Report entitled “ NI 43 -101

Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Stud y Northern Territory,

Australia,” dated March 2, 2018 with an effective date of January 24, 2018 (the “Preliminary Feasibility

Study”), which is available on SEDAR as well as on Vista’s website under the Technical Reports section.

About Vista Gold Corp.

The Company is a gold project developer. Our principal asset is our flagship Mt Todd gold project in

Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia.

For further information, please contact Pamela Solly, Vice Pr esident of Investor Relations, at (720) 981-

1185.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities

Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other

Test # Particle

Size (P80)

% Recovery

(Au)

Calc. Head

Grade (Au

g/mt)

Residue

Grade (Au

g/mt)

BR131 59 84.8 0.46 0.07

BR132 59 86.2 0.46 0.06

BR165 56 83.6 0.52 0.08

BR166 56 85.0 0.52 0.08

BR210 22 88.5 0.42 0.05

BR211 22 89.0 0.41 0.05

88.8 0.05

Test # Particle

Size (P80)

% Recovery

(Au)

Calc. Head

Grade (Au

g/mt)

Residue

Grade (Au

g/mt)

BR167 60 81.6 0.18 0.03

BR212 60 80.6 0.18 0.03

BR213 49 85.8 0.32 0.05

BR168 49 78.5 0.21 0.04

BR133 21 87.5 0.26 0.03

BR134 21 86.9 0.26 0.03

84.7 0.04

<53 micron average values

>=0.4g Au/t < 0.6g Au/t

< 0.4g Au/t (below cutoff)

than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate

will or may occur in the future, including such things as our belief that recoveries in the low 90% range may be achieved for the Mt Todd gold

project; our belief that the testing res ults show higher recoveries at finer grind sizes ; timing and completion of an updated preliminary

feasibility study incorporating the results of the completed metallurgical testing program; and that actual results will be consistent with test

work results are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the

forward-looking statements and forward-looking information contained in this press release include the following: test results are indicative

of actual results, no change to laws or regulations impacting mine development or mining activities, our approved business plans, mineral

resource and reserve estimates and results of preliminary economic assessments, preliminary feasibility studies and feasibility studies on our

projects, if any, our experience with regulators, our experience and knowledge of the Australian mining industry and positive changes to

current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,”

“intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements

and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the

actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements

expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to

the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of

shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nat ure of

mining-related activities; potential effects on our operations of environmental regulations in the countries in which it op erates; risks due to

legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertaint y as to the results of

bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the

headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed

in February 2019 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities.

Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-

looking statements and forward -looking information, there may be other factors that cause results not to be as anticipated, estimated or

intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking

information; whether as a result of new information, future events or otherwise.

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