Vista Gold Corp. Announces Retirement of Michael B. Richings and Appointment of Frederick H. Earnest as Chief Executive Officer

The Board of Directors of Vista Gold Corp.

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.