783324--3/17/2008--VISTA_GOLD

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{interest, director, officer}

{gas, price, oil}

{operation, international, foreign}

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{loss, insurance, financial}

{acquisition, growth, future}

{debt, indebtedness, cash}

{competitive, industry, competition}

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Risks Relating to the Arrangement We may be subject to U.S. federal corporate income tax and Canadian income taxes in connection with our distribution of Allied Nevada Shares. 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. The feasibility study underway at our Paredones Amarillos Project may be subject to delays and other risks that could result in our incurring additional costs for the study or require us to postpone the study indefinitely. Feasibility study results and preliminary assessment results are based on estimates that are subject to uncertainty. We may be subject to delays in commencement of construction on the Paredones Amarillos Project. 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 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. 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, Indonesia and Bolivia 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.

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783324--3/17/2008--VISTA_GOLD_CORP