783324--3/13/2009--VISTA_GOLD

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Risks Related to the Business of Vista Gold Vista Gold is a "passive foreign investment company" for U.S. tax purposes, which can have a materially adverse effect on a U.S. shareholder's economic return on investment in our Common Shares. Feasibility study results and preliminary assessment results are based on estimates that are subject to uncertainty. The economic viability of a deposit is based on many factors that are subject to uncertainty. There may be delays in commencement of construction on the Paredones Amarillos Gold Project. The final status of our required governmental permits for the Paredones Amarillos Gold Project could negatively impact our mineral reserves. Increased costs could affect our financial condition. A shortage of equipment and supplies could adversely affect our ability to operate our business. We cannot be certain that our acquisition, exploration and development activities will be commercially successful. The price of gold is subject to fluctuations, which could adversely affect the realizable value of our assets and potential future results of operations and cash flow. Mining exploration, development and operating activities are inherently hazardous. Calculations of mineral reserves and of mineralized material are estimates only, subject to uncertainty due to factors including metal prices, inherent variability of the ore, and recoverability of metal in the mining process. Our exploration and development operations are subject to environmental regulations, which could result in our incurring additional costs and operational delays. Disposal of Amayapampa Gold Project Our receipt of future payments in connection with our disposal of the Amayapampa gold project is subject to uncertainty. Leverage as a result of our outstanding convertible notes may harm our financial condition and results of operations. We face intense competition in the mining industry. We may be unable to raise additional capital on favorable terms. Some of our directors may have conflicts of interest as a result of their involvement with other natural resource companies. There may be challenges to our title in our mineral properties. Our property interests in Mexico and Indonesia are subject to risks from political and economic instability in those countries. Our financial position and results are subject to fluctuations in foreign currency values. Future sales of our Common Shares in the public or private markets could adversely affect the trading price of our Common Shares and our ability to raise funds in new share offerings. It may be difficult to enforce judgments or bring actions outside the United States against us and certain of our directors and officers. Recent market events and conditions

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783324--3/13/2009--VISTA_GOLD_CORP