On July 14, 2009, Vista Gold Corp. (the "Company") entered into Note Repurchase Agreements (the "Whitebox Repurchase Agreements") with Whitebox Combined Partners, LP ("Whitebox Combined Partners"), Whitebox Convertible Arbitrage Partners, LP ("Whitebox Convertible Arbitrage") and Whitebox Special Opportunities Fund Series B Partners, LP ("Whitebox Special Opportunities") whereby the Company agreed to repurchase its 10% Senior Secured Notes due March 4, 2011 ("Notes").

Pursuant to the Whitebox Repurchase Agreements, the Company agreed to repurchase Notes (i) in the principal amount of $504,000 from Whitebox Combined Partners for an aggregate purchase price, including interest, of $331,800; (ii) in the principal amount of $510,000 from Whitebox Convertible Arbitrage for an aggregate purchase price, including interest, of $335,750; and (iii) in the principal amount of $319,000 from Whitebox Special Opportunities for an aggregate purchase price, including interest, of $210,008, based on a settlement date of July 14, 2009.

The Whitebox Repurchase Agreements were initiated by Whitebox Advisors LLC and were not the result of any solicitation by or on behalf of the Company. The Company has not initiated any broader effort to repurchase or restructure any of its remaining Notes and did not act upon the basis of material nonpublic information in determining to enter into the Whitebox Repurchase Agreements.

The Whitebox Repurchase Agreements are attached to this current report on Form 8-K as Exhibits 10.1, 10.2 and 10.3.

Item 9.01 Exhibits



Exhibit No.                            Description
10.1        Note Repurchase Agreement, dated July 14, 2009, by and between
            the Company and Whitebox Combined Partners, LP
10.2        Note Repurchase Agreement, dated July 14, 2009, by and between
            the Company and Whitebox Convertible Arbitrage Partners, LP
10.3        Note Repurchase Agreement, dated July 14, 2009, by and between
            the Company and Whitebox Special Opportunities Fund Series B
            Partners, LP