Mr. Frederick Earnest reports

VISTA GOLD CORP. ANNOUNCES THIRD QUARTER 2016 RESULTS

Vista Gold Corp. has released its unaudited financial results for the third quarter ended Sept. 30, 2016. Management's quarterly conference call to discuss these results is scheduled for 2:30 p.m. MDT on Oct. 27, 2016. The company's unaudited financial statements and management discussion and analysis, together with other important disclosures, can be found in the company's quarterly report on Form 10-Q, filed on Oct. 26, 2016, with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.

Summary of third quarter 2016 financial results

The company reported a net loss of $2.1-million, or two cents per share, for the three months ended Sept. 30, 2016. This includes operating expenses of $1.9-million, and an unrealized $200,000 mark-to-market loss on the company's investment in Midas Gold Corp. During the three months ended Sept. 30, 2015, the company reported net income of $500,000, or one cent per share. This included a $4.3-million payment received from the Australian government under a research and development incentive program, offset by $3.2-million of operating and other expenses and an unrealized $600,000 mark-to-market loss on the company's investment in Midas.

The company's working capital at Sept. 30, 2016, totalled approximately $30.1-million, including cash and short-term investments (comprising government securities) of approximately $24.8-million. The company has no debt.

Vista's president and chief executive officer, Frederick H. Earnest, commented: "We believe our significantly improved balance sheet gives us the resources to fund all of the project milestones necessary to advance the Mount Todd gold project to a development decision. With our metallurgical optimization programs nearing completion, we are preparing to undertake an update of our May, 2013, preliminary feasibility study. We intend to provide more details in a comprehensive update in the near future."

To review the company's quarterly report on Form 10-Q for the three and nine months ended Sept. 30, 2016, including the related management discussion and analysis, visit SEDAR, EDGAR or Vista Gold's website.

Management conference call

A conference call with management to review the company's financial results for the three months ended Sept. 30, 2016, and to discuss corporate and project activities is scheduled for Thursday, Oct. 27, 2016, at 2:30 p.m. MDT.

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

International:  416-642-3300

This call will be archived and available at the Vista Gold website after Oct. 27, 2016. An audio replay will be available for 21 days by calling toll-free (in North America) 1-888-203-1112, passcode 2108951.

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, at connie@vistagold.com, and the company will try to address these questions prior to or during the conference call.

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

About Vista Gold

The company's principal asset is its flagship Mount Todd gold project in Northern Territory, Australia, where the company is concluding test work to optimize the process flow sheet, seeking approval of its final environmental authorization and commencing an update of its preliminary feasibility study. Vista Gold also holds approximately 4.4 per cent of the outstanding common shares of Midas, non-core projects in Mexico and the United States, and royalty interests in Indonesia.

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