A New Opportunity Through Merger

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Presentation to the Denver Gold Group Mining
Investment Forum
September 30th, 2002
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Recent Milestones

• Private Placement Completed
• Share Consolidation Completed
• Resource Base Doubled
• Market Cap Quadrupled

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Strengths

• Responsible Mine Ownership since 1983
• Proven Track Record in Exploration, Development
  and Operations
• Large, Active Shareholder Base
  (TSE AMEX)
• Funded for Growth

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Growth through the Acquisition of High Quality
Resources in Low Risk Environments
Corporate Strategy
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Current Resource Base
Ounces of Gold
Amayapampa 660,000 Hycroft
1,032,000 Paredones
Amarillos 2,022,000
Total 3,714,000
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Amayapampa, Bolivia

• A Resource of 660,000 oz. of Gold
• Feasibility Study Completed
• Low Holding Costs
• Exploration Potential at Depth

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Amayapampa Mine Site Village
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Amayapampa Project

• Open Pit Mine, Gravity/Leach Process
• 526,000 oz Proven and Probable Reserves
• Projected Cash Cost 166/oz
• Breakeven Cost 244/oz

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Hycroft Mine Location Map
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Hycroft, Nevada

• A Resource of 1,032,000 oz. of Gold
• Only Large Epithermal District in Nevada Untested
  at Depth
• 2.5 sq. miles Underlain by Gold Mineralization

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11,878 Acres575 Claims
Hycroft MineLand Position
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11,878 Acres575 Claims
Hycroft MineLand Position
Line of Section
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Size of Hycroft Gold System

• Hycroft is a Large Epithermal System
• 2.4 Million Ounces Gold Discovered to Date
• 6 Miles of Productive Faults

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Hycroft Project

• Potential for 3-6 Million Ounces of Gold 50-100
  Million Ounces of Silver
• Exploration Strategy to Drill Deeper and along
  Strike

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Hycroft Exploration Potential

• Additional Bulk Oxide Targets
• Bulk Tonnage Sulfide Gold Silver Targets
• High-grade Sulfide Targets at Modest Depths
  (400-800 Feet)

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Reserves Plan Pit
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Hycroft Mine Brimstone Pit Design
- P,P Reserves Mineral Resources at
300 Gold

• Ore Grade Waste S/R
• ktons opt ktons
• 31,400 0.020 39,000 1.24
• Contained Gold - 633,000 ozs

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Hycroft Mine

• Fully Permitted/Infrastructure in Place
• Existing Reserve of 486,000 oz
• Feasibility Study Completed
• Cash Cost of 186/ oz Breakeven of 250/oz

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Immediate Oxide Targets

• Step-out Drilling from Existing Reserves
• Based on Past Wider Spaced Drilling
• Potential to Add 600,000 Ounces Au in these Areas

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Immediate OxideTargets
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GreenfieldOxides
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Summary of Oxide Potential

• Drilling Immediate Oxide Targets Should Increase
  Reserve to over 1 Million Ounces of Gold
• Success in Greenfield Exploration could add
  Substantially to the Reserve

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Bulk TonnageAu-Ag Sulfide
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BrimstoneBulk TonnageSulfide Target
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Bulk Tonnage Target Size

• 50-120 Million Ton Sulfide Target Beneath
  Brimstone
• 2-5 Million Ounce Au-eq. Potential
• Estimated Incremental Strip Ratio is 21
• Exploration for Bulk-tonnage Beneath Brimstone
  will also Access Possible High-grade Gold-Silver
  Mineralization

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High Grade Sulfide Targets

• Hycroft is the Only Major Deposit in Nevada
  Untested for HG Epithermal Mineralization
• Nearest Mines to Hycroft in Similar Geologic
  Settings are Sleeper Rosebud where High-grade
  Mineralization Occurs Between 3800 4200 foot
  Elevation
• At Hycroft, 90 of the Current Drilling is above
  this Elevation

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Unexplored High-grade

• Only 13 of Drill Holes Reach the 4200 Elevation
• Only 2 of Drill Holes Reach the 4100 Elevation
• 58 Drill Holes with Higher Grade Vein Type
  Mineralization Warrant Follow-up

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High GradeTargets
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Hycroft Summary

• World Class Exploration Potential - 3 to 7
  Million oz. Au Equivalent
• Proven Multi-million Ounce Gold Silver System
• Multiple Exploration Targets Identified
• Existing Mineable Reserve

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Paredones Amarillos
Gulf of Mexico
Mexico City
Map
Index
Pacific Ocean
BAJA
Paredones
Amarillos
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Paredones Amarillos
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Paradones Amarillos, Mexico

• A Resource of 2,022,000 oz. of Gold
• Feasibility Study Completed
• Potential Cost Reduction Through Process
  Optimization

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Paredones Amarillos
Measured and Indicated
Inferred
Total
Cut-off
Grade
Ounces
Tonnes
Grade
Ounces
Ounces
Tonnes
(g/t)
(g/t)
(troy)
(metric)
(g/t)
(troy)
(troy)
(metric)
0.25
87,822,000
0.79
2,250,000
13,946,000
0.52
233,000
2,483,000
0.50
55,668,000
1.05
1,882,000
5,495,000
0.79
140,000
2,022,000
0.75
36,867,000
1.27
1,507,000
2,745,000
1.00
88,000
1,595,000
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Paredones Amarillos

• Mineable Reserve of 1.3 Million Ounces
• Cash Cost 226/oz
• Breakeven at 340/oz

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Vista Gold Corp

• No Debt
• Funded for Growth
• 3.7 Million Ounces in Resources and Growing
• High Leverage to Gold Price

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Vista Gold Corp

• Growth Through the Acquisition of Quality
  Resources to Provide a Low Risk, Continuous Call
  Option on Gold in the Ground

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For additional information access our newly
designed website at www.vistagold.com
UNCERTAINTY OF FORWARD LOOKING STATEMENTS The
statements that are not historical facts are
forward-looking statements involving known and
unknown risks and uncertainties that could cause
actual results to vary materially from targeted
results. The Corporation assumes no obligation to
publicly update any forward-looking statements,
whether as a result of new information, future
events or otherwise.