Mr. Frederick Earnest reports

VISTA GOLD CORP. ANNOUNCES THIRD QUARTER 2014 RESULTS

Vista Gold Corp. has released its unaudited financial results and highlights for the third quarter ended Sept. 30, 2014. The company's unaudited financial statements, management's discussion and analysis, and other important disclosures can be found in the company's quarterly report on Form 10-Q, filed with the U.S. Securities and Exchange Commission (SEC) and the Canadian securities regulatory authorities.

Summary of third quarter 2014 financial results

The company reported a net loss of $4.9-million or six cents per share for the three months ended Sept. 30, 2014. This includes an unrealized $3.8-million mark-to-market loss on its investment in Midas Gold Corp. During the three months ended Sept. 30, 2013, the company reported a net loss of $3-million or four cents per share. The 2013 results included a $4.5-million unrealized gain on its investment in Midas, and a $3.5-million impairment charge related to mill equipment held for sale.

Expenditures for exploration and property holding costs, principally at the company's Mt. Todd gold project, totalled $800,000 for the three months ended Sept. 30, 2014, down from $2.2-million for the same period in 2013. The 2014 costs are net of a $200,000 non-cash stock-based compensation cost recovery related to the expiry of certain restricted stock units. Several cost-cutting measures were introduced at the Mt. Todd gold project during the latter half of 2013, but were not fully in effect for the three months ended Sept. 30, 2013.

Corporate general and administrative costs totalled $100,000 for the three months ended Sept. 30, 2014, down from $1.1-million for the same period in 2013. The 2014 costs are net of a $700,000 non-cash stock-based compensation cost recovery related to the expiry of certain restricted stock units. Corporate cost-reduction measures had also been introduced during the latter half of 2013, but were not fully in effect for the three months ended Sept. 30, 2013.

Working capital at Sept. 30, 2014, totalled approximately $11.1-million, including cash of approximately $5.3-million. The company has no debt.

Frederick H. Earnest, president and chief executive officer, commented: "We continue to focus on the things that we can influence: cost control, permitting and advancing the Mt. Todd gold project toward shovel-ready status. I am pleased to report that we are making good progress in all of these areas. Our costs continue to trend downward. The government of the Northern Territory's participation in water remediation and discharge at Mt. Todd mitigates some of the risk that we will incur material unexpected environmental expenditures through 2015. The recent successful completion of the environmental impact statement (EIS) approval process marks the end of more than three years of work and expenditures. This important step toward our goal of making the Mt. Todd gold project a shovel-ready project has reduced the risks associated with the development of the project."

To review the company's quarterly report on Form 10-Q for the three months ended Sept. 30, 2014, including the related management's discussion and analysis, visit any of the following websites: SEDAR, the SEC website or the company's website.

Management conference call

A conference call with management to review the financial results for the fiscal three months ended Sept. 30, 2014, and to discuss corporate and project activities is scheduled for Tuesday, Nov. 4, 2014, at 2:30 p.m. MT.

Toll-free in North America:  1-866-233-5249

International:  416-642-3300

This call will also be webcast and can be accessed on-line.

This call will be archived and available on the company's website after Nov. 4, 2014. Audio replay will be available for 21 days by calling 1-866-245-6755 (toll-free in North America) and using passcode 253759.

If you are unable to access the audio or phone-in on the day of the conference call, please e-mail questions to Connie Martinez, manager, investor relations, and the company will try to address these questions prior to or during the conference call.

All dollar amounts in this press release are U.S. dollars.

We seek Safe Harbor.