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<SEC-DOCUMENT>0001047469-09-008386.txt : 20090917
<SEC-HEADER>0001047469-09-008386.hdr.sgml : 20090917
<ACCEPTANCE-DATETIME>20090916184008
ACCESSION NUMBER:		0001047469-09-008386
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20090915
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090917
DATE AS OF CHANGE:		20090916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISTA GOLD CORP
		CENTRAL INDEX KEY:			0000783324
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09025
		FILM NUMBER:		091073207

	BUSINESS ADDRESS:	
		STREET 1:		7961 SHAFFER PKWY
		STREET 2:		SUITE 5
		CITY:			LITTLETOWN
		STATE:			CO
		ZIP:			80127
		BUSINESS PHONE:		3036292450

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRANGES INC
		DATE OF NAME CHANGE:	19950602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRANGES EXPLORATION LTD
		DATE OF NAME CHANGE:	19890619
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a2194592z8-k.htm
<DESCRIPTION>FORM 8-K
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>WASHINGTON,&nbsp;D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>

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<P ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=5><B>FORM 8-K  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>CURRENT REPORT  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B> Pursuant to Section&nbsp;13 or&nbsp;15(d)&nbsp;of the<BR>
Securities Exchange Act of 1934  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Date of Report: September&nbsp;15, 2009<BR>  </B></FONT><FONT SIZE=2>(Date of earliest event reported) </FONT></P>

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<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=5><B> VISTA GOLD CORP.<BR> </B></FONT><FONT SIZE=2>(Exact Name of Registrant as Specified in Charter)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B>Yukon Territory, Canada</B></FONT><FONT SIZE=2><BR>
(State or Other Jurisdiction of Incorporation)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> 1-9025</B></FONT><FONT SIZE=2><BR>
(Commission File Number)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> Not Applicable</B></FONT><FONT SIZE=2><BR>
(IRS Employer Identification No.)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> 7961 SHAFFER PARKWAY, SUITE 5, LITTLETON, COLORADO 80127</B></FONT><FONT SIZE=2><BR>
(Address of Principal Executive Offices and Zip Code)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
Registrant's telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>(720)&nbsp;981-1185<BR> </B></FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2>Check
the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Soliciting
material pursuant to Rule&nbsp;14a-12&nbsp;under the Exchange Act (17&nbsp;CFR
240.14a-12)
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the
Exchange Act (17&nbsp;CFR 240.14d-2(b))
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the
Exchange Act (17&nbsp;CFR 240.13e-4(c)) </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="ba70107_item_1.01_entry_into_a_material_definitive_agreement"> </A>
<A NAME="toc_ba70107_1"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;15, 2009, the Registrant entered into an underwriting agreement (the&nbsp;"Underwriting Agreement") with Dahlman
Rose&nbsp;&amp; Company,&nbsp;LLC and Wellington West Capital Markets&nbsp;Inc. (the&nbsp;"Underwriters"). The Underwriting Agreement relates to the issuance and sale in a public offering
(the&nbsp;"Offering") by the Registrant of 8,800,000&nbsp;common shares (the&nbsp;"Shares"), no par value per share at a price per share of US$2.25. The Offering will be made in the
United&nbsp;States under the Registrant's shelf registration statement on Form&nbsp;S-3 (Registration No.&nbsp;333-158633) (the&nbsp;"Registration Statement"),
including a base prospectus dated April&nbsp;27, 2009, as supplemented by a prospectus supplement dated September&nbsp;15, 2009, and in each of the Canadian provinces of British Columbia, Alberta,
Manitoba, Ontario and Newfoundland and Labrador pursuant to a prospectus supplement dated September&nbsp;15, 2009 to the Registrant's short form base shelf prospectus dated April&nbsp;27, 2009.
The Underwriting Agreement contains customary representations, warranties and covenants by the Registrant, conditions to closing and indemnification provisions, an underwriters'
over-allotment option to purchase up to an additional 1,320,000&nbsp;common shares, as well as a form lock-up agreement that has been signed by the Company's directors and
officers and filed herewith as Exhibit&nbsp;4.1. This summary of the Underwriting Agreement is qualified in its entirety by reference to the Underwriting Agreement filed herewith as
Exhibit&nbsp;1.1 and&nbsp;incorporated into this Item&nbsp;1.01 by&nbsp;reference. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the issuance of the Shares in the Offering, MacDonald&nbsp;&amp; Company&nbsp;LLP, counsel to the Registrant, delivered an opinion to the Company regarding the
legality of the Shares upon issuance and sale thereof, which is attached hereto as Exhibit&nbsp;5.1. This description of the opinion is qualified in its entirety by reference to Exhibit&nbsp;5.1. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ba70107_item_7.01_regulation_fd"> </A>
<A NAME="toc_ba70107_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation&nbsp;FD    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;15, 2009, the Registrant issued a press release to announce the pricing of the Offering. The Registrant has agreed
to increase the number of Shares being sold in the Offering by 10% to 8,800,000&nbsp;Shares at a price of US$2.25 per Share. The Registrant has granted the Underwriters a 30-day option
to purchase up to 1,320,000 additional Shares to cover over-allotments, if any. Proceeds to the Registrant from the offering, net of commissions and expenses, are expected to be
approximately US$17.6&nbsp;million (assuming the underwriters' over-allotment option is not exercised). The offering is expected to close on September&nbsp;21, 2009. A copy of the
press release is attached to this report as Exhibit&nbsp;99.1. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with General Instruction&nbsp;B.2 of Form&nbsp;8-K, the information set forth herein and in the press release is deemed to be "furnished" and shall not be
deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended. The information set forth in Item&nbsp;7.01 of this report shall not be deemed an admission as to the
materiality of any information in this report on Form&nbsp;8-K that is required to be disclosed solely to satisfy the requirements of Regulation&nbsp;FD.  </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="ba70107_item_9.01_exhibits"> </A>
<A NAME="toc_ba70107_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;9.01&nbsp;&nbsp;&nbsp;&nbsp;Exhibits    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.1</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Underwriting
Agreement dated September&nbsp;15, 2009
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.1</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Form
of Lock-up Agreement
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.1</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Opinion
of MacDonald&nbsp;&amp; Company
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>99.1</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Press
Release dated September&nbsp;15, 2009* </FONT></DD></DL>

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<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
Exhibit relating to Item&nbsp;7.01 is intended to be furnished to, not filed with, the Securities and Exchange Commission pursuant to
Regulation&nbsp;FD. </FONT></DD></DL>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><A
NAME="ba70107_signatures"> </A>
<A NAME="toc_ba70107_4"> </A>
<BR></FONT><FONT SIZE=2><B>  SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized. </FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> VISTA GOLD CORP.</B></FONT><FONT SIZE=2><BR>
(Registrant)</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2> Dated: September&nbsp;16, 2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;GREGORY G. MARLIER<BR>


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</FONT> <FONT SIZE=2> Gregory G. Marlier<BR>
Chief Financial Officer<BR></FONT>
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<P><br><A NAME="09ZBX70107_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ba70107_1">Item 1.01 Entry into a Material Definitive Agreement</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ba70107_2">Item 7.01 Regulation FD</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ba70107_3">Item 9.01 Exhibits</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ba70107_4">SIGNATURES</A></FONT><BR>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="la70107_exhibit_1.1_execution_version"> </A>
<A NAME="toc_la70107_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;1.1<BR>  Execution Version    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="la70107_common_shares_vista_go__la702176"> </A>
<A NAME="toc_la70107_2"> </A>
<BR></FONT><FONT SIZE=2><B>  COMMON SHARES<BR>  <BR>    VISTA GOLD CORP.<BR>  <BR>    <U>UNDERWRITING AGREEMENT</U>  <BR>    </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>September&nbsp;15,
2009 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>DAHLMAN
ROSE&nbsp;&amp; COMPANY,&nbsp;LLC<BR>
WELLINGTON WEST CAPITAL MARKETS&nbsp;INC.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Representatives for the Underwriters<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;listed in Schedule&nbsp;D hereto<BR>
c/o Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC<BR>
142&nbsp;West 57<SUP>th</SUP>&nbsp;Street<BR>
18<SUP>th</SUP>&nbsp;Floor<BR>
New&nbsp;York, New&nbsp;York 10019 </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Ladies/Gentlemen: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
furtherance of a letter agreement dated June&nbsp;2, 2009 (the&nbsp;"</FONT><FONT SIZE=2><B>Letter Agreement</B></FONT><FONT SIZE=2>") between Vista Gold Corp., a corporation
organized under the laws of the Yukon Territory, Canada (the&nbsp;"</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>"), and Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC
("</FONT><FONT SIZE=2><B>Dahlman</B></FONT><FONT SIZE=2>"), the Company agreed to, among other things, appoint Dahlman as underwriter and sole book-running manager for the Company for the
purpose of offering for sale, on an underwritten basis (the&nbsp;"</FONT><FONT SIZE=2><B>Offering</B></FONT><FONT SIZE=2>"), 8,800,000 of its common shares
(the&nbsp;"</FONT><FONT SIZE=2><B>Underwritten Shares</B></FONT><FONT SIZE=2>") at a price of US$2.25 per Share and grant the right to the Underwriters (as&nbsp;defined below) to acquire
1,320,000 additional shares (the&nbsp;"</FONT><FONT SIZE=2><B>Option Shares</B></FONT><FONT SIZE=2>"; the Option Shares together with the Underwritten Shares being hereinafter referred to as the
"</FONT><FONT SIZE=2><B>Shares</B></FONT><FONT SIZE=2>"). Accordingly, subject to the terms and conditions herein contained, the Company hereby appoints Dahlman and Wellington West Capital
Markets&nbsp;Inc. ("Wellington") together with the other Underwriters named in Schedule&nbsp;D to&nbsp;this Agreement (the&nbsp;"</FONT><FONT SIZE=2><B>Underwriters</B></FONT><FONT SIZE=2>")
as Underwriters for the&nbsp;Offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term "</FONT><FONT SIZE=2><B>Underwriters</B></FONT><FONT SIZE=2>" as used herein shall be deemed to mean the several persons, firms or corporations (including the Representatives
hereinafter mentioned) named in Schedule&nbsp;D hereto, and&nbsp;the term "</FONT><FONT SIZE=2><B>Representatives</B></FONT><FONT SIZE=2>" as used herein shall be deemed to mean the
Representatives to whom this Agreement is addressed, who by signing this Agreement represent that they have been authorized by the other Underwriters to execute this Agreement on their behalf and to
act for them in the manner herein provided. If there shall be only one person, firm or corporation named as an addressee above, the term
"</FONT><FONT SIZE=2><B>Representatives</B></FONT><FONT SIZE=2>" as used herein shall mean that person, firm or corporation. If there shall be only one person, firm or corporation named in
Schedule&nbsp;D hereto, the term "</FONT><FONT SIZE=2><B>Underwriters</B></FONT><FONT SIZE=2>" as used herein shall mean that person, firm or corporation. All obligations of the Underwriters
hereunder are several and not joint. Unless otherwise stated, any action under or in respect of this Agreement taken by any of the Representatives will be binding upon all the Underwriters. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has filed with the United&nbsp;States Securities and Exchange Commission (the&nbsp;"</FONT><FONT SIZE=2><B>Commission</B></FONT><FONT SIZE=2>") a registration statement
under the United&nbsp;States Securities Act of 1933, as amended (the&nbsp;"</FONT><FONT SIZE=2><B>1933 Act</B></FONT><FONT SIZE=2>"), and the rules and regulations promulgated thereunder
(the&nbsp;"</FONT><FONT SIZE=2><B>1933 Act Regulations</B></FONT><FONT SIZE=2>"), on Form&nbsp;S-3 (Registration No.&nbsp;333-158633) on April&nbsp;17, 2009, as
amended by Amendment No.&nbsp;1 thereto filed with the Commission on April&nbsp;28, 2009, providing for the registration of up to US$200,000,000 of common shares, debt securities, warrants,
subscription receipts and units of the Company, including the Company's common shares. Such registration statement, as amended on April&nbsp;28, 2009, in the form previously delivered to you,
including the exhibits to such registration statement and all documents incorporated by reference in the prospectus contained therein, became effective pursuant to Rule&nbsp;461 under the 1933 Act
on April&nbsp;30, 2009. Such registration </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>statement
at any given time, as amended to such time, including any exhibits and all documents incorporated therein by reference, and the documents otherwise deemed to be a part thereof or included
therein by the 1933 Act Regulations, is referred to herein as the "</FONT><FONT SIZE=2><B>Registration Statement</B></FONT><FONT SIZE=2>". The prospectus filed by the
Company with the Commission pursuant to Rule&nbsp;424(b) of the 1933 Act on June&nbsp;15, 2009 is referred to herein as the "</FONT><FONT SIZE=2><B>U.S.&nbsp;Base
Prospectus</B></FONT><FONT SIZE=2>". The preliminary prospectus supplement relating to the Shares filed with the Commission on September&nbsp;8, 2009 pursuant to Rule&nbsp;424(b) of the 1933 Act
(the&nbsp;"</FONT><FONT SIZE=2><B>U.S.&nbsp;Preliminary Prospectus Supplement</B></FONT><FONT SIZE=2>") together with the U.S.&nbsp;Base Prospectus is hereafter referred to as the
"</FONT><FONT SIZE=2><B>U.S.&nbsp;Preliminary Prospectus</B></FONT><FONT SIZE=2>". The prospectus supplement relating to the Shares, to be filed with the Commission on or about September&nbsp;15,
2009 pursuant to Rule&nbsp;424(b) of the 1933 Act (the&nbsp;"</FONT><FONT SIZE=2><B>U.S.&nbsp;Prospectus Supplement</B></FONT><FONT SIZE=2>") together with the U.S.&nbsp;Base Prospectus is
hereafter referred to as the "</FONT><FONT SIZE=2><B>U.S.&nbsp;Prospectus</B></FONT><FONT SIZE=2>". The U.S.&nbsp;Preliminary Prospectus relating to the Shares, as amended or supplemented
immediately prior to the Applicable Time (as&nbsp;defined below), is hereafter referred to as the "</FONT><FONT SIZE=2><B>Pricing Prospectus</B></FONT><FONT SIZE=2>". Any Issuer General Use Free
Writing Prospectus (as&nbsp;defined below) issued at or prior to the Applicable Time and the Pricing Prospectus, taken together, are hereafter referred to collectively as the
"</FONT><FONT SIZE=2><B>Pricing Disclosure Package</B></FONT><FONT SIZE=2>". Any reference herein to the U.S.&nbsp;Preliminary Prospectus, the Pricing Prospectus or the U.S.&nbsp;Prospectus shall
be deemed to refer to and include the documents incorporated by reference therein pursuant to Form&nbsp;S-3 that were filed with the Commission on or before the date of such
U.S.&nbsp;Preliminary Prospectus, Pricing Prospectus or U.S.&nbsp;Prospectus, as the case may be and the documents otherwise deemed to be a part thereof or included therein by the 1933 Act
Regulations; and any reference herein to any "</FONT><FONT SIZE=2><B>amendment</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>supplement</B></FONT><FONT SIZE=2>" to the U.S.&nbsp;Preliminary
Prospectus, the Pricing Prospectus or the U.S.&nbsp;Prospectus shall be deemed to refer to and include (i)&nbsp;the filing of any document with the Commission after the date of such
U.S.&nbsp;Preliminary Prospectus, Pricing Prospectus or U.S.&nbsp;Prospectus, as the case may be, which is incorporated in the U.S.&nbsp;Preliminary Prospectus, the Pricing Prospectus or the
U.S.&nbsp;Prospectus by reference or is otherwise deemed to be a part of or included in the U.S.&nbsp;Preliminary Prospectus, the Pricing Prospectus or the U.S.&nbsp;Prospectus by the 1933 Act
Regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
references in this Agreement to the Registration Statement, the U.S.&nbsp;Preliminary Prospectus, the Pricing Prospectus or the U.S.&nbsp;Prospectus, or any amendments or
supplements to any of the foregoing, shall be deemed to include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System
("</FONT><FONT SIZE=2><B>EDGAR</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has prepared and filed a preliminary short form base shelf prospectus dated April&nbsp;17, 2009 (the&nbsp;"</FONT><FONT SIZE=2><B>Preliminary Base Shelf
Prospectus</B></FONT><FONT SIZE=2>") and a final short form base shelf prospectus dated April&nbsp;27, 2009 (the&nbsp;"</FONT><FONT SIZE=2><B>Final Base Shelf Prospectus</B></FONT><FONT SIZE=2>")
in respect of up to US$200,000,000 of common shares, debt securities, warrants, subscription receipts and units of the Company, including the Company's common shares, with the British Columbia
Securities Commission as principal regulatory and the Ontario Securities Commission as the non-principal regulator (the&nbsp;"</FONT><FONT SIZE=2><B>Reviewing
Authorities</B></FONT><FONT SIZE=2>") and the Canadian securities commissions (together with the Reviewing Authorities, the "</FONT><FONT SIZE=2><B>Canadian Authorities</B></FONT><FONT SIZE=2>") in
each of the Provinces of Alberta, Saskatchewan, Manitoba, Nova Scotia, New&nbsp;Brunswick, Prince Edward Island and Newfoundland and Labrador and in the Yukon Territory, the Northwest Territories
and Nunavut (together with the Provinces of British Columbia and Ontario, the "</FONT><FONT SIZE=2><B>Canadian Jurisdictions</B></FONT><FONT SIZE=2>"); and the British Columbia Securities Commission
has issued a receipt under Multilateral Instrument&nbsp;11-102&#151;</FONT><FONT SIZE=2><I>Passport System</I></FONT><FONT SIZE=2>
(a&nbsp;"</FONT><FONT SIZE=2><B>Receipt</B></FONT><FONT SIZE=2>") on behalf of the Canadian Authorities for each of the Preliminary Base Shelf Prospectus and the Final Base Shelf Prospectus. The
term "</FONT><FONT SIZE=2><B>Canadian Base Prospectus</B></FONT><FONT SIZE=2>" means the Final Base Shelf Prospectus, including documents incorporated therein by reference, at the time the Reviewing
Authorities issued a Receipt with respect thereto in accordance with the rules and procedures established under all applicable securities laws in each of the Canadian Jurisdictions and the respective
regulations and rules under such laws together with applicable published policy statements and instruments of the securities regulatory authorities in the Canadian Jurisdictions
("</FONT><FONT SIZE=2><B>Canadian Securities Laws</B></FONT><FONT SIZE=2>"), including National Instrument&nbsp;44-101&#151;</FONT><FONT SIZE=2><I>Short Form Prospectus
Distributions</I></FONT><FONT SIZE=2> and National Instrument&nbsp;44-102&#151;</FONT><FONT SIZE=2><I>Shelf Distributions</I></FONT><FONT SIZE=2> (together, the
"</FONT><FONT SIZE=2><B>Shelf Procedures</B></FONT><FONT SIZE=2>"). The term "</FONT><FONT SIZE=2><B>Canadian Preliminary Prospectus</B></FONT><FONT SIZE=2>" means the preliminary prospectus
supplement (the&nbsp;"</FONT><FONT SIZE=2><B>Canadian Preliminary Prospectus Supplement</B></FONT><FONT SIZE=2>") relating to the Offering, which excluded certain pricing information, filed with
the Reviewing Authorities and the securities commissions, (together with the Reviewing Authorities, the "</FONT><FONT SIZE=2><B>Qualifying Authorities</B></FONT><FONT SIZE=2>") in each of the
Provinces of Alberta, Manitoba, and Newfoundland and Labrador (together with the Provinces of British Columbia and Ontario, the "</FONT><FONT SIZE=2><B>Qualifying
Jurisdictions</B></FONT><FONT SIZE=2>") on September&nbsp;8, 2009, together with the Canadian Base Prospectus, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>including
all documents incorporated therein by reference. The term "</FONT><FONT SIZE=2><B>Canadian Prospectus</B></FONT><FONT SIZE=2>" means the prospectus supplement
(the&nbsp;"</FONT><FONT SIZE=2><B>Canadian Prospectus Supplement</B></FONT><FONT SIZE=2>") relating to the Offering, which includes the pricing information omitted from the Canadian Preliminary
Prospectus, to be dated September&nbsp;15, 2009 and filed with the Qualifying Authorities in accordance with the Shelf Procedures, together with the Canadian Base Prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this Agreement: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Agreements and Instruments</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(s) of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>amendment</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Applicable Time</B></FONT><FONT SIZE=2>" means 9:30&nbsp;a.m. (New&nbsp;York time) on September&nbsp;16, 2009 or such other
time as agreed to by the Company and the Representatives, on behalf of the Underwriters;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Business Day</B></FONT><FONT SIZE=2>" means a day which is not a Saturday, a Sunday or a statutory or civic holiday in
New&nbsp;York City or Toronto, Ontario;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Base Prospectus</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian GAAP</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(j) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Preliminary Prospectus</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Preliminary Prospectus Supplement</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Prospectus</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Prospectus Supplement</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Canadian Securities Laws</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Closing</B></FONT><FONT SIZE=2>" means the completion of the issue and sale by the Company of the Shares pursuant to
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Closing Date</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;3(d) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Closing Time</B></FONT><FONT SIZE=2>" means 10:00&nbsp;a.m. (New&nbsp;York time) on the Closing Date or such other time on the
Closing Date as the Company and the Representatives, on behalf of the Underwriters, may&nbsp;agree;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Commission</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>" means the common shares in the capital of the Company;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(q)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Communication</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;15(a) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(r)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Company</B></FONT><FONT SIZE=2>" means Vista Gold Corp.;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(s)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Dahlman</B></FONT><FONT SIZE=2>" means Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(t)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Distribution</B></FONT><FONT SIZE=2>" means "</FONT><FONT SIZE=2><B>distribution</B></FONT><FONT SIZE=2>" of the Shares or
"</FONT><FONT SIZE=2><B>distribution to the public</B></FONT><FONT SIZE=2>" of the Shares as those terms are defined in applicable securities legislation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(u)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>EDGAR</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fourth paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Environmental Laws</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(aa) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(w)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Exchanges</B></FONT><FONT SIZE=2>" means the Toronto Stock Exchange (referred to herein as the
"</FONT><FONT SIZE=2><B>TSX</B></FONT><FONT SIZE=2>") and the NYSE Amex (referred to herein as the "</FONT><FONT SIZE=2><B>NYSE&nbsp;Amex</B></FONT><FONT SIZE=2>");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Final Base Shelf Prospectus</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(y)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Final Filing Time</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;1(a) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(z)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>FINRA</B></FONT><FONT SIZE=2>" means the Financial Industry Regulatory Authority,&nbsp;Inc.;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(aa)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Form&nbsp;10-K</B></FONT><FONT SIZE=2>" means the Annual Report of the Company for the year ended
December&nbsp;31, 2008 on Form&nbsp;10-K filed pursuant to the 1934 Act with the Commission on March&nbsp;13, 2009, as amended by Amendment No.&nbsp;1 to&nbsp;the Company's
Annual Report on Form&nbsp;10-K filed with the Commission on April&nbsp;16, 2009 (including the documents incorporated by reference therein);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(bb)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Form&nbsp;10-Q</B></FONT><FONT SIZE=2>" means the Quarterly Report of the Company for the quarter ended
June&nbsp;30, 2009 of Form&nbsp;10-Q filed pursuant to the 1934 Act with the Commission on August&nbsp;7,&nbsp;2009;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(cc)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Governmental Licenses</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(hh) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(dd)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Hazardous Materials</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(aa) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ee)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Indemnified Person</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;7(a) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ff)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Intellectual Property</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(ss) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(gg)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Internal Revenue Code</B></FONT><FONT SIZE=2>" means the United&nbsp;States Internal Revenue Code of 1986, as&nbsp;amended;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(hh)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Issuer Free Writing Prospectus</B></FONT><FONT SIZE=2>" means any "issuer free writing prospectus," as defined in Rule&nbsp;433
of the 1933 Act Regulations ("</FONT><FONT SIZE=2><B>Rule&nbsp;433</B></FONT><FONT SIZE=2>");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Issuer General Use Free Writing Prospectus</B></FONT><FONT SIZE=2>" means any Issuer Free Writing Prospectus that is intended for
general distribution to prospective investors which is specified in Schedule&nbsp;E&nbsp;hereto;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(jj)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Issuer Limited Use Free Writing Prospectus</B></FONT><FONT SIZE=2>" means any Issuer Free Writing Prospectus that is not an Issuer
General Use Free Writing Prospectus;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(kk)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>losses</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;7(a) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ll)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Letter Agreement</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the first paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(mm)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Material Adverse Effect</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(k) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(nn)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>misrepresentation</B></FONT><FONT SIZE=2>", "</FONT><FONT SIZE=2><B>material fact</B></FONT><FONT SIZE=2>" and
"</FONT><FONT SIZE=2><B>material change</B></FONT><FONT SIZE=2>" have the respective meanings ascribed thereto in the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (British
Columbia), as&nbsp;amended;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(oo)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Money Launder</B></FONT><FONT SIZE=2>i</FONT><FONT SIZE=2><B>ng Laws</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in
Section&nbsp;2(dd) of this&nbsp;Agreement; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(pp)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>OFAC</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(dd) of this Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(qq)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Offering</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the first paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(rr)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Option Shares</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the first paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ss)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Permitted Free Writing Prospectus</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;3(e) of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(tt)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Preliminary Base Shelf Prospectus</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(uu)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Pricing Disclosure Package</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Pricing Prospectus</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ww)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Quali</B></FONT><FONT SIZE=2>f</FONT><FONT SIZE=2><B>ying Authorities</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto
in the fifth paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xx)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Qualifying Jurisdictions</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(yy)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Receipt</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(zz)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Registration Statement</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(aaa)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Repayment Event</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(s) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(bbb)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Representatives</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the second paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ccc)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Reviewing Authorities</B></FONT><FONT SIZE=2>" means the British Columbia Securities Commission as the principal regulator and
the Ontario Securities Commission as the non-principal regulator;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ddd)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Sarbanes-Oxley Act</B></FONT><FONT SIZE=2>" means the United&nbsp;States Sarbanes-Oxley Act of 2002, as&nbsp;amended;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(eee)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>SEDAR</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(d) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(fff)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Settlement Date</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;3(d) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ggg)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Settlement Time</B></FONT><FONT SIZE=2>" means 10:00&nbsp;a.m. (New&nbsp;York time) on the Settlement Date or such other time
on the Settlement Date as the Company and the Representatives, on behalf of the Underwriters, may&nbsp;agree;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(hhh)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Shares</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the first paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Shelf Procedures</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the fifth paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(jjj)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>supplement</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(kkk)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Supplementary Material</B></FONT><FONT SIZE=2>" means collectively any amendment to the Canadian Prospectus or Registration
Statement, any amended or supplemented prospectus or auxiliary material, information, evidence, return, report, application, statement or document that may be filed by or on behalf of the Company
under Canadian Securities Laws, the 1933 Act or the 1934 Act prior to the Closing Time or, where such documents are deemed to be incorporated by reference into the Canadian Prospectus, Registration
Statement or U.S.&nbsp;Prospectus, prior to the expiry of the period of Distribution of the&nbsp;Shares;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(lll)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>this Agreement</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>the Agreement</B></FONT><FONT SIZE=2>" means the agreement
resulting from the acceptance by the Representatives, on behalf of the Underwriters, of the offer made by the Company by this&nbsp;letter; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(mmm)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underwriters</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in second paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(nnn)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Underwritten Shares</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the first paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ooo)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Base Prospectus</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ppp)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;GAAP</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in Section&nbsp;2(j) of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(qqq)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Preliminary Prospectus</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(rrr)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Preliminary Prospectus Supplement</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(sss)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Prospectus</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ttt)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Prospectus Supplement</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of
this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(uuu)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>U.S.&nbsp;Securities Laws</B></FONT><FONT SIZE=2>" means all applicable federal and state securities laws of the
United&nbsp;States and all applicable rules and regulations promulgated thereunder, including but not limited to, the 1933 Act, the 1933 Act Regulations and the 1934&nbsp;Act.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vvv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>United&nbsp;States</B></FONT><FONT SIZE=2>" means the United&nbsp;States of America, its territories and possessions, any
state of the United&nbsp;States and the District of&nbsp;Columbia;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(www)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Wellington</B></FONT><FONT SIZE=2>" means Wellington West Capital Markets&nbsp;Inc.;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxx)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>1933 Act</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of this&nbsp;Agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(yyy)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>1933 Act Regulations</B></FONT><FONT SIZE=2>" has the meaning ascribed thereto in the third paragraph of this
Agreement;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(zzz)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>1934 Act</B></FONT><FONT SIZE=2>" means the United&nbsp;States Securities Exchange Act of 1934, as&nbsp;amended. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>The
following schedules are attached to and form part of this Agreement: </FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="56" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="11" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="397" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>List of Subsidiaries</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;B</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Opinion of Canadian Counsel</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;C</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Opinion of U.S.&nbsp;Counsel</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;D</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Underwriters</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;E</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Issuer General Use Free Writing Prospectus</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;F</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Lock Up Agreement</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2><B> TERMS AND CONDITIONS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of the Company</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants with each Underwriter, as&nbsp;follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Filing of Canadian Prospectus Supplement and U.S.&nbsp;Prospectus Supplement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company will use
commercially reasonable efforts to (1)&nbsp;as soon as possible and in any event no later than 9:30&nbsp;a.m. (New&nbsp;York time) on September&nbsp;16, 2009
(the&nbsp;"</FONT><FONT SIZE=2><B>Final Filing Time</B></FONT><FONT SIZE=2>"), prepare and file with each Qualifying Authority the Canadian Prospectus Supplement, and (2)&nbsp;prepare and file
with the Commission the U.S.&nbsp;Prospectus Supplement within the time period prescribed by Rule&nbsp;424 under the 1933&nbsp;Act; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Securities Regulations and Commission Requests.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During the time when a prospectus relating
to the Shares is required to be delivered under the 1933 Act or Canadian Securities Laws, the Company will notify the Representatives, on behalf of the Underwriters, promptly, in writing:
(i)&nbsp;when any </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>post-effective
amendment to the Registration Statement shall have been filed with the Commission or shall have become effective, and when any supplement to the U.S.&nbsp;Base Prospectus
or the Canadian Base Prospectus or any amended U.S.&nbsp;Prospectus, amended U.S.&nbsp;Preliminary Prospectus, amended Pricing Prospectus, amended Issuer Free Writing Prospectus, amended Canadian
Prospectus, or any Supplementary Material shall have been filed, (ii)&nbsp;of any request by any Qualifying Authority to amend or supplement the Canadian Prospectus, or for additional information,
or of any request by the Commission to amend the Registration Statement or to amend or supplement the U.S.&nbsp;Preliminary Prospectus or the U.S.&nbsp;Prospectus or for additional information,
(iii)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of any of the
U.S.&nbsp;Base Prospectus, the Canadian Base Prospectus, the U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Prospectus or the Canadian Prospectus, or the suspension of the qualification of the
Shares or the offering or sale in any jurisdiction, or the institution or, to the knowledge of the Company, threatening of any proceedings for any such purpose, and (iv)&nbsp;of the issuance by any
Qualifying Authority or either Exchange of any order having the effect of ceasing or suspending the Distribution or the trading in the Common Shares, or of the institution or, to the knowledge of the
Company, threatening of any proceedings for any such purpose. The Company will use its best efforts to prevent the issuance of any such stop order or of any order preventing or suspending such use or
such order ceasing or suspending the Distribution or the trading in the Common Shares and, if any such order is issued, to obtain the lifting thereof at the earliest possible&nbsp;time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Filing of Amendments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company will not at any time file or make any amendment or supplement to the
Registration Statement, the U.S.&nbsp;Preliminary Prospectus, the Pricing Disclosure Package, the U.S.&nbsp;Prospectus or the Canadian Prospectus, any Supplementary Material or Issuer Free Writing
Prospectus, of which the Underwriters shall not have previously been advised and furnished a copy or to which the Representatives, on behalf of the Underwriters, shall have objected (acting
reasonably) promptly after reasonable notice&nbsp;thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Filed Documents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company has furnished or will deliver to each of the Underwriters a copy
of the Canadian Prospectus, and any Supplementary Material, approved, signed and certified as required by Canadian Securities Laws and signed and conformed copies of the Registration Statement as
originally filed and of each amendment thereto (including exhibits filed therewith or incorporated by reference therein or otherwise deemed to be a part thereof) and signed copies of all consents and
certificates of&nbsp;experts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Prospectuses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company has furnished or will deliver to each Underwriter, without charge, as
many copies of each U.S.&nbsp;Preliminary Prospectus Supplement, the Canadian Preliminary Prospectus Supplement, the U.S.&nbsp;Base Prospectus and the Canadian Base Prospectus (each as
supplemented or amended) as such Underwriters have reasonably requested, and the Company hereby consents to the use of such copies for the offering and the purposes permitted by the 1933 Act and
Canadian Securities Laws. The Company will deliver to each Underwriter, without charge, during the period when the U.S.&nbsp;Prospectus is required to be delivered under the 1933 Act or the 1934 Act
and during the period when the Canadian Prospectus is required to be delivered under Canadian Securities Laws such number of copies of the U.S.&nbsp;Prospectus and Canadian Prospectus, respectively
(each as supplemented or amended), as such Underwriter may reasonably request. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Continued Compliance with Securities Laws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company will comply with the 1933 Act, 1933 Act Regulations
and Canadian Securities Laws so as to permit the completion of the Distribution as contemplated in this Agreement and in the U.S.&nbsp;Prospectus and the Canadian Prospectus. If at any time when a
prospectus is required by the 1933 Act and Canadian Securities Laws to be delivered in connection with sales of the Shares, any event shall occur or condition shall exist as a result of which it is
necessary, in the opinion of counsel for the Underwriters or for the Company, to amend the Registration Statement, amend or supplement the U.S.&nbsp;Base Prospectus or the Canadian Base Prospectus
or amend the U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Prospectus or the Canadian Prospectus in order that the Registration Statement, U.S.&nbsp;Base Prospectus, U.S.&nbsp;Preliminary
Prospectus, the U.S.&nbsp;Prospectus, the Canadian Base Prospectus or the Canadian Prospectus will not include any untrue statements of a material fact or omit to state a material fact necessary in
order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser, or if it </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>shall
be necessary, in the opinion of such counsel, at any such time to amend the Registration Statement or amend or supplement the U.S.&nbsp;Base Prospectus or the Canadian Base Prospectus or amend
the U.S.&nbsp;Preliminary Prospectus, the Pricing Disclosure Package, the U.S.&nbsp;Prospectus or the Canadian Prospectus in order to comply with the requirements of the 1933 Act, 1933 Act
Regulations or Canadian Securities Laws, the Company will promptly notify the Representatives, on behalf of the Underwriters, and prepare and file with the Commission and with the Qualifying
Authorities, subject to Section&nbsp;1(c) of this Agreement, such amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the
U.S.&nbsp;Base Prospectus, the U.S.&nbsp;Preliminary Prospectus, the Pricing Disclosure Package, the U.S.&nbsp;Prospectus, the Canadian Base Prospectus or the Canadian Prospectus, as the case
may be, comply with such requirements and the Company shall use its best efforts to have any such amendment declared effective, if applicable, as soon as practicable, and the Company will furnish to
the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. If at any time following the issuance of an Issuer Free Writing Prospectus there
occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement, the
U.S.&nbsp;Base Prospectus, the U.S.&nbsp;Preliminary Prospectus, the Pricing Prospectus or any preliminary prospectus or any prospectus or included or would include an untrue statement of a
material fact or omitted or would omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company will promptly notify the Representatives, on behalf of the
Underwriters, and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or&nbsp;omission. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;158.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No later than the due date for the Company's next quarterly report on
Form&nbsp;10-Q under the 1934 Act (as&nbsp;such date may be extended pursuant to and in compliance with Rule&nbsp;12b-25 of the Exchange Act), the Company will make
generally available to its security holders and to the Underwriters an earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions of Section&nbsp;11(a) of
the Act and Rule&nbsp;158. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company will use the net proceeds received by it from the sale of the Shares in the
manner specified in the Pricing Disclosure Package, U.S.&nbsp;Prospectus, and the Canadian Prospectus under "Use of&nbsp;Proceeds." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Restriction on Sale of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During a period of 90&nbsp;days from the date of this Agreement, the
Company will not, without the prior written consent of the Representatives, on behalf of the Underwriters (not&nbsp;to be unreasonably withheld), (i)&nbsp;directly or indirectly, issue, offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any
Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares or file any registration statement under the 1933 Act or any prospectus under Canadian Securities Laws
with respect to any of the foregoing, (ii)&nbsp;enter into any swap or any other agreement or in respect of the foregoing, any transaction that transfers, in whole or in part, directly or
indirectly, the economic consequences of ownership of the Common Shares, whether any such swap or transaction described in clause&nbsp;(i) or&nbsp;(ii) above is to be settled by delivery of Common
Shares or such other securities, in cash or otherwise, or (iii)&nbsp;publicly announce an intention to do any of the foregoing. The foregoing sentence shall not apply to (A)&nbsp;any Common Shares
issuable upon the conversion of securities or exercise of the warrants of the Company outstanding on the date hereof, (B)&nbsp;the Shares to be sold hereunder, and (C)&nbsp;any Common Shares
issued or options to purchase Common Shares granted pursuant to existing employee plans of the Company referred to in the U.S.&nbsp;Prospectus and the Canadian Prospectus, including, without
limitation, the Company's Stock Option&nbsp;Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Listing.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company will use its reasonable best efforts to effect the listing of the Shares on the TSX
and NYSE Amex, to maintain the listing of the Shares on the NYSE Amex and TSX, and will request to have the Shares listed as of the opening of trading on the Closing&nbsp;Date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Reporting Requirements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company, during the period when the U.S.&nbsp;Preliminary Prospectus or the
U.S.&nbsp;Prospectus is required to be delivered under the 1933 Act or the 1934 Act in respect of the offer and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>sale
of the Shares, will file all documents required to be filed by the Company with the Commission pursuant to the 1934 Act within the time periods required by the 1934 Act and the rules and
regulations of the Commission thereunder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Documents at the time of filing of Canadian Prospectus Supplement and Pricing Prospectus.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall deliver to the Underwriters contemporaneously with or prior to the filing of the Canadian Prospectus Supplement with the Qualifying Authorities and the Pricing Prospectus with
the&nbsp;Commission: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
comfort letter of its auditors, PricewaterhouseCoopers&nbsp;LLP, referred to in Section&nbsp;4(g) of this&nbsp;Agreement; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
letter from the TSX advising the Company that approval of the conditional listing of the Shares has been granted by the TSX;&nbsp;and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evidence
satisfactory to the Representatives, on behalf of the Underwriters, that the Shares will be listed on NYSE Amex at&nbsp;Closing. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Qualification of the Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company will arrange, if necessary, for qualification of the Shares for
sale under the laws of such jurisdictions as the Representatives, on behalf of the Underwriters, may designate and will maintain such qualifications in effect so long as required for the Distribution;
provided that in no event shall the Company be obliged to (a)&nbsp;qualify to do business in any jurisdiction where it is not now so qualified (b)&nbsp;to file&nbsp;a registration statement,
prospectus or similar disclosure document or otherwise become subject to continuous disclosure obligations in any jurisdiction other than the United&nbsp;States or Canada or (c)&nbsp;to take any
action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Shares, in any jurisdiction where it is not now so&nbsp;subject. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Securities Laws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company has, and will, comply with all applicable securities
(including Canadian Securities Laws) and other applicable laws, rules and regulations, including, without limitation, the Sarbanes-Oxley Act, and will use its best efforts to cause the Company's
directors and officers, in their capacities as such, to comply with such laws, rules and regulations, including, without limitation, the provisions of the Sarbanes-Oxley&nbsp;Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Stabilization or Manipulation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company will not take, and will cause its subsidiaries not to take,
directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the 1934 Act or otherwise, stabilization or manipulation of
the price of any security of the Company to facilitate the sale or resale of the&nbsp;Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Supplementary Material.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company shall deliver to the Underwriters contemporaneously with or prior to
the filing of any Supplementary Material with any Qualifying Authority or the Commission a comfort letter from PricewaterhouseCoopers&nbsp;LLP relating to financial information, if any, contained in
the Supplementary Material that is incorporated or deemed to be incorporated by reference into the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus, the Canadian Prospectus, the
U.S.&nbsp;Prospectus or the Registration Statement in the form and substance of the comfort letter described in Section&nbsp;1(l)(i) of this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Changes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From the date of this Agreement until the end of the period of Distribution under the Canadian
Prospectus and the U.S.&nbsp;Prospectus, the Company shall promptly notify the Representatives, on behalf of the Underwriters&nbsp;of:: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
material change (actual, anticipated, contemplated or threatened, financial or otherwise) in the condition, financial or otherwise, or in the earnings, business
affairs or business prospects of the Company and its subsidiaries considered as one enterprise whether or not arising in the ordinary course of&nbsp;business; </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
change in any fact contained in the Registration Statement, the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus, the Canadian Prospectus,
the U.S.&nbsp;Prospectus, the Pricing Disclosure Package or Supplementary Material, which change is or may reasonably be expected to be of such a nature as to render the Registration Statement, the
Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus, the Canadian Prospectus, the U.S.&nbsp;Prospectus, the Pricing Disclosure Package or Supplementary Material misleading or
untrue in any material respect or result in a misrepresentation therein;&nbsp;or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
change in applicable laws, materially and adversely affecting, or which may reasonably be expected to materially and adversely affect, the earnings, business
affairs or business prospects of the Company and its subsidiaries considered as one enterprise, the Common Shares or the Distribution under the Canadian Prospectus or the U.S.&nbsp;Prospectus. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Company</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and warrants to the Underwriters as of the
date hereof, as of the Closing Time and as of each Settlement Time, to the extent applicable, and agrees with each Underwriter as&nbsp;follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Eligibility and Compliance with Securities Regulatory Requirements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company meets the general
eligibility requirements for use of a short form prospectus under National Instrument&nbsp;44-101, for use of a shelf prospectus under National Instrument&nbsp;44-102
and&nbsp;for use of Form&nbsp;S-3 under the 1933 Act. Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any
"prospectus" (within the meaning of the 1933 Act) or used any "prospectus" (within the meaning of the 1933 Act) in connection with the offer or sale of the Shares, in each case other than the Canadian
Preliminary Prospectus and the U.S.&nbsp;Preliminary Prospectus and the Permitted Free Writing Prospectuses, if any; the Company has not, directly or indirectly, prepared, used or referred to any
Permitted Free Writing Prospectus except in compliance with Rules&nbsp;164 and&nbsp;433 under the 1933 Act, assuming that such Permitted Free Writing Prospectus is accompanied or preceded by the
most recent Canadian Preliminary Prospectus or U.S.&nbsp;Preliminary Prospectus, whichever applicable (which such most recent preliminary prospectus shall contain a price range, if so required by
the 1933 Act), or the Canadian Prospectus or U.S.&nbsp;Prospectus, whichever applicable, as the case may be, and that such Permitted Free Writing Prospectus is so sent or given after the
Registration Statement was filed with the Commission (and&nbsp;after such Permitted Free Writing Prospectus was, if required pursuant to Rule&nbsp;433(d) under the 1933 Act, filed with the
Commission), the sending or giving, by any Underwriter, or any Permitted Free Writing Prospectus will satisfy the provisions of Rule&nbsp;164 and Rule&nbsp;433 (without reliance on
subsections&nbsp;(b), (c)&nbsp;and&nbsp;(d) of Rule&nbsp;164). The Registration Statement has been declared effective by the Commission, and at the time the Registration Statement became
effective under the 1933 Act and at all times subsequent thereto up to the Closing Time or Settlement Time: (A)&nbsp;the Canadian Prospectus complied and will comply in all material respects with
Canadian Securities Laws as interpreted and applied by the Qualifying Authorities; (B)&nbsp;the Registration Statement, the U.S.&nbsp;Preliminary Prospectus and the U.S.&nbsp;Prospectus, and any
amendments or supplements thereto complied and will comply in all material respects with the requirements of the 1933 Act and the 1933 Act Regulations; (C)&nbsp;no order preventing or suspending the
use of any U.S.&nbsp;Preliminary Prospectus, any U.S.&nbsp;Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission, (D)&nbsp;the Registration Statement, or any
amendment or supplement thereto does not contain, and any amendment or supplement thereto will not contain, an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading; and (E)&nbsp;each of the U.S.&nbsp;Preliminary Prospectus and the Canadian Preliminary Prospectus constitutes, and each
of the U.S.&nbsp;Prospectus, Canadian Prospectus, the Pricing Disclosure Package and any Supplementary Material or any amendment or supplement thereto will during the period of the Distribution
constitute full, true and plain disclosure of all material facts relating to the Company and its subsidiaries, considered as one enterprise, and the Shares, and, except that in relation to the
U.S.&nbsp;Preliminary Prospectus and the Canadian Preliminary Prospectus, the Representatives on behalf of the Underwriters acknowledge that, to the extent permitted by the 1933 Act, the number of
Shares disclosed as being offered pursuant thereto may change based upon the pricing of the Shares at the time of filing the U.S.&nbsp;Prospectus and the Canadian Prospectus, do not and will not
include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading, except that the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>representations
and warranties contained in clauses&nbsp;(D) and&nbsp;(E) above do not apply to statements or omissions made in reliance upon and in conformity with information furnished in
writing to the Company by any Underwriter through the Representatives expressly for use in the Registration Statement, the U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Prospectus, the Canadian
Prospectus, any Issuer Free Writing Prospectus and any Supplementary Material and the parties hereto agree that such information provided by or on behalf of any Underwriter through the Representatives
consists solely of the information identified in the letter provided by the Representatives, on behalf of the Underwriters, to the Company as of the date&nbsp;hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Receipts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Reviewing Authorities have issued Receipts dated April&nbsp;20, 2009 with respect to the
Preliminary Base Shelf Prospectus and dated April&nbsp;28, 2009 with respect to the Canadian Base Prospectus, and no order suspending the distribution of any of the securities of the Company has
been issued by the
Reviewing Authorities and no proceeding for that purpose has been initiated or, to the best of the Company's knowledge, threatened by the Reviewing Authorities, and any request on the part of the
Reviewing Authorities for additional information has been complied&nbsp;with. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Documents Incorporated by Reference.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each document filed or to be filed with the Qualifying Authorities and
the Commission and incorporated by reference in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus, the Canadian Prospectus, the U.S.&nbsp;Prospectus or the Registration
Statement complied, as at the applicable filing date, or will comply when so filed, in all material respects with the requirements of Canadian Securities Laws, U.S.&nbsp;Securities Laws, and the
Shelf Procedures and, when read together with the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus, the Canadian Prospectus or the U.S.&nbsp;Prospectus, as the case may be, do
not as of the date of the Canadian Preliminary Prospectus and the U.S.&nbsp;Preliminary Prospectus, and will not as of the date of the Canadian Prospectus or the U.S.&nbsp;Prospectus, contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not&nbsp;misleading. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Documents Filed with Qualifying Authorities and Commission.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Since the time that the Reviewing Authorities
issued a Receipt on behalf of the Qualifying Authorities for the Canadian Base Prospectus, no document with respect to the Canadian Base Prospectus, the Registration Statement, or the U.S.&nbsp;Base
Prospectus, any amendment thereto or any document incorporated by reference therein, has been filed or transmitted for filing with the Qualifying Authorities or the Commission by or on behalf of the
Company, except (i)&nbsp;the Canadian Preliminary Prospectus Supplement and the U.S.&nbsp;Preliminary Prospectus Supplement and any Issuer Free Writing Prospectus in the form previously delivered
to the Underwriters, and (ii)&nbsp;any document incorporated (or&nbsp;deemed to be incorporated) by reference in the Canadian Base Prospectus or incorporated by reference in the Canadian
Prospectus Supplement and publicly available on the System for Electronic Document Analysis and Retrieval of the Qualifying Authorities ("</FONT><FONT SIZE=2><B>SEDAR</B></FONT><FONT SIZE=2>"),
(iii)&nbsp;any document filed on EDGAR and incorporated (or&nbsp;deemed to be incorporated) by reference into the Registration Statement, Pricing Disclosure Package or the U.S.&nbsp;Prospectus,
and (iv)&nbsp;any other document (other than press releases and the preliminary economic assessment dated June&nbsp;11, 2009) copies of which have been provided or made available to the
Underwriters. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Pricing Disclosure Package.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Pricing Disclosure Package, as of the Applicable Time, did not, and as of
the Closing Date and each Settlement Date, as applicable, will not, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading. Each Issuer Free Writing Prospectus complies, or will comply, in all material respects with the
applicable provisions of the 1933 Act and the 1933 Act Regulations, and does not, or will not, include information that conflicts with the information contained in the Registration Statement, the
U.S.&nbsp;Preliminary Prospectus, the Pricing Prospectus or the U.S.&nbsp;Prospectus, and each Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the Pricing
Disclosure Package as of the Applicable Time, did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. No representation or warranty is made in this Section&nbsp;2(e) with respect to any information contained in or
omitted from the Pricing Disclosure Package or any Issuer Free Writing Prospectus in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any
Underwriter through the Representatives expressly for use therein. The parties hereto agree that such information provided by the Representatives consists solely of the information identified in the
letter provided by the Representatives, on behalf of the Underwriters, to the Company as of the date&nbsp;hereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
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 </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Independent Accountants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The accountants who reported on and certified the
financial statements included or
incorporated by reference in the Registration Statement, the U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Prospectus, and the Canadian Prospectus, are independent public accountants as required
by the 1933 Act, the 1933 Act Regulations, the 1934 Act and the rules of the Public Company Accounting Oversight Board and are independent with respect to the Company within the meaning of the </FONT> <FONT SIZE=2><I>Business Corporations
Act</I></FONT><FONT SIZE=2> (Yukon) and applicable Canadian Securities&nbsp;Laws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Good Standing of the Company.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company is a corporation duly continued, validly existing and in good
standing under the laws of the Yukon Territory and has the corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Canadian Prospectus,
the U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Prospectus and the Pricing Disclosure Package and to enter into, deliver and perform its obligations under this Agreement; and the Company is
duly qualified as an extra-provincial corporation to transact business and is in good standing (in&nbsp;respect of the filing of annual returns where required or other information filings under
applicable corporations information legislation) in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business,
except where the failure so to qualify or to be in good standing would not result in a Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Good Standing of Subsidiaries.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company's only consolidated subsidiaries are as set out in
Schedule&nbsp;A hereto. The information with respect to the subsidiaries set forth in Schedule&nbsp;A hereto is true and accurate in all material respects. Each subsidiary is a corporation duly
incorporated, validly existing and in good standing and has filed its annual return or other information filings under applicable corporations information legislation for the most recent year in which
it was required to make such filing under the laws of the jurisdiction of its incorporation, has the requisite power and capacity to own, lease and operate its properties and to conduct its business
as described in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus, the Canadian Prospectus, the U.S.&nbsp;Prospectus and the Pricing Disclosure Package and is duly
qualified as an extra-provincial or foreign corporation to transact business and is in good standing (in&nbsp;respect of the filing of annual returns where required or other information filings
under applicable corporations information legislation) in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of
business, except where the failure to so qualify or to be in good standing would not result in a Material Adverse Effect; all of the issued and outstanding shares of capital stock of each subsidiary
have been duly authorized and validly issued, are fully paid and
non-assessable and are owned by the Company directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity; the outstanding
shares of capital stock of any subsidiary were issued in compliance with all applicable securities laws and were not issued in violation of any preemptive rights, resale rights, rights of first
refusal or similar&nbsp;rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Securities Laws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All consents, approvals, permits, authorizations or filings as may be
required under Canadian Securities Laws and U.S.&nbsp;Securities Laws (including with respect to the filing of any prospectus) and the by-laws, rules and regulations of the Exchanges
necessary to the execution and delivery of and the performance by the Company of its obligations under this Agreement have been made and obtained or will have been made and obtained by the Closing
Time and each Settlement Time, to the extent applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The financial statements included or incorporated by reference in the Canadian
Preliminary Prospectus and U.S.&nbsp;Preliminary Prospectus and to be included or incorporated by reference in the Registration Statement, the U.S.&nbsp;Prospectus, the Canadian Prospectus and the
Pricing Disclosure Package and notes thereto, present fairly the financial position of the Company and its consolidated subsidiaries at the dates and for the periods indicated; and the balance sheets,
statements of income (loss) and comprehensive income (loss), shareholders' equity, and cash flows of the Company and its consolidated subsidiaries for the periods specified in such financial
statements have been prepared in conformity with generally accepted accounting principles of Canada ("</FONT><FONT SIZE=2><B>Canadian GAAP</B></FONT><FONT SIZE=2>") applied on a consistent basis
throughout the periods involved except as may be expressly stated in the related notes thereto. The Company's consolidated financial statements for the 2006, 2007 and 2008 financial years, together
with the financial statements for the interim periods during the 2006, 2007 and 2008 financial years as filed with the Qualifying </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>Authorities
and the Commission, have been reconciled to the generally accepted accounting principles of the United&nbsp;States ("</FONT><FONT SIZE=2><B>U.S.&nbsp;GAAP</B></FONT><FONT SIZE=2>") in
accordance with the 1933 Act and the Commission's rules and guidelines. The selected financial information included or incorporated by reference in the Registration Statement, the
U.S.&nbsp;Preliminary Prospectus, the Canadian Preliminary Prospectus, and the Pricing Disclosure Package or to be included or incorporated by reference in the Registration Statement, the
U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Prospectus, the Canadian Prospectus and the Pricing Disclosure Package presents fairly the information shown therein and has been compiled on a
basis consistent with that of the audited financial statements included in the Registration Statement, the U.S.&nbsp;Preliminary Prospectus, the Canadian Preliminary Prospectus, and to be included
or incorporated by reference in the Registration Statement, the Canadian Prospectus, the U.S.&nbsp;Prospectus and the Pricing Disclosure Package. All pro&nbsp;forma financial information included
or incorporated by reference in the Canadian Preliminary Prospectus and U.S.&nbsp;Preliminary Prospectus and to be included or incorporated by reference in the Registration Statement, the Canadian
Prospectus, the U.S.&nbsp;Prospectus and the Pricing Disclosure Package, comply with the requirements of the Canadian Securities Laws and the 1933 Act and the Commission's rules and guidelines, and
the assumptions used in the preparation of such pro&nbsp;forma financial information are reasonable, the pro&nbsp;forma adjustments used therein are appropriate to give effect to the transactions
or circumstances described therein and the pro&nbsp;forma adjustments have been properly applied to the historical amounts in the compilation of such information; the other financial and statistical
data contained or incorporated by reference in the Canadian Preliminary Prospectus and U.S.&nbsp;Preliminary Prospectus and to be included or incorporated by reference in the Registration Statement,
the Canadian Prospectus, the U.S.&nbsp;Prospectus and the Pricing Disclosure Package, are accurately and fairly presented and prepared on a basis consistent with the financial statements and books
and records of the Company; there are no financial statements (historical or pro&nbsp;forma) that are required to be included in the Canadian Preliminary Prospectus or the U.S.&nbsp;Preliminary
Prospectus or to be included or incorporated by reference in the Registration Statement, the Canadian Prospectus, the
U.S.&nbsp;Prospectus or the Pricing Disclosure Package that are not included or will not be included as required; and the Company and the subsidiaries do not have any material liabilities or
obligations, direct or contingent (including any off-balance sheet obligations), not described in the Canadian Preliminary Prospectus and U.S.&nbsp;Preliminary Prospectus and to be
included or incorporated by reference in the Registration Statement, the Canadian Prospectus, the U.S.&nbsp;Prospectus and the Pricing Disclosure Package that would otherwise be required to be
described therein; and all disclosures contained or incorporated by reference in the Canadian Preliminary Prospectus and U.S.&nbsp;Preliminary Prospectus and to be included or incorporated by
reference in the Registration Statement, the Canadian Prospectus, the U.S.&nbsp;Prospectus and the Pricing Disclosure Package regarding "non-GAAP financial measures" (as&nbsp;such term
is defined by the rules and regulations of the Commission) comply with Regulation&nbsp;G of the 1934 Act and Item&nbsp;10 of Regulation&nbsp;S-K promulgated under the 1933 Act and
1934 Act, to the extent applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Material Adverse Change in Business.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Since the dates as of which information is given in the Canadian
Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus and the Pricing Disclosure Package, except as otherwise stated therein, (A)&nbsp;there has been no material adverse change in the
condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary
course of business (a&nbsp;"</FONT><FONT SIZE=2><B>Material Adverse Effect</B></FONT><FONT SIZE=2>"), (B)&nbsp;there has been no change in the capital stock or long-term debt of the
Company or any of its subsidiaries; (C)&nbsp;there have been no transactions entered into by the Company or any of its subsidiaries, other than those in the ordinary course of business, which are
material with respect to the Company and its subsidiaries considered as one enterprise, and (D)&nbsp;there has been no dividend or distribution of any kind declared, paid or made by the Company on
any class of its share&nbsp;capital. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking Information</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Each "forward-looking statement" (within the meaning of Section&nbsp;27A of
the 1933 Act or Section&nbsp;21E of the 1934 Act) included or incorporated by reference in the Canadian Preliminary Prospectus and U.S.&nbsp;Preliminary Prospectus and to be included or
incorporated by reference in the Registration Statement, the Canadian Prospectus, the U.S.&nbsp;Prospectus and the Pricing Disclosure Package, has been or will be made or reaffirmed with a
reasonable basis and in good&nbsp;faith. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Absence of Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Canadian Preliminary Prospectus the U.S.&nbsp;Preliminary
Prospectus and the Pricing Disclosure Package as at the date thereof and as will be disclosed in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=13,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=246334,FOLIO='13',FILE='DISK106:[09ZBX7.09ZBX70107]LC70107A.;7',USER='SSTALKE',CD='16-SEP-2009;14:31' -->
<A NAME="page_lc70107_1_14"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>the
Canadian Prospectus and the U.S.&nbsp;Prospectus, and except for 710,000 options issued under the Company's Stock Option Plan since June&nbsp;30, 2009, no person has any right, agreement or
option, present or future, contingent or absolute, or any right capable of becoming a right, agreement or option, for the issue or allotment of any unissued shares of the Company or any of its
subsidiaries or any other agreement or option, for the issue or allotment of any unissued shares of the Company or any of its subsidiaries or any other security convertible into or exchangeable for
any such shares or to require the Company or any of its subsidiaries to purchase, redeem or otherwise acquire any of the issued and outstanding shares of the Company or any of its subsidiaries, as the
case may&nbsp;be. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Absence of Proceedings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There is no action, suit, proceeding, inquiry or investigation before or brought by
any court or governmental agency, governmental instrumentality or body, domestic or foreign, or any arbitrator, now pending or, to the knowledge of the Company, threatened or contemplated, against or
affecting the Company or any subsidiary, which is required to be disclosed in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus, the Canadian Prospectus, the
U.S.&nbsp;Prospectus, the Pricing Disclosure Package or the Supplementary Material and which is not so disclosed or will not be so disclosed, or which may reasonably be expected to result in a
Material Adverse Effect, or which may reasonably be expected to materially and adversely affect the properties or assets of the Company or any subsidiary or which may materially and adversely affect
the consummation of the transactions contemplated in this Agreement or the performance by the Company of its obligations hereunder; the aggregate of all pending legal or governmental proceedings to
which the Company or any subsidiary is a party or of which any of their respective properties or assets is the subject which are not described in the Canadian Preliminary Prospectus, the
U.S.&nbsp;Preliminary Prospectus, the Pricing Disclosure Package or the Supplementary Material including ordinary routine litigation incidental to the business, could not reasonably be expected to
result in a Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authorization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement has been duly authorized, executed and delivered by the Company and
constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium and other laws relating to or affecting the rights of creditors generally and except as limited by the application of equitable principles when equitable remedies are
sought, and by the fact that rights to indemnity, contribution and waiver, and the ability to sever unenforceable terms, may be limited by applicable&nbsp;law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authorized Capital.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The authorized, issued and outstanding share capital of the Company was, at
March&nbsp;31, 2009, as set forth in the Canadian Preliminary Prospectus Supplement, the U.S.&nbsp;Preliminary Prospectus Supplement, the Pricing Disclosure Package, the U.S.&nbsp;Prospectus,
and the Canadian Prospectus, each under the caption "Consolidated Capitalization". All of the issued and outstanding shares in the capital of the Company have been duly authorized and validly issued
and are fully paid and non-assessable and have been issued in compliance with all applicable securities laws and in accordance with the Company's organizing documents. None of the
outstanding shares in the capital of the Company was issued in violation of any pre-emptive rights, resale rights, rights of first refusal or similar&nbsp;rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Reporting Issuer Status.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company is a reporting issuer not in default for purposes of the </FONT> <FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (British
Columbia) and the corresponding provisions of the other Canadian Securities Laws in jurisdictions which recognize the concept of
reporting issuer status. Further, the Company is not an "ineligible issuer" (as&nbsp;defined in Rule&nbsp;405 of the 1933 Act) as of the eligibility determination date for purposes of
Rules&nbsp;164 and&nbsp;433 under the 1933 Act with respect to the&nbsp;Offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authorization and Description of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Shares have been duly authorized for issuance and sale
pursuant to this Agreement. The Shares, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, will be validly issued and fully paid
and non-assessable, the Shares conform to all statements relating thereto contained in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus and the Pricing
Disclosure Package and will conform to all statements relating thereto to be contained in the Canadian Prospectus and the U.S.&nbsp;Prospectus, and such description conforms to the rights set forth
in the instruments defining the same; no holder of the Shares will be subject to personal liability solely by reason of being such a holder; the issuance of the Shares is not subject to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=14,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=510855,FOLIO='14',FILE='DISK106:[09ZBX7.09ZBX70107]LC70107A.;7',USER='SSTALKE',CD='16-SEP-2009;14:31' -->
<A NAME="page_lc70107_1_15"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>any
preemptive rights, resale rights, rights of first refusal or similar rights; and all corporate action required to be taken for the authorization, issuance, sale and delivery of the Shares has been
validly&nbsp;taken. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Absence of Defaults and Conflicts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of its subsidiaries is in violation of its
charter or by-laws, in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or
credit agreement, note, lease, license or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which it or any of them may be bound, or to which any of the
property or assets of the Company or any subsidiary is subject (collectively, "</FONT><FONT SIZE=2><B>Agreements and Instruments</B></FONT><FONT SIZE=2>") or any statute, law, rule, regulation,
judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or such subsidiary or any of its
properties, as applicable, except for where such violations or defaults would not result in a Material Adverse Effect. The execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated herein and in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus and the Pricing Disclosure Package, and as will be contemplated in the Canadian
Prospectus and the U.S.&nbsp;Prospectus (including the authorization, issuance, sale and delivery of the Shares and the use of the proceeds from the sale of the Shares as described in the Canadian
Preliminary Prospectus and the U.S.&nbsp;Preliminary Prospectus under the caption "Use of Proceeds") and compliance by the Company with its obligations hereunder have been duly authorized by all
necessary corporate action and do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event
(as&nbsp;defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any subsidiary pursuant to, the Agreements and
Instruments (except for such conflicts, breaches or defaults or liens, charges or encumbrances that would not result in a Material Adverse Effect), nor will such action result in any violation or
conflict with the provisions of the charter or by-laws of the Company or any subsidiary or any existing applicable law, statute, rule, regulation, judgment, order, writ, injunction or
decree of any government, government instrumentality, regulatory authority or court, domestic or foreign, having jurisdiction over the Company or any subsidiary or any of their assets, properties or
operations except for such violations or conflicts that would not, singly or in the aggregate, result in a Material Adverse Effect. As used herein, a "</FONT><FONT SIZE=2><B>Repayment
Event</B></FONT><FONT SIZE=2>" means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or&nbsp;any person acting on such holder's behalf) the
right to acquire the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any&nbsp;subsidiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Absence of Labor Dispute.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No labor dispute with the employees of the Company or any subsidiary exists or,
to the knowledge of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or any subsidiary's principal suppliers,
manufacturers, customers or contractors, which, in either case, may reasonably be expected to result in a Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Tax Returns</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;All tax returns required to be filed by the Company or any of its subsidiaries have been
timely filed, and all taxes and other assessments of a similar nature (whether imposed directly or through withholding) including any interest, additions to tax or penalties applicable thereto due or
claimed to be due from such entities have been timely paid, other than those being contested in good faith and for which adequate reserves have been&nbsp;provided. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Insurance</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries maintains insurance from insurers of recognized
standing covering its properties, operations, personnel and businesses as the Company reasonably deems adequate; such insurance insures against such losses and risks to an extent which is adequate in
accordance with customary industry practice to protect the Company and its subsidiaries and their respective businesses; all such insurance is fully in force on the date hereof and will be fully in
force on the Closing Date and each Settlement Date, to the extent applicable; the Company and subsidiaries are in compliance with the terms of such policies and instruments in all material respects;
there are no claims by the Company or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights
clause; neither Company nor any such subsidiary has been refused any </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=15,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=588707,FOLIO='15',FILE='DISK106:[09ZBX7.09ZBX70107]LC70107A.;7',USER='SSTALKE',CD='16-SEP-2009;14:31' -->
<A NAME="page_lc70107_1_16"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>insurance
coverage sought or applied for; neither the Company nor any of its subsidiaries has reason to believe that it will not be able to renew any such insurance as and when such insurance expires. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Financial Controls</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management's general or specific authorization; (ii)&nbsp;transactions are recorded
as necessary to permit preparation of financial statements in conformity with Canadian GAAP and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance
with management's general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. The Company's and its subsidiaries' internal controls over financial reporting are effective, and the Company and its subsidiaries are not aware of any material
weakness or unremediated significant deficiencies in their internal controls over financial reporting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Disclosure Controls</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Company has established "disclosure controls and procedures" (as&nbsp;such term
is defined in Rule&nbsp;13a-15(e) under the 1934 Act) and "internal control over financial reporting" (as&nbsp;such term is defined in Rule&nbsp;13a-15(f) under the 1934
Act); such disclosure controls and procedures are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the Company's
Executive Chairman and Chief Executive Officer and its Chief Financial Officer by others within those entities, and such disclosure controls and procedures are effective to perform the functions for
which they were established; and the Company has taken all necessary actions to ensure that, upon and at all times after the filing of the Registration Statement, the Company and the subsidiaries and
their respective officers and directors, in their capacities as such, will be in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act and the rules and
regulations promulgated thereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Third-Party Data</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;All statistical or market-related data or third-party data included or incorporated by
reference in the Canadian Preliminary Prospectus, U.S.&nbsp;Preliminary Prospectus and the Pricing Disclosure Package and to be included or incorporated by reference in the Registration Statement,
the Canadian Prospectus, the U.S.&nbsp;Prospectus and the Pricing Disclosure Package, are or will be based on or derived from sources that the Company reasonably believes to be reliable and
accurate, and the Company has obtained the written consent to the use of such data from such sources to the extent required by&nbsp;law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Title to Property.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company and its subsidiaries have good, valid, enforceable and marketable title to
all real property owned by the Company and its subsidiaries in fee simple, good and marketable title to all personal property owned by the Company and defensible title to all other property owned by
the Company, in each case as described in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus and the Pricing Disclosure Package in each case as at the date thereof and as will
be described in the Canadian Prospectus and the U.S.&nbsp;Prospectus, in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or encumbrances of any
kind (including mining, zoning, use or building code restrictions that would prohibit or prevent the continued effective ownership, leasing, licensing or use of such property in the business of the
Company and its subsidiaries) and no royalty is payable in respect of any of them, except such as (A)&nbsp;are described in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary
Prospectus and the Pricing Disclosure Package and (B)&nbsp;do not, singly or in the aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be
made of such property by the Company or any of its subsidiaries. The Company and its subsidiaries hold either freehold title, mining leases, mining concessions, mining claims or participating
interests or other conventional property or proprietary interests or rights, recognized in the jurisdiction in which a particular property is located, in respect of the ore bodies and minerals located
in properties in which the Company and its subsidiaries have an interest as described in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus and the Pricing Disclosure Package
as at the date thereof and as will be described in the Canadian Prospectus and the U.S.&nbsp;Prospectus, in each case under valid, subsisting and enforceable title documents or other recognized and
enforceable agreements or instruments, sufficient to permit the Company or applicable subsidiary to explore the minerals relating thereto, subject to such limitations as described in the Canadian
Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus and the Pricing Disclosure Package. Other than as disclosed in the U.S.&nbsp;Preliminary Prospectus and the Canadian Prospectus, all
property, leases or claims in which the Company or any subsidiary has an interest or right have been validly located and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_lc70107_1_17"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>recorded
in accordance with all applicable laws and are valid and subsisting where the failure to be so would have a Material Adverse Effect on the Company and its subsidiaries, taken as a whole.
Other than as disclosed in the U.S.&nbsp;Preliminary Prospectus and the Canadian Prospectus, the Company and its subsidiaries have all necessary surface rights, access rights and other necessary
rights and interests relating to the properties in which the Company and its subsidiaries have an interest as described in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus
and the Pricing Disclosure Package granting the Company or applicable subsidiary the right and ability to explore for minerals, ore and metals for development purposes as are appropriate in view of
the rights and interest therein of the Company or applicable subsidiary, with only such exceptions as do not interfere with the use made by the Company or applicable subsidiary of the rights or
interest so held, and each of the proprietary interests or rights and each of the documents, agreements and instruments and obligations relating thereto referred to above is currently in good standing
in the name of the Company or a subsidiary where the failure to be so would have a Material Adverse Effect on the Company and its subsidiaries, taken as a whole. The Company is entitled to extract
minerals from its properties as set forth in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus and the Pricing Disclosure Package in each case as at the date thereof and as
will be set forth in the Canadian Prospectus and the U.S.&nbsp;Prospectus and to do all of the exploration and development contemplated in the Canadian Preliminary Prospectus, the
U.S.&nbsp;Preliminary Prospectus and the Pricing Disclosure Package, except as otherwise described in the Canadian Preliminary Prospectus, the U.S.&nbsp;Preliminary Prospectus and the Pricing
Disclosure Package. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Environmental Laws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise set forth in the U.S.&nbsp;Preliminary Prospectus and the
Canadian Prospectus or as would not, singly or in the aggregate, result in a Material Adverse Effect, (A)&nbsp;neither the Company nor any of its subsidiaries is in violation of any federal,
provincial, state, local, municipal or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any
judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water,
groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants,
wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, "</FONT><FONT SIZE=2><B>Hazardous Materials</B></FONT><FONT SIZE=2>") or to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, "</FONT><FONT SIZE=2><B>Environmental Laws</B></FONT><FONT SIZE=2>"), (B)&nbsp;the
Company and its subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws to conduct their respective businesses and are each in compliance with
their requirements, (C)&nbsp;there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of non-compliance
or violations, proceedings or, to the Company's knowledge, investigations relating to any Environmental Laws against the Company or any of its subsidiaries and (D)&nbsp;there are no events or
circumstances that might reasonably be expected to form the basis of an order for cleanup or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against
or affecting the Company or any of its subsidiaries relating to Hazardous Materials or any Environmental&nbsp;Laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Environmental Costs and Liabilities</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In the ordinary course of its business, the Company periodically
reviews the effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and
liabilities of the Company and its subsidiaries. On the basis of such review, the Company has reasonably concluded that such associated costs and liabilities would not, singly or in the aggregate,
have a Material Adverse Effect, except as set forth in the Pricing Disclosure Package, the U.S.&nbsp;Prospectus and the Canadian Prospectus (in&nbsp;each case, exclusive of any supplement
thereto). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Pension Plans</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of its subsidiaries has or maintains a "pension plan"
(as&nbsp;defined in Section&nbsp;3(2) of the United&nbsp;States Employee Retirement Income Security Act of&nbsp;1974). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Foreign Transactions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, any subsidiary or, to the Company's knowledge, any director,
officer, underwriter, agent, employee or affiliate of the Company or any of the subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such
persons of the United&nbsp;States Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder. The </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=17,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=924731,FOLIO='17',FILE='DISK106:[09ZBX7.09ZBX70107]LC70107A.;7',USER='SSTALKE',CD='16-SEP-2009;14:31' -->
<A NAME="page_lc70107_1_18"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>operations
of the Company and each subsidiary are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the United&nbsp;States
Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statues of all applicable jurisdictions, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines issued, administered or enforced by any governmental agency, domestic or foreign (collectively, the "</FONT><FONT SIZE=2><B>Money Laundering
Laws</B></FONT><FONT SIZE=2>"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any subsidiary with
respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened. Neither the Company nor any subsidiary nor, to the knowledge of the Company, any director,
officer, underwriter, agent, employee
or affiliate of the Company or any subsidiary is currently subject to any U.S.&nbsp;sanctions administered by the Office of Foreign Assets Control of the U.S.&nbsp;Treasury Department
("</FONT><FONT SIZE=2><B>OFAC</B></FONT><FONT SIZE=2>"), and the Company will not directly or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S.&nbsp;sanctions administered
by&nbsp;OFAC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Stabilization or Manipulation</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Company has not taken and will not take, directly or indirectly, any
action designed to, or that might be reasonably expected to, cause or result in stabilization or manipulation of the price of the Common Shares to facilitate the sale or resale of the&nbsp;Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Reserve Information.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The information set forth in the Canadian Preliminary Prospectus, the
U.S.&nbsp;Preliminary Prospectus and the Pricing Disclosure Package and as will be set out in the Canadian Prospectus and the U.S.&nbsp;Prospectus relating to the estimates by the Company of the
mineral reserves and mineral resources has been reviewed and verified by the Company and, in all cases, the ore reserve and mineral resource information has been prepared in accordance with Canadian
industry standards set forth in National Instrument&nbsp;43-101&#151;</FONT><FONT SIZE=2><I>Standards of Disclosure for Mineral Projects</I></FONT><FONT SIZE=2> and Industry
Guide 7&nbsp;under the 1933 Act, to the extent that it is applicable to the Company as a result of its status as a Canadian corporation, and the method of estimating the mineral reserves and mineral
resources are in accordance with accepted estimation practices and mineral reserves and mineral resources have been verified by mining experience and the information upon which the estimates of
reserves and resources were based, was, at the time of delivery thereof, complete and accurate in all material respects and there have been no material changes to such information since the date of
delivery or preparation thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Absence of Further Requirements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No filing with, or authorization, approval, consent, license, order,
registration, qualification or decree of any court or governmental authority or agency, or the approval of the Company's shareholders, is necessary or required for the performance by the Company of
its obligations hereunder, in connection with the Offering, issuance or sale of the Shares hereunder or the consummation of the transactions contemplated by this Agreement, except for the final
listing approval of the TSX and NYSE Amex, the filing of the Canadian Prospectus Supplement with the Qualifying Authorities and the filing of the U.S.&nbsp;Prospectus Supplement with
the&nbsp;Commission. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Possession of Licenses and Permits.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than as disclosed in the U.S.&nbsp;Preliminary Prospectus and
the Canadian Prospectus, the Company and its subsidiaries possess such permits, concessions, certificates, licenses, approvals, consents and other authorizations, excluding environmental permits
(collectively, "</FONT><FONT SIZE=2><B>Governmental Licenses</B></FONT><FONT SIZE=2>") issued by the appropriate federal, provincial, state, local or foreign regulatory agencies or bodies necessary
to own, lease, stake or maintain claims and other property interest and to conduct the business now operated by them, except where the failure to possess such Governmental Licenses would not singly or
in the aggregate have a Material Adverse Effect; other than as disclosed in the U.S.&nbsp;Preliminary Prospectus and the Canadian Prospectus, the Company and its subsidiaries are in compliance with
the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, singly or in the aggregate, have a Material Adverse Effect; all of the Governmental
Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not have a
Material Adverse Effect; and other than as disclosed in the U.S.&nbsp;Preliminary Prospectus and the Canadian Prospectus, neither the Company nor any of its subsidiaries has received any notice of
proceedings relating to the revocation or modification of any such Governmental Licenses </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=18,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=782544,FOLIO='18',FILE='DISK106:[09ZBX7.09ZBX70107]LC70107A.;7',USER='SSTALKE',CD='16-SEP-2009;14:31' -->
<A NAME="page_lc70107_1_19"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>which,
singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Investment Company Act.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company is not, and upon the issuance and sale of the Shares as herein
contemplated and the application of the net proceeds therefrom as will be described in the Canadian Prospectus, the U.S.&nbsp;Prospectus and the Pricing Disclosure Package will not be, an
"investment company" or an entity "controlled" by an "investment company" as such terms are defined in the United&nbsp;States Investment Company Act of 1940, as&nbsp;amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Absence of Registration Rights</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;There are no persons with registration rights or other similar rights to
have any securities registered pursuant to the Registration Statement or otherwise registered by the Company under the 1933 Act or under applicable state securities&nbsp;laws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Reports and Information</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;There are no reports or information that in accordance with the
requirements of any Qualifying Authority must be made publicly available in connection with the Offering that have not been made or will not be made publicly available during the period of the
Distribution as required; there are no documents required to be filed with any Qualifying Authority in connection with the Canadian Prospectus that have not been filed or will not be filed as
required; during the period of the Distribution, there are no contracts, documents or other materials required to be described or referred to in the Registration Statement, the U.S.&nbsp;Prospectus,
the U.S.&nbsp;Preliminary Prospectus or the Pricing Disclosure Package or to be filed as exhibits to the Registration Statement or the Pricing Disclosure Package that are not or will not be
described, referred to or filed as required by U.S.&nbsp;federal securities laws and the Canadian Securities&nbsp;Laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Broker.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than as contemplated by this Agreement, there is no broker, finder or other party that is
entitled to receive from the Company any brokerage or finder's fee or other fee or commission as a result of any of the transactions contemplated by this&nbsp;Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stamp Tax.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No stamp duty, registration or documentary taxes, duties or similar charges are payable under
the federal laws of Canada or the laws of the Yukon Territory in connection with the creation, issuance, sale and delivery to the Underwriters of the Shares or the authorization, execution, delivery
and performance of this Agreement or the resale of Shares by an&nbsp;Underwriter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Statements Regarding Legal Matters, Etc.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The statements set forth in the Pricing Disclosure Package, the
U.S.&nbsp;Preliminary Prospectus, the Canadian Preliminary Prospectus, the U.S.&nbsp;Prospectus and the Canadian Prospectus under the headings "Risk Factors&#151;The Company is a "passive
foreign investment company" for U.S.&nbsp;tax purposes, which can have a materially adverse effect on a U.S.&nbsp;shareholder's economic return on investment in the Company's Common Shares", "Risk
Factors&#151;The Company's exploration and development operations are subject to environmental regulations, which could result in the Company incurring additional costs and operational delays",
"U.S.&nbsp;Federal Income Tax Considerations" and "Canadian Federal Income Tax Consequences" insofar as such statements legalize matters, agreements, documents or proceedings discussed therein, are
accurate and fair summaries of such legal matters, agreements, documents or&nbsp;proceedings. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Controlled Foreign Corporation</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof the Company is not a "controlled foreign
corporation" as such term is defined in the Internal Revenue Code and does not expect to become a controlled foreign corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certain Relationships</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;No relationship, direct or indirect, exists between or among the Company or any of
its subsidiaries, on the one hand, and the directors, officers, shareholders or affiliates of the Company or any of its subsidiaries, on the other hand, that are required by the 1933 Act or applicable
Canadian Securities Laws to be described in the Pricing Disclosure Package, the U.S.&nbsp;Prospectus, the Registration Statement or the Canadian Prospectus that is not so described in
such&nbsp;documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Distributions by Subsidiaries</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;No subsidiary of the Company is currently prohibited, directly or
indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary's </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=19,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=320481,FOLIO='19',FILE='DISK106:[09ZBX7.09ZBX70107]LC70107A.;7',USER='SSTALKE',CD='16-SEP-2009;14:31' -->
<A NAME="page_lc70107_1_20"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>capital
stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary's property or assets to the Company or any other
subsidiary of the&nbsp;Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Patents and Trademarks</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Company and its subsidiaries own, possess, license or have other rights to
use, on reasonable terms, all patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology,
know-how and other intellectual property (collectively, the "</FONT><FONT SIZE=2><B>Intellectual Property</B></FONT><FONT SIZE=2>") necessary for the conduct of the Company's business as
now conducted or as proposed in the Pricing Disclosure Package, the U.S.&nbsp;Prospectus and the Canadian Prospectus to be conducted, except as where the failure to do so would reasonably be
expected to have a Material Adverse Effect. There are no rights of third parties to any such Intellectual Property that is owned exclusively by the Company or any of its subsidiaries except such
rights as may have been granted in the ordinary course of business. To the Company's knowledge, there is no
material infringement by third parties of any such Intellectual Property. There is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the
Company's rights in or to any such Intellectual Property, and the Company is unaware of any facts which would for a reasonable basis for any such claim. There is no pending or, to the Company's
knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual property and the Company is unaware of any facts which would form&nbsp;a
reasonable basis for any such claim. There is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others that the Company infringes or otherwise violates any
patent, trademark, copyright, trade secret or other proprietary rights of others, and the Company is unaware of any other fact which would form&nbsp;a reasonable basis for any such claim that would
reasonably be expected to have a Material Adverse Effect. To the Company's knowledge, there is no U.S. or foreign patent or published U.S.&nbsp;patent application which contains claims that dominate
or may dominate any Intellectual property described in the Pricing Disclosure Package, the U.S.&nbsp;Prospectus or the Canadian Prospectus as being owned by or licensed to the Company or that
interferes with the issued or pending claims of any such Intellectual Property. Neither the Company nor any of its subsidiaries holds any U.S. or Canadian patents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Relationships with Banking Affiliates of Underwriters</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Registration Statement,
the Pricing Disclosure Package, the U.S.&nbsp;Prospectus and the Canadian Prospectus, the Company (1)&nbsp;does not have any material lending or other relationship with any bank or lending
affiliate of any Underwriter, and (2)&nbsp;does not intend to use any of the proceeds from the sale of the Shares hereunder to repay any outstanding debt owed to any affiliate of any Underwriter. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Independent Market</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Offering is of a class of securities for which a bona&nbsp;fide independent
market exists as of the date of the filing of the Registration Statement and as of the date of effectiveness of the Registration Statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Listing on NYSE Amex and TSX.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Common Shares, including the Shares, are listed, and admitted and
authorized for trading, on the NYSE Amex and the TSX, subject in the case of the Shares, (i)&nbsp;with respect to the NYSE Amex, to receipt of an approval letter and (ii)&nbsp;with respect to the
TSX, to the satisfaction of customary conditions required by such&nbsp;exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Cease Trade Orders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company is not the subject of a cease trade order, management cease trade
order, de-listing or any other order preventing or suspending trading of any securities of the Company issued by the Commission, Canadian regulators, the NYSE Amex or the TSX, and the
Company is, to the best of its knowledge, not aware of any such order being contemplated or threatened by the Commission, Canadian regulators, the NYSE Amex or the&nbsp;TSX. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase,
Sale and Delivery of the Shares.</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Underwriters; Sales by Underwriters.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby appoints the Underwriters as its
sole and exclusive underwriters for the purpose of selling, in accordance with the terms and conditions hereof, the Shares. The Underwriters hereby accept such appointments, and the Representatives </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=20,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=191418,FOLIO='20',FILE='DISK106:[09ZBX7.09ZBX70107]LC70107A.;7',USER='SSTALKE',CD='16-SEP-2009;14:31' -->
<A NAME="page_lc70107_1_21"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>agree,
on behalf of each Underwriter, that each Underwriter, severally and not jointly, will purchase from the Company on the Closing Date the amount of the Underwritten Shares set forth opposite each
Underwriter's name in Schedule&nbsp;D to&nbsp;this Agreement. The appointment of the Underwriters hereunder shall terminate on the 30<SUP>th</SUP>&nbsp;day after the date of this Agreement,
unless earlier terminated pursuant to Sections&nbsp;5 or&nbsp;6 hereof. The Underwriters propose to sell the Shares to the public as underwriters for the Company upon the terms and conditions set
forth in the U.S.&nbsp;Preliminary Prospectus, the U.S.&nbsp;Prospectus and the Canadian Prospectus. In addition, the Underwriters shall comply with the Canadian Securities Laws and
Rule&nbsp;15c2-4&nbsp;under the 1934 Act. Only broker/dealers who are either (i)&nbsp;members in good standing of FINRA, that are registered with FINRA and maintain net capital
pursuant to Rule&nbsp;15c3-1&nbsp;under the 1934 Act of not less than US$250,000 or (ii)&nbsp;dealers with their principal places of business located outside the United&nbsp;States
and that are not registered as brokers or dealers under the 1934 Act, who have agreed not to make any sales within the United&nbsp;States or to persons who are nationals thereof or residents therein
shall be designated selected dealers by the Underwriters in the United&nbsp;States. The Underwriters shall require all selected dealers to comply with the Canadian Securities Laws and
Rule&nbsp;15c2-4&nbsp;under the 1934 Act in the United&nbsp;States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Agreement to Sell and Purchase.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;On the basis of the representation, warranties, covenants and agreements
contained herein, but subject to the terms and conditions herein set forth, (i)&nbsp;the Company agrees to issue and to sell the Shares to the Underwriters and the Underwriters agree to purchase,
severally and not jointly, the Shares from the Company at a purchase price of US$2.25 per Share. All Shares to be offered and sold in the Offering shall be issued and sold through the Underwriters,
and the Company will not sell or agree to sell any of the Shares otherwise than through the Underwriters. In the event that Wellington sells any Shares in the United&nbsp;States, it will do so
through its agent affiliate in the United&nbsp;States, Wellington Capital Markets (USA)&nbsp;Inc. In the event the Company or any of its executive officers is contacted directly or indirectly by
prospective purchasers of the Shares, the Company will promptly forward the names of such prospective purchasers to the Representatives. In consideration for the Underwriter's services in connection
with the distribution of and purchasing the Underwritten Shares pursuant to this Agreement, the Company will pay to the Underwriters at Closing (and each Settlement Date, to the extent applicable) an
aggregate cash commission equal to 6.25% of the gross proceeds from the sale of the Underwritten Shares (and&nbsp;Option Shares, if any), whether the Underwritten Shares (or&nbsp;Option Shares, if
any) are purchased by the Underwriters for their own account or for the account of their clients. Additionally, the Company shall pay the Underwriters an aggregate incentive fee of 0.50% of the gross
proceeds of the Offering on the Closing Date and each Settlement Date, to the extent applicable. Such incentive fee shall be payable to each Underwriter in proportion to the orders, as measured by the
aggregate number of Shares, originated by each Underwriter. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Over-Allotment Option</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth, the Company hereby grants an option to the Underwriters to purchase, severally and not jointly, up to 1,320,000 Option Shares at a purchase price of
US$2.25 per Share. Such option may be exercised in whole or in part (but&nbsp;in no event shall there be more than one Settlement Date unless otherwise agreed to by the parties) to cover
over-allotments at any time on or before the 30<SUP>th</SUP>&nbsp;day after the date of the filing of the U.S.&nbsp;Prospectus Supplement and the Canadian Prospectus Supplement upon
notice by the Representatives, on behalf of the Underwriters, to the Company setting forth the number of Option Shares as to which the Underwriters are exercising the option and the applicable
Settlement Date. The number of Option Shares to be purchased by each Underwriter shall be the same
percentage of the total number of Option Shares to be purchased by the several Underwriters as such Underwriter is purchasing of the Underwritten Shares, subject to such adjustment as the Underwriters
in their absolute discretion shall make to eliminate any fractional shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment of the Purchase Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Delivery of and payment for the Underwritten Shares and any Option Shares
(if&nbsp;the option provided for in Section&nbsp;3(c) hereof shall have been exercised in whole or in part on or before the third Business Day prior to the Closing Date) shall be made at
10:00&nbsp;a.m. (New&nbsp;York City time), on September&nbsp;21, 2009, which date and time may be postponed by agreement between the Representatives, on behalf of the Underwriters, and the
Company or as provided in Section&nbsp;6 hereof (such date and time of delivery and payment for the Shares being hereinafter called the "</FONT><FONT SIZE=2><B>Closing
Date</B></FONT><FONT SIZE=2>"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_lc70107_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
in respect of the purchase price for Shares sold by the Underwriters shall be denominated in United&nbsp;States dollars, and shall be made to the Company by wire transfers of
immediately available funds to a bank account designated by the Company, against delivery to the Representatives for the respective accounts of the Underwriters of the Shares to be purchased by them.
It is understood that each Underwriter has authorized the Representatives, for its account, to accept delivery of, receipt for, and make payment of the purchase price for the&nbsp;Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the option provided for in Section&nbsp;3(c) hereof is exercised after the third Business Day prior to the Closing Date, the Company will deliver the Option Shares (at&nbsp;the
expense of the Company) to the Underwriters, on the date specified by the Representatives, on behalf of the Underwriters (which shall be within three Business Days after exercise of such option), for
the respective accounts of the Underwriters, against payment by each Underwriter of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day
funds to the account specified by the Company. If settlement of the Option Shares occurs after the Closing Date, the Company will deliver to the Underwriters on the applicable Settlement Date for the
Option Shares, and the obligation of the Underwriters to purchase the Option Shares shall be conditioned upon receipt of, supplemental opinions, certificates and letters confirming as of such
Settlement Date the opinions, certificates and letters delivered on the Closing Date pursuant to Section&nbsp;4 hereof (such date and time of delivery and payment for the Option Shares being
hereinafter called the "</FONT><FONT SIZE=2><B>Settlement Date</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of the Shares shall be made through the facilities of The Depository Trust Company, unless the Representatives, on behalf of the Underwriters, shall otherwise instruct. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Issuer Free Writing Prospectuses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and agrees that, unless it obtains the prior
consent of the Representatives, on behalf of the Underwriters, and the Representatives, on behalf of each Underwriter, represent and agree that, unless it obtains the prior consent of the Company, it
has not made and will not make any offer relating to the Shares that would constitute an "issuer free writing prospectus," as defined in Rule&nbsp;433, or that would otherwise constitute a "free
writing prospectus," as defined in Rule&nbsp;405 under the 1933 Act, required to be filed with the Commission. Any such free writing prospectus consented to
by the Company and the Representatives is hereinafter referred to as a "</FONT><FONT SIZE=2><B>Permitted Free Writing Prospectus</B></FONT><FONT SIZE=2>." The Company represents that it has treated
or agrees that it will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule&nbsp;433, and has complied and will comply with the requirements of
Rule&nbsp;433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. The Company and the Representatives, on
behalf of the Underwriters, hereby acknowledge that any Issuer General Use Free Writing Prospectus (as&nbsp;set out in Schedule&nbsp;E) is a Permitted Free Writing Prospectus for the purposes of
this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
of Underwriters' Obligations</U>.&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Underwriters to perform their obligations herein
are subject to the accuracy of the representations and warranties of the Company contained in Section&nbsp;2 hereof or in certificates of any officer of the Company or any subsidiary of the Company
delivered pursuant to the provisions hereof, to the performance by the Company of its covenants and other obligations hereunder, and to the following further conditions: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Filing of Canadian Prospectus and U.S.&nbsp;Prospectus Supplement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i) The Canadian Prospectus will have
been filed with each Qualifying Authority and the U.S.&nbsp;Prospectus Supplement will have been filed with the Commission in accordance with the requirements of Section&nbsp;1(a) of this
Agreement; (ii)&nbsp;no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto, and no stop order suspending or preventing the use
of any U.S.&nbsp;Preliminary Prospectus, any Issuer Free Writing Prospectus or the U.S.&nbsp;Prospectus shall have been issued under the 1933 Act or proceedings therefor initiated
or&nbsp;threatened by the Commission; (iii)&nbsp;no order having the effect of ceasing or suspending the Distribution, or trading in the Common Shares of the Company or any other securities of the
Company shall have been issued or&nbsp;proceedings therefor initiated or threatened by any securities commission, securities regulatory authority or&nbsp;stock exchange in Canada or the
United&nbsp;States; and (iv)&nbsp;any request on the part of the Qualifying Authority or the Commission for additional information shall have been complied with to the reasonable satisfaction of
counsel to the Underwriters. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
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 </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Claims</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;At the Closing Time and at each Settlement Time, as applicable, the
Underwriters shall have
received confirmation from each of Borden Ladner Gervais&nbsp;LLP and Dorsey&nbsp;&amp; Whitney&nbsp;LLP that there are no claims to which its representation has been sought and that are outstanding
in respect of the&nbsp;Company </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Opinion of Canadian Counsel for Company.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Closing Time and at each Settlement Time, as applicable,
the Underwriters shall have received a favorable opinion, dated as of the Closing Date and each Settlement Date, as applicable, of Borden Ladner Gervais&nbsp;LLP, Canadian counsel for the Company,
in form and substance reasonably satisfactory to counsel for the Underwriters, to the effect set forth in Schedule&nbsp;B hereto. In giving such opinion, such counsel may rely, as to all matters
governed by the laws of jurisdictions other than the laws of the Provinces of British Columbia, Alberta and Ontario, and the federal laws of Canada applicable therein, upon opinions of counsel
satisfactory to the Underwriters. Such counsel may also state that, insofar as such opinion involves factual matters they have relied, to the extent they deem proper, upon certificates of officers of
the Company and its subsidiaries and certificates of public officials. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Title Opinions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Closing Date, the Underwriters shall have received favorable title opinions dated
the Closing Date, to the extent applicable, regarding the Paradones Amarillos gold project, the Mt. Todd gold project and the Guadalupe de los Reyes gold project, each in form and substance
satisfactory to the Representatives, on behalf of the Underwriters, and counsel for the Underwriters, acting reasonably. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Opinion of U.S.&nbsp;Counsel for Company.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Closing Time and at each Settlement Time, the
Underwriters shall have received a favorable opinion, dated as of the Closing Date and each Settlement Date, to the extent applicable, of Dorsey&nbsp;&amp; Whitney&nbsp;LLP, United&nbsp;States
counsel for the Company, in form and substance reasonably satisfactory to counsel for the Underwriters, to the effect set forth in Schedule&nbsp;C hereto. Such counsel may also state that, insofar
as such opinion involves factual matters they have relied, to the extent they deem proper, upon certificates of officers of the Company and its subsidiaries and certificates of public officials. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Officers' Certificate.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Closing Time and at each Settlement Time, the Underwriters shall have
received a certificate of the Executive Chairman and Chief Executive Officer and the Chief Financial Officer of the Company, dated as of the Closing Date and each Settlement Date, as applicable, to
the effect that (i)&nbsp;there has been no Material Adverse Effect, (ii)&nbsp;the representations and warranties in Section&nbsp;2 hereof are true and correct with the same force and effect as
though expressly made at and as of the Closing Time and each Settlement Time, (iii)&nbsp;the Company has complied with all agreements and satisfied all conditions on its part to be performed or
satisfied at or prior to the Closing Time and each Settlement Time, (iv)&nbsp;no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment
thereto, and no stop order suspending or preventing the use of any U.S.&nbsp;Preliminary Prospectus, any Issuer Free Writing Prospectus or the U.S.&nbsp;Prospectus has been issued and no
proceedings for that purpose have been instituted or are pending or, to the knowledge of such officers, are contemplated by the Commission, and (v)&nbsp;no order having the effect of ceasing or
suspending the Distribution shall have been issued by any securities commission or securities regulatory authority in Canada or the United&nbsp;States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Accountants' Comfort Letter.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the time of the execution of this Agreement, the Underwriters shall have
received from PricewaterhouseCoopers&nbsp;LLP a letter dated the date of this Agreement and prepared as of a specified date not more than two Business Days prior to the date of this Agreement, in
form and substance satisfactory to the Underwriters, containing statements and information of the type ordinarily included in accountants' "comfort letters" to underwriters with respect to the
financial statements and certain financial information contained in the Registration Statement, the U.S.&nbsp;Preliminary Prospectus, the Canadian Prospectus and the Pricing Disclosure Package. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Bringdown Comfort Letter.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Closing Time and each Settlement Time, as applicable, the Underwriters
shall have received from PricewaterhouseCoopers&nbsp;LLP, a letter dated as of the Closing Date and each Settlement Date, as applicable, to the effect that they reaffirm the statements made in the
letter furnished pursuant to paragraph&nbsp;(g) of this section, except such letter shall be with respect to the financial statements and certain financial information contained in the Registration
Statement, the U.S.&nbsp;Preliminary Prospectus, the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>U.S.&nbsp;Prospectus,
the Canadian Prospectus and the Pricing Disclosure Package and except that the specified date referred to shall be a date not more than two Business Days prior to the Closing
Date or Settlement Date, as&nbsp;applicable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Approval of Listing.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Closing Time and each Settlement Time, as applicable, (i)&nbsp;the Shares
shall have been approved for listing on the TSX, subject to the Company fulfilling the requirements of the TSX, and (ii)&nbsp;the Shares shall have been approved for listing on the NYSE Amex,
subject to official notice of issuance, if&nbsp;required. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Good Standing</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received on and as of the Closing Time and each Settlement Time,
as applicable, as the case may be, satisfactory evidence of the good standing of the Company and its subsidiaries in its jurisdiction of organization and in any jurisdiction where it is duly qualified
as an extra-provincial or foreign corporation to transaction business in writing from the appropriate governmental authority of such jurisdiction, except in those jurisdictions where the failure to
qualify or to be in good standing would not result in a Material Adverse&nbsp;Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Lock Up Agreements</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;At the time of execution of this Agreement, the Company shall have furnished to the
Underwriters a letter substantially in the form of Schedule&nbsp;F to&nbsp;this Agreement from each officer and director of the&nbsp;Company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Local Counsel Opinions</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;At the Closing Time and each Settlement Date, unless waived by the Underwriters,
the Underwriters shall have received a favorable opinion, dated as of the Closing Date, to the extent applicable, of the various local counsels for the Company, including local counsel in Australia,
Barbados and Mexico, in form and substance reasonably satisfactory to counsel for the Underwriters, to the effect as they may reasonably require for the purpose of enabling them to pass upon the
issuance and the sale of the Shares as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions and covenants
herein contained. Such counsel may also state that, insofar as such opinion involves factual matters they have relied, to the extent they deem proper, upon certificates of officers of the Company and
its subsidiaries and certificates of public officials. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Documents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Closing Time and each Settlement Time, counsel for the Underwriters shall have
been furnished with such information, certificates and documents as they may reasonably require for the purpose of enabling them to pass upon the issuance and the sale of the Shares as herein
contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions and covenants herein contained; and all proceedings taken by
the Company in connection with the issuance and sale of the Shares as herein contemplated shall be satisfactory in form and substance to the Representatives, on behalf of the Underwriters, and counsel
for the Underwriters, acting reasonably. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Agreement.</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Representatives, on behalf of the Underwriters, may terminate this Agreement, by notice to
the Company at any time at or prior to the Closing&nbsp;Time, </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
there has been, since the time of execution of this Agreement or since the respective dates as of which information is given in the Canadian Prospectus, the
U.S.&nbsp;Prospectus or the Pricing Disclosure Package, </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Material Adverse Effect or there shall have been discovered any previously undisclosed adverse material fact relating to the Company,&nbsp;or </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
shall have occurred any change in the applicable securities laws or any inquiry, investigation or other proceeding is made or any order is issued under or pursuant
to any statute of Canada or any province or territory thereof, any statute of the United&nbsp;States or any state or territory </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

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<UL>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>thereof,
or any stock exchange in relation to the Company or any of its securities (except for any inquiry, investigation or other proceeding based upon activities of the Underwriters and not upon
activities of the&nbsp;Company) </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>which,
in the reasonable opinion of the Representatives, on behalf of the Underwriters, prevents or restricts trading in or the Distribution or materially adversely affects or might reasonably be
expected to materially adversely affect the market price or value of the Common&nbsp;Shares; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the state of the financial markets changes such that, in the opinion of the Representatives, on behalf of the Underwriters, acting reasonably, the Shares cannot be
successfully marketed; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
a general banking moratorium shall have been declared by Canadian or U.S.&nbsp;federal, New&nbsp;York State or British Columbian authorities; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
there should develop, occur or come into effect or existence any event, action, state, condition or major financial occurrence, catastrophe, war or act of terrorism
of national or international consequence or any law or regulation which, in the reasonable opinion of the Representatives, on behalf of the Underwriters, seriously adversely affects or involves, or
will seriously adversely affect or involve, the financial markets or the business, operations or affairs of the Company and its subsidiaries, taken as a&nbsp;whole; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
a cease trade order is made by any securities commission or other competent authority by reason of the fault of the Company or its directors, officers and
underwriters and such cease trade order is not rescinded within 48&nbsp;hours; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Company fails to obtain the approval of the NYSE Amex or the TSX for the listing of the&nbsp;Shares; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Company does not file the U.S.&nbsp;Prospectus Supplement and the Canadian Prospectus Supplement by September&nbsp;17, 2009;&nbsp;or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;if
the Company has not complied with a material covenant under this Agreement or a material representation under this Agreement is not&nbsp;true. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Liabilities.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If this Agreement is terminated pursuant to this Section&nbsp;5, such termination shall be
without liability of any party to any other party except as provided in Section&nbsp;10 hereof, and&nbsp;provided further that Sections&nbsp;7 and&nbsp;8 shall survive such termination and
remain full force and&nbsp;effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Default
by an Underwriter</U>.&nbsp;&nbsp;&nbsp;&nbsp;If an Underwriter shall fail to purchase and pay for any of the Shares agreed to be
purchased by such Underwriter hereunder and such failure to purchase shall constitute a default in the performance of its obligations under this Agreement, the remaining Underwriter shall not be
obligated to take up and pay for the Shares which the defaulting Underwriter agreed but failed to purchase; provided however, the remaining Underwriter shall have the right to purchase some or all,
but shall not be under any obligation to purchase any, of the Shares, in its sole discretion and if such non-defaulting Underwriter does not purchase some of the Shares, this Agreement
will terminate without liability to the non-defaulting Underwriter or the Company. In the event of a default by any Underwriter as set forth in this Section&nbsp;6, the Closing Date and
each Settlement Date shall be postponed for such period, not exceeding five Business Days, as the non-defaulting Underwriter shall determine in order that the required changes in the
Registration Statement, the U.S.&nbsp;Prospectus and the Canadian Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any
defaulting Underwriter of its liability, if any, to the Company and any non-defaulting Underwriter for damages occasioned by its default hereunder. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnity of the Underwriters.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees to indemnify and hold harmless each
Underwriter, any of the Underwriters' affiliates or their respective members, partners, directors, officers, employees, agents or representatives or any other person controlling an Underwriter or an
Underwriter's affiliates, if any (each of the foregoing, including each Underwriter, being an </FONT><FONT SIZE=2><B>"Indemnified Person"</B></FONT><FONT SIZE=2>) to the full extent lawful, from and
against any losses, expenses (including without limitation reasonable legal fees and expenses), assessments, claims, damages, judgments, liabilities or proceedings (hereinafter collectively referred
to as </FONT><FONT SIZE=2><B>"losses"</B></FONT><FONT SIZE=2>) to which any Indemnified Person may become subject under any applicable federal, provincial or state law, or otherwise, as such losses
are incurred by a Indemnified Person, and&nbsp;are: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;caused
by, or arising out of or in connection with, any untrue statement or alleged untrue statement of a material fact contained in the Canadian Preliminary Base Shelf
Prospectus, the Canadian Base Shelf Prospectus, U.S.&nbsp;Base Shelf Prospectus, the Canadian Preliminary Prospectus Supplement, the U.S.&nbsp;Preliminary Prospectus Supplement, the Canadian
Prospectus Supplement, the U.S.&nbsp;Prospectus Supplement, any Issuer Free Writing Prospectus, the Registration Statement or any Supplementary Materials used in connection with any sale of the
Shares by the Underwriters (including any amendments or supplements thereto) or by any omission or alleged omission to state therein a material fact necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading (other than any untrue offering statements or alleged untrue statements in, or omissions or alleged omissions
from, information relating to an Indemnified Person furnished in writing by or on behalf of such Indemnified Person expressly for use in such materials), </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;related
to or otherwise arising out of the engagement of the Underwriters and such Indemnified Person's performance of the services contemplated thereby,&nbsp;or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;related
to the Company's breach of any representation, warranty or covenant in this&nbsp;Agreement, </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>whether
or not any pending or threatened action, claim or proceeding giving rise to such losses is initiated or brought by or against the Company or on the Company's behalf and whether or not in
connection with any action, proceeding or investigation in which the Company or such Indemnified Persons are a party or parties, except to the extent that any losses solely with respect to the
foregoing clause&nbsp;(ii) are found in a final judgment by a court of competent jurisdiction to have resulted solely from such Indemnified Person's bad faith or willful misconduct. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will promptly reimburse each Indemnified Person for its costs of defense (including reasonable legal fees and expenses and the cost of any investigation and
preparation) when and as they are incurred. In addition, in the event that any Underwriter becomes involved in any capacity in any proceeding in connection with any matter in any way relating to or
referred to in this Agreement or arising out of the matters contemplated by this Agreement, the Company will reimburse such Underwriter for its legal and other expenses (including the cost of any
investigation and preparation) as such expenses are incurred by the Underwriter in connection therewith. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company or its
security holders or creditors related to or arising out of the engagement of the Underwriters or such Indemnified Person's performance of services in connection with the engagement of the Underwriters
except to the extent that any losses are found in a final judgment that is no longer subject to appeal or other review by a court of competent jurisdiction to have resulted solely from such
Indemnified Person's bad faith or willful misconduct. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after receipt by an Indemnified Person of written notice of the existence or commencement of any action, proceeding or investigation for which such Indemnified
Person may seek reimbursement or indemnification, or the assertion in writing (and&nbsp;reasonable detail) of any claim for which an </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=26,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=528833,FOLIO='26',FILE='DISK106:[09ZBX7.09ZBX70107]LE70107A.;18',USER='EALVARE',CD='16-SEP-2009;16:59' -->
<A NAME="page_le70107_1_27"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Indemnified
Person may seek reimbursement or indemnification, such Indemnified Person shall notify the Company in writing thereof; provided, however, that the failure of such Indemnified Person to so
notify the Company (i)&nbsp;shall in no event affect the reimbursement or indemnification rights and obligations hereunder with respect to any other Indemnified Person and (ii)&nbsp;shall not
affect the reimbursement or indemnification rights or obligations hereunder with respect to such Indemnified Person except to the extent that the failure to so provide such notice shall actually and
materially damage the&nbsp;Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not, without the Indemnified Persons' prior written consent, settle, compromise or consent to the entry of any judgment in any pending or threatened
claim, action or proceeding in respect of which indemnification could be sought hereunder (whether or not any Indemnified Persons are actual or potential parties to such claim, action or proceeding),
unless such settlement, compromise or consent (i)&nbsp;includes a provision unconditionally and completely releasing each Indemnified Person from all liability arising out of such claim, action or
proceeding, (ii)&nbsp;does not include any statement of fault or culpability with respect to any Indemnified Person, and (iii)&nbsp;does not involve any payment of money or other value by any
Indemnified Person or any injunctive relief or factual findings or stipulations binding on any Indemnified Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing shall be in addition to any rights that the parties may have at common law or&nbsp;otherwise. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOTH
THE COMPANY (ON&nbsp;ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS SHAREHOLDERS) AND THE REPRESENTATIVES, ON BEHALF OF THE
UNDERWRITERS, HEREBY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) RELATED TO OR ARISING OUT OF THIS AGREEMENT, THE
ENGAGEMENT OF THE UNDERWRITERS, OR THE UNDERWRITERS' PERFORMANCE OF THE SERVICES REFERRED TO&nbsp;HEREIN. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Section&nbsp;7 shall remain in full force and effect indefinitely, notwithstanding the completion or termination of the Offering. If any term, provision,
covenant or restriction contained in this Section&nbsp;7 is held by a court of competent jurisdiction or other application authority to be invalid, void, unenforceable or against relevant policy,
the remainder of the terms, provisions, covenants and restrictions contained in this Section&nbsp;7 shall remain in full force and effect and shall in no way be impaired, invalidated
or&nbsp;affected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
for any reason indemnification provided for in Section&nbsp;7 of this Agreement is unavailable in whole or in part to an Indemnified person, then the Company shall
contribute to any losses for which such indemnification is&nbsp;unavailable: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
such proportion as is appropriate to reflect the relative benefits received (or&nbsp;anticipated to be received) by the Company on the one hand and the Indemnified
Person on the other hand from the matters contemplated by the engagement of the Underwriters,&nbsp;or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the allocation provided by clause&nbsp;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause&nbsp;(i) above but also the relative fault of the Company and the Indemnified Person with respect to such losses and any other relevant equitable considerations. The
parties agree that for the purposes hereof, the relative benefits received (or&nbsp;anticipated to be received) by the Underwriters and by the Company shall be deemed to be in the same proportion as
(i)&nbsp;the total value received (or&nbsp;proposed to be received) by the Company, pursuant to the matters (whether or not consummated) for which the Underwriters have been engaged bears to
(ii)&nbsp;the total underwriting discounts and commissions received by Underwriters (excluding payments or reimbursement of expenses) in connection with the engagement of the Underwriters less any
amounts paid or payable or other liabilities incurred by the Indemnified Person in connection with the engagements of the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=27,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=695277,FOLIO='27',FILE='DISK106:[09ZBX7.09ZBX70107]LE70107A.;18',USER='EALVARE',CD='16-SEP-2009;16:59' -->
<A NAME="page_le70107_1_28"> </A>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Underwriters;
provided, however, that, to the extend permitted by applicable law, in no event shall any Underwriter or any Indemnified person be required to contribute an aggregate amount in excess of
the aggregate underwriting discounts and commissions received by the Underwriter under this Agreement less any amounts paid or payable or other liabilities incurred by the Indemnified Person in
connection with the engagement of the Underwriters. The Company agrees that it would not be just and equitable if contribution pursuant to this paragraph were determined by pro&nbsp;rata allocation
or by any other method of allocation which does not take into account the equitable considerations referred to&nbsp;above. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, shall be deemed to be in the same respective proportions as the
total net proceeds from the Offering (before deducting expenses) received by the Company and all commissions and fees received by the Underwriters, bear to the aggregate initial offering price of
the&nbsp;Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
relative fault of the Company, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things, whether any such
untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties'
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or&nbsp;omission. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate amount of losses, liabilities, claims, damages and expenses incurred by an Indemnified Party and referred to above shall be deemed to include any legal or
other expenses reasonably incurred by such Indemnified Party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the 1933 Act) or a misrepresentation, as defined in Canadian Securities
Laws, that is fraudulent shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters' respective obligations to contribute are several in proportion to the principal amount of Shares so sold by the Underwriter under the Offering and not
joint. The rights of contribution provided herein shall be in addition to and not in derogation of any right to contribute which the Underwriters may have by statute or&nbsp;otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Section&nbsp;8 shall remain in full force and effect indefinitely, notwithstanding the completion or termination of the Offering. If any term, provision,
covenant or restriction contained in this Section&nbsp;8 is held by a court of competent jurisdiction or other application authority to be invalid, void, unenforceable or against relevant policy,
the remainder of the terms, provisions, covenants and restrictions contained in this Section&nbsp;8 shall remain in full force and effect and shall in no way be impaired, invalidated
or&nbsp;affected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of Sections&nbsp;6, 7 or&nbsp;8 is determined to be void or unenforceable in
whole or in part, it shall be deemed not to affect or impair the validity of any other provision of this Agreement and such void or unenforceable provision shall be severable from
this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses
of the Offering</U>.&nbsp;&nbsp;&nbsp;&nbsp;Whether or not the transactions herein contemplated shall be completed, except as
hereinafter specifically provided, all expenses of or incidental to the authorization, allotment and issue of the Shares and all expenses of or incidental to all other matters in connection with such
transactions including, without limitation, listing fees, expenses payable in connection with the qualification of the Shares for sale to the public, the reasonable fees and expenses of counsel for
the Company, all reasonable fees and expenses of local counsel, all reasonable fees and expenses of the Company's auditors, all reasonable costs relating to information meetings (including roadshow
expenses), all filing and listing fees and all costs incurred in connection with the preparation, printing and filing of, and any costs associated with electronic delivery by the Underwriters to
investors of, the Registration Statement, Canadian Preliminary Prospectus, U.S.&nbsp;Preliminary Prospectus, Canadian Prospectus, U.S.&nbsp;Prospectus, Supplementary Material and any Permitted </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=28,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=522750,FOLIO='28',FILE='DISK106:[09ZBX7.09ZBX70107]LE70107A.;18',USER='EALVARE',CD='16-SEP-2009;16:59' -->
<A NAME="page_le70107_1_29"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Free
Writing Prospectus, filing fees incident to the review by FINRA of the terms of the sale of the Shares, fees and expenses of the transfer agent and registrar for the Shares shall be borne by and
be for the account of the Company, provided that the Company shall only be responsible for up to US$245,000 of the legal fees of Underwriters' counsel (exclusive of disbursements and applicable
taxes), and provided further that if the over-allotment option provided for in Section&nbsp;3(c) is exercised by the Underwriters, in whole or in part, then the Company agrees to be responsible for
an additional amount of up to US$15,000 of the legal fees of Underwriters' counsel (exclusive of disbursements and applicable taxes). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.&nbsp;&nbsp;&nbsp;&nbsp;The
rights of termination contained in Section&nbsp;5 and&nbsp;6 are in addition to any other
rights or remedies the Underwriters or any of them may have in respect of any default, act or failure to act or non-compliance by the Company in respect of any of the matters contemplated
by this&nbsp;Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.&nbsp;&nbsp;&nbsp;&nbsp;All
warranties, representations, covenants and agreements herein contained or contained in any
documents submitted pursuant to this Agreement and in connection with the transactions herein contemplated shall survive the purchase and sale of the Shares and continue in full force and effect
for the benefit of the Underwriters and shall not be limited or prejudiced by any investigation made by or on behalf of the Underwriters in connection with the purchase and sale of the Shares or the
preparation of the Registration Statement, the Canadian Prospectus, the U.S.&nbsp;Prospectus or otherwise. This Agreement shall constitute the entire agreement with respect to the purchase of the
Shares among the parties. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters, or any of them, with respect to the
subject matter&nbsp;hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Time
is of the Essence and Governing Laws</U>.&nbsp;&nbsp;&nbsp;&nbsp;Time shall be of the essence of the Agreement arising from this
offer and its acceptance by the Company and such agreement shall be governed and construed in accordance with the laws of the State of New&nbsp;York applicable to contracts made and to be performed
within the State of New&nbsp;York. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Headings</U>.&nbsp;&nbsp;&nbsp;&nbsp;The headings and subheadings of sections and paragraphs of this Agreement appear for reference
only and shall not be read or interpreted as forming part of the relevant section or&nbsp;paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
herein otherwise expressly provided, any notice, request, direction, consent, waiver, extension, agreement or other communication
(a&nbsp;"</FONT><FONT SIZE=2><B>Communication</B></FONT><FONT SIZE=2>") that is or may be given or made hereunder shall be in writing addressed as&nbsp;follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Company, at: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Vista
Gold Corp.<BR>
7961&nbsp;Shaffer Parkway, Suite&nbsp;5<BR>
Littleton, CO<BR>
U.S.A. 80127<BR>
Attention: Gregory G. Marlier<BR>
Chief Financial Officer<BR>
Fax No.: (720)&nbsp;981-1186 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=29,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=512195,FOLIO='29',FILE='DISK106:[09ZBX7.09ZBX70107]LE70107A.;18',USER='EALVARE',CD='16-SEP-2009;16:59' -->
<A NAME="page_le70107_1_30"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Representatives or any or all of the Underwriters, addressed and sent&nbsp;to: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dahlman
Rose&nbsp;&amp; Company,&nbsp;LLC<BR>
142&nbsp;West 57<SUP>th</SUP>&nbsp;Street<BR>
18<SUP>th</SUP>&nbsp;Floor<BR>
New&nbsp;York, New&nbsp;York 10019<BR>
Attention: Robert Brinberg<BR>
Chief Operating Officer<BR>
Fax No.: (212)&nbsp;920-2952 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>or
to such other address as any of the parties may designate by notice given to the others in accordance with this subparagraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Communication shall be personally delivered to the addressee or sent by facsimile transmission to the addressee and (i)&nbsp;a Communication which is personally
delivered shall, if delivered before 5:00&nbsp;p.m. (New&nbsp;York time) on a Business Day, be deemed to be given and received on that day and, in any other case, be deemed to be given and
received on the first Business Day following the day on which it is delivered; and (ii)&nbsp;a Communication which is sent by telex, telegraph or facsimile transmission shall, if sent on a Business
Day and the machine on which it is sent receives the answer back code of the party to whom it is sent before 5:00&nbsp;p.m., be deemed to be given and received on that day and, in any other case, be
deemed to be given and received on the first Business Day following the day on which it is&nbsp;sent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives, on behalf of each Underwriter, hereby agree and acknowledge that the Company shall be entitled to and shall act on any Communication given or
agreement entered into by or on behalf of the Underwriters by the Representatives and that the Representatives have irrevocable authority to bind the Underwriters, except in respect of any consent to
a settlement of any claim, action, suit or proceeding referred to in Section&nbsp;7, which consent shall be given by the Indemnified Party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
certificate signed by any officer of the Company or any of its subsidiaries delivered to the Representatives, on behalf of the Underwriters, or to counsel for the
Underwriters shall be deemed a representation and warranty by the Company to each Underwriter as to the matters covered thereby. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Fiduciary Relationship</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges and agrees that (a)&nbsp;the purchase and sale of the
Shares pursuant to this Agreement, including the determination of the public offering price of the Shares and any related fees, is an arm's-length commercial transaction between the Company, on the
one hand, and the several Underwriters, on the other hand, (b)&nbsp;in connection with the Offering contemplated hereby and the process leading to such transaction, each Underwriter is not the
fiduciary of the Company, or its shareholders, creditors, employees or any other party, (c)&nbsp;no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the
Company with respect to the Offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and
no Underwriter has any obligation to the Company with respect
to the Offering contemplated hereby except the obligations expressly set forth in this Agreement, (d)&nbsp;the Underwriters and their respective affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Company, and (e)&nbsp;the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the
Offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Parties</U>.&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall each inure to the benefit of and be binding upon the Underwriters and the Company
and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Underwriters and the Company
and their respective successors and the controlling persons and officers and directors and any other person who may be an Indemnified Party, and their heirs and legal representatives, any legal or
equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and
exclusive </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=30,EFW="2194592",CP="VISTA GOLD CORP.",DN="2",CHK=854675,FOLIO='30',FILE='DISK106:[09ZBX7.09ZBX70107]LE70107A.;18',USER='EALVARE',CD='16-SEP-2009;16:59' -->
<A NAME="page_le70107_1_31"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>benefit
of the Underwriters and the Company and their respective successors, and said controlling persons and officers and directors, and any other person who may be an Indemnified Party, and their
heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Shares shall be deemed to be a successor by reason merely of such&nbsp;purchase. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original, but all such counterparts shall together constitute one and the same&nbsp;agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the foregoing is in accordance with your understanding and is agreed to by you, please signify your acceptance on the accompanying counterparts of this letter and return the same to
us, whereupon this letter as so accepted shall constitute an agreement between us in accordance with the&nbsp;foregoing. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[Signature Page to Follow]</I></FONT></P>

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<TD WIDTH="37" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="159" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="241" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B>Vista Gold Corp.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> per:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;GREGORY G. MARLIER<BR></FONT> <FONT SIZE=2>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:<BR>
Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Gregory G. Marlier<BR>
Chief Financial Officer<BR></FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing offer is accepted and agreed to by the Underwriters as of the date first above&nbsp;written. </FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="241" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="23" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="37" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="159" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B> DAHLMAN ROSE&nbsp;&amp; COMPANY,&nbsp;LLC</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> per:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ROBERT BRINBERG<BR>


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</FONT>
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</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:<BR>
Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Robert Brinberg<BR>
Chief Operating Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B> WELLINGTON WEST CAPITAL MARKETS&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> per:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;WILLIAM WASHINGTON<BR>


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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:<BR>
Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>William Washington<BR>
Managing Director<BR></FONT>
</TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lg70107_schedule_a_list_of_subsidiaries"> </A>
<A NAME="toc_lg70107_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Schedule&nbsp;A<BR>  <BR>    List of Subsidiaries    <BR>    </B></FONT></P>

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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:92pt;"><FONT SIZE=1><B>Legal Name of Subsidiary

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Status of Incorporation </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent of Issued and Outstanding Voting<BR>
Shares Beneficially Owned by Vista Gold<BR>
Corp. or a direct or indirect wholly owned<BR>
subsidiary </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vista Gold U.S.&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Delaware</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Granges&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>British Columbia</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minera Paredones Amarillos S.A.&nbsp;de&nbsp;C.V.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Mexico</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Servicios Administrativos MPA S.A.&nbsp;de&nbsp;C.V.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Mexico</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Servicios Industriales MPA S.A.&nbsp;de&nbsp;C.V.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Mexico</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Idaho Gold Resources&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Idaho</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vista California&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>California</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vista Gold (Barbados) Corp.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Barbados</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vista Minerals (Barbados) Corp.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Barbados</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minera Paredones Amarillos Holdings&nbsp;Corp.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>British Columbia</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Salu Siwa Pty.&nbsp;Ltd.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Australia</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vista Australia Pty.&nbsp;Ltd.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Australia</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PT Masmindo Dwi</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Indonesia</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="li70107_schedule_b_form_of_opinion_of_canadian_counsel"> </A>
<A NAME="toc_li70107_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Schedule&nbsp;B<BR>  <BR>    Form of Opinion of Canadian Counsel    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company is a corporation existing under the laws of the Yukon Territory.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company has the corporate power and capacity to own, lease and operate its properties and assets, to conduct its business as described in the Canadian
Preliminary Base Shelf Prospectus, the Canadian Base Shelf Prospectus, U.S.&nbsp;Base Shelf Prospectus, the Canadian Preliminary Prospectus Supplement, the U.S.&nbsp;Preliminary Prospectus
Supplement, the Canadian Prospectus Supplement, the U.S.&nbsp;Prospectus Supplement and the Registration Statement (collectively, the "</FONT><FONT SIZE=2><B>Offering
Documents</B></FONT><FONT SIZE=2>") and to enter into and perform its obligations under the&nbsp;Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company is duly registered and qualified to transact business and is in good standing in each Canadian jurisdiction in which such qualification is
required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material
Adverse&nbsp;Effect.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
authorized, issued and outstanding share capital of the Company is as set forth in the Offering Documents under the caption "Description of
Common&nbsp;Shares" and all of the shares of the Company's Canadian subsidiaries are owned, directly or indirectly, by the&nbsp;Company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All
necessary corporate action has been taken by the Company to authorize the execution and delivery by the Company of the Agreement and the performance of
its obligations thereunder has been duly authorized by the&nbsp;Company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
filing of each of the Offering Documents with the Qualifying Authorities and the Commission, as the case may be, have been duly approved and authorized
by the Company, and each of the Canadian Preliminary Base Shelf Prospectus, Canadian Base Shelf Prospectus, Canadian Preliminary Prospectus Supplement and Canadian Prospectus Supplement has been duly
executed by the Company and the Canadian Preliminary Base Shelf Prospectus, the Canadian Base Shelf Prospectus, the Canadian Preliminary Prospectus Supplement and the Canadian Prospectus Supplement
have each been duly filed by the Company with the Qualifying Authorities.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
form of certificate representing the Common Shares has been duly approved and adopted by the Company and conforms to the requirements of the </FONT> <FONT SIZE=2><I>Business Corporations Act</I></FONT><FONT SIZE=2> (Yukon), the by-laws of the Company,
 and the requirements of the&nbsp;TSX.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
our knowledge, there is not pending or threatened, any action, suit, proceeding, inquiry or investigation, to which the Company or any subsidiary is a
party, or to which the property of the Company or any subsidiary thereof is subject, before or brought by any court or governmental agency or body, which would reasonably be expected to result in a
Material Adverse Effect, or which would reasonably be expected to materially and adversely affect the consummation of the transactions contemplated in the Agreement or the performance by the Company
of its obligations thereunder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
statements made in the Offering Documents under the caption "Description of Common Shares", insofar as such statements constitute summaries of the
principal attributes of the share capital of the Company, constitute fair summaries of such attributes and&nbsp;provisions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
authorization, execution and delivery of the Agreement, the performance of the provisions thereof by the Company and the offering, issue and sale of the
Shares do not and will not: (i)&nbsp;to our knowledge require the consent, approval or authorization of, or registration or qualification with, any governmental authority, stock exchange, securities
regulatory authority or other person, except such as have been </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-1</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>obtained
or are in the process of being obtained, (ii)&nbsp;conflict with or result in any breach or violation of the articles of, or any resolution of the directors or shareholders of, the Company
or to our knowledge any agreement or other instrument to which the Company is a party or by which it is bound, (iii)&nbsp;violate the provisions of any law, statute, rule or regulation to which the
Company or the property or assets thereof is subject, or (iv)&nbsp;to our knowledge breach any judgment, order or decree of any court, governmental authority, agency, tribunal, arbitrator, stock
exchange or securities regulatory authority or other authority to which the Company or any of the property or assets thereof is&nbsp;subject.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company has all requisite corporate power and authority to issue and deliver the Shares, and the issuance of the Shares has been duly authorized and
approved and, when issued and delivered, the Shares will be validly issued and outstanding as fully paid and non-assessable shares and will conform in all material respects to the
description thereof contained in the Offering Documents. All corporate action required to be taken by the Company for the authorization, issuance and delivery of such Shares has been taken, and the
issuance of the Shares is not, to our knowledge, subject to any preemptive rights of any securityholder of the&nbsp;Company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All
documents have been filed, all requisite proceedings have been taken and all legal requirements have been fulfilled by the Company to qualify the Shares
for distribution and sale to the public in each of the Qualifying Provinces through investment dealers or brokers registered under the applicable laws of the Qualifying Provinces who have complied
with the terms of such registration and the relevant provisions of such applicable&nbsp;laws.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Shares have been conditionally approved for listing by TSX, subject to fulfillment by the Company of the customary conditions of such&nbsp;exchange.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company is a "reporting issuer" under the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (British Columbia), </FONT> <FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Alberta) and </FONT><FONT SIZE=2><I>Securities
Act</I></FONT><FONT SIZE=2> (Ontario) and is not included in a list of defaulting
reporting issuers maintained pursuant thereto. The Corporation is a reporting issuer under subsection&nbsp;118(1) of </FONT><FONT SIZE=2><I>The Securities Act</I></FONT><FONT SIZE=2> (Manitoba) and
subject to the requirements of National Instrument&nbsp;51-102&nbsp;Continuous Disclosure Obligations ("</FONT><FONT SIZE=2><B>NI&nbsp;51-102</B></FONT><FONT SIZE=2>")
and the Company is not in default of its requirement to file financial statements pursuant to NI&nbsp;51-102&nbsp;along with any prescribed filing fee as set out in the regulations to </FONT> <FONT SIZE=2><I>The&nbsp;Securities Act</I></FONT><FONT
SIZE=2> (Manitoba) and, to our knowledge, there is no order in effect which directs trading to cease in any securities of
the&nbsp;Company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Shares are qualified investments under the </FONT><FONT SIZE=2><I>Income Tax&nbsp;Act</I></FONT><FONT SIZE=2> (Canada) and the regulations thereunder
for trusts governed by registered retirement savings plans, registered retirement income funds, registered education savings plans and deferred profit sharing&nbsp;plans.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Computershare
Investor Services&nbsp;Inc. has been duly appointed the transfer agent and registrar for the common shares of the&nbsp;Company. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-2</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lk70107_schedule_c_form_of_opinion_of_u.s._counsel"> </A>
<A NAME="toc_lk70107_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Schedule&nbsp;C<BR>  <BR>    Form of Opinion of U.S.&nbsp;Counsel    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Registration Statement filed in connection with the offering and sale of the Shares in the United&nbsp;States is effective under the 1933 Act. The
Company is eligible to file the Registration Statement. To the best of such counsel's knowledge, no stop order suspending the effectiveness of the Registration Statement has been issued and no
proceedings for that purpose have been instituted or are pending or threatened under the 1933 Act. The filing of the U.S.&nbsp;Preliminary Prospectus Supplement to the Registration Statement on
September&nbsp;8, 2009 with the Commission pursuant Rule&nbsp;424(b) under the 1933 Act has been made in the manner and in the time period required by such rule. The filing of the
U.S.&nbsp;Prospectus Supplement to the Registration Statement on September&nbsp;16, 2009 with the Commission pursuant to Rule&nbsp;424(b) under the 1933 Act has been made in the manner and in
the time period required by such rule. Each Issuer General Free Writing Prospectus set forth on Schedule&nbsp;E to&nbsp;the Agreement has been filed in the manner and within the time period set
forth in Rule&nbsp;433(d) promulgated under the 1933 Act, subject to compliance therewith as permitted under Rule&nbsp;164 promulgated under the 1933&nbsp;Act.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Registration Statement, the U.S.&nbsp;Preliminary Prospectus, the Pricing Disclosure Package and the U.S.&nbsp;Prospectus, including the documents
incorporated by reference therein, and each amendment or supplement thereto (except for the financial statements, financial statement schedules and other financial data included therein or omitted
therefrom as to which such counsel need express no opinion), as of their respective effective or issue dates, comply as to form in all material respects with the requirements of
U.S.&nbsp;Securities&nbsp;Laws.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
our knowledge, the Company is not an "ineligible issuer" (as&nbsp;defined in Rule&nbsp;405 under the 1933 Act) as of the eligibility determination
date for purposes of Rules&nbsp;164 and&nbsp;433 under the 1933 Act with respect to the offering of the Shares contemplated by the Registration Statement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company is qualified to do business as a foreign corporation and is in good standing in the State of&nbsp;Colorado.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Assuming
compliance by the Company and the Underwriters with the terms of the Underwriting Agreement, no consent, approval, authorization, license, order, or
decree of, and no registration, qualification or filing with or notice to (collectively, "</FONT><FONT SIZE=2><B><I>Consents</I></B></FONT><FONT SIZE=2>") any "Governmental Authority", any
self-regulatory organization or any non-governmental regulatory authority (including, without limitation, the NYSE Amex) is required by the Company under any Applicable Law for
the issuance and sale of the Shares or the performance by the Company of its obligations under the Agreement except (i)&nbsp;such as have been obtained or made under the 1933 Act and (ii)&nbsp;any
notices and filings required to be given to, or made with, NYSE Amex, which have been made by the Company, and except that we do not express an opinion as to any such Consent that may be required with
respect to the Conduct Rules of FINRA. For the purposes of this opinion, the term "Governmental Authority" means any executive, legislative, judicial, administrative or regulatory body of the federal
government of the United&nbsp;States of America. For the purposes of this opinion, the term "Applicable Law" means the federal laws of the United&nbsp;States of America, which in such counsel's
experience are normally applicable to the transactions of the type contemplated by this Agreement, except that "Applicable Law" does not include the anti-fraud provisions of the federal
securities laws of the United&nbsp;States of&nbsp;America.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
solely on a letter from the NYSE Amex, the Shares have been approved for listing on the NYSE&nbsp;Amex, subject to official notice of issuance of
the&nbsp;Shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Company is not, and upon the issuance and sale of the Shares and the application of the net proceeds therefrom as described in the Canadian Prospectus
and the U.S.&nbsp;Prospectus and the Pricing Disclosure Package will not be, an "investment company" as such term is defined in the Investment </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>C-1</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>Company
Act of 1940, as amended (the&nbsp;"</FONT><FONT SIZE=2><B>1940 Act</B></FONT><FONT SIZE=2>"); nor is the Company "controlled" by an entity required to be registered as an "investment
company" under the 1940&nbsp;Act.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Assuming
all necessary corporate action has been taken by the Company to authorize the execution and delivery by the Company of the Agreement and the
performance of its obligations thereunder has been duly authorized by the Company, the Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in
accordance with its&nbsp;terms
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>9.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
such counsel's knowledge, (i)&nbsp;the Company is not a party to any legal or governmental action or proceeding that challenges the validity or
enforceability, or seeks to enjoin the performance, of the Agreement and (ii)&nbsp;except as disclosed in the Registration Statement, the U.S.&nbsp;Prospectus Supplement, or the Pricing Disclosure
Package there is not pending or threatened any action, suit, proceeding, inquiry, or investigation to which the Company or any subsidiary is a party, or to which the property of the Company or any
subsidiary is subject, before or brought by any court or governmental agency or body, domestic or foreign which could reasonably be expected to result in a Material Adverse&nbsp;Effect.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>10.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
our knowledge, except as described in the Registration Statement, the U.S.&nbsp;Preliminary Prospectus and the U.S.&nbsp;Prospectus, no person has
the right, pursuant to the terms of any contract, agreement or other instrument, to cause the Company to register under the 1933 Act any Common Shares or shares of any other share capital or other
equity interest of the Company, or to include any such shares or interest in the Registration Statement, the U.S.&nbsp;Prospectus or the offering contemplated thereby.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>11.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
statements included in the U.S.&nbsp;Preliminary Prospectus Supplement and the U.S.&nbsp;Prospectus Supplement under the headings "Certain
United&nbsp;States&nbsp;Federal Income Tax Considerations" and "U.S.&nbsp;Federal Income Tax Consequences" insofar as such statements summarize legal matters discussed therein, are accurate and
fair summaries of such legal matters in all material respects.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>12.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
execution, delivery and performance of the Agreement by the Company, the issuance and sale of the Shares by the Company and the consummation by the
Company of the other transactions contemplated by the Agreement do not and will not result in any breach or violation of any U.S.&nbsp;federal law, regulation or rule which in such counsel's
experience are normally applicable to the transactions of the type contemplated by this&nbsp;Agreement. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>Such
counsel may state that, insofar as such opinion involves factual matters, they have relied, to the extent they deem proper, upon certificates of officers of the Company and certificates of public
officials; provided that such certificates have been delivered to the Underwriters. Such opinion shall not state that it is to be governed or qualified by, or that it is otherwise subject to, any
treatise, written policy or other document relating to legal opinions, including, without limitation, the Legal Opinion Accord of the ABA Section of Business Law&nbsp;(1991). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>C-2</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lm70107_schedule_d_underwriters"> </A>
<A NAME="toc_lm70107_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Schedule&nbsp;D<BR>  <BR>    Underwriters    <BR>    </B></FONT></P>

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<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="5" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="110" style="font-family:times;"></TD>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Underwritten Shares<BR>
to be Purchased </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6,160,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Wellington West Capital Markets&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2,640,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-1</FONT></P>

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NAME="lo70107_schedule_e_issuer_gene__lo702337"> </A>
<A NAME="toc_lo70107_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Schedule&nbsp;E<BR>  <BR>    Issuer General Use Free Writing Prospectuses    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Canadian
Preliminary Prospectus </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Canadian
Prospectus </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-1</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lq70107_schedule_f_form_of_lock-up_agreement"> </A>
<A NAME="toc_lq70107_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Schedule&nbsp;F<BR>  <BR>    Form of Lock-Up Agreement    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><U>Lock-Up
Agreement</U> </FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>September
15, 2009 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>DAHLMAN
ROSE&nbsp;&amp; COMPANY,&nbsp;LLC<BR>
WELLINGTON WEST CAPITAL MARKETS&nbsp;INC.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Representative for the Underwriters<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;listed in Schedule&nbsp;E to&nbsp;the Underwriting Agreement<BR>
c/o Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC<BR>
142&nbsp;West 57<SUP>th</SUP>&nbsp;Street, 18<SUP>th</SUP>&nbsp;Floor<BR>
New&nbsp;York, New&nbsp;York 10019 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
agreement ("</FONT><FONT SIZE=2><B>Lock-Up Agreement</B></FONT><FONT SIZE=2>") is being delivered to you in connection with the underwriting agreement
(the&nbsp;"</FONT><FONT SIZE=2><B>Underwriting Agreement</B></FONT><FONT SIZE=2>") entered into by Vista Gold Corp., a Canadian corporation
(the&nbsp;"</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>"), and you with respect to the offering (the&nbsp;"</FONT><FONT SIZE=2><B>Offering</B></FONT><FONT SIZE=2>") of common shares,
without par value per share, of the Company (the&nbsp;"</FONT><FONT SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>"). Capitalized terms used herein without definition shall have the respective
meanings ascribed to them in the Underwriting Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery by you of this Lock-Up Agreement is a condition to the closing of the Offering. In consideration of the closing of the Offering and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees that, for a period (the&nbsp;"</FONT><FONT SIZE=2><B>Lock-Up
Period</B></FONT><FONT SIZE=2>") beginning on the date hereof and ending on, and including, the date that is 90&nbsp;days after the date of the final prospectus supplement relating to the Offering,
the undersigned will not, without the prior written consent of Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC and Wellington West Capital Markets&nbsp;Inc. (i)&nbsp;offer, sell, contract to sell,
pledge, transfer, assign or otherwise dispose of (including, without limitation, by making any short sale, engage in any hedging, monetization or derivative transaction) or file (or&nbsp;participate
in the filing of) a registration statement, prospectus or other Canadian securities offering document, with the U.S.&nbsp;Securities and Exchange Commission or any Canadian Regulator
(the&nbsp;"</FONT><FONT SIZE=2><B>Commissions</B></FONT><FONT SIZE=2>") in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section&nbsp;16 of the U.S.&nbsp;Securities Exchange Act of 1934, as amended (the&nbsp;"</FONT><FONT SIZE=2><B>Exchange Act</B></FONT><FONT SIZE=2>"), and the rules and
regulations of the Commissions promulgated thereunder with respect to, any Common Shares or any other securities of the Company that are substantially similar to Common Shares, or any securities
convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, (ii)&nbsp;enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of Common Shares or any other securities of the Company that are substantially similar to Common Shares, or any securities convertible
into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, whether any such transaction is to be settled by delivery of Common Shares or such other
securities, in cash or otherwise or (iii)&nbsp;publicly announce an intention to effect any transaction specified in clause&nbsp;(i) or&nbsp;(ii). The foregoing sentence shall not apply to
(a)&nbsp;transfers of shares of Common Shares or any security convertible into or exercisable or exchangeable for Common Shares disposed of as bona&nbsp;fide gifts, (b)&nbsp;transactions by the
undersigned relating to shares of Common Shares or other securities acquired in open market transactions after the completion of the Offering, (c)&nbsp;entry into written trading plans for the sale
or other disposition by the undersigned of Common Shares for purposes of complying with Rule&nbsp;10b5-1 of the Exchange Act
("</FONT><FONT SIZE=2><B>10b5-1&nbsp;Plans</B></FONT><FONT SIZE=2>"), provided that no sales or other distributions pursuant to a 10b5-1&nbsp;Plan may occur until the
expiration of the Lock-Up Period, (d)&nbsp;transfers by the undersigned of shares of Common Shares or any security convertible into or exercisable or exchange able for Common Shares as a
result of testate, intestate succession or bona&nbsp;fide estate planning, (e)&nbsp;transfers by the undersigned to a trust, partnership, limited liability company or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>other
entity, the majority of the beneficial interests of which are held, directly or indirectly, by the undersigned, (f)&nbsp;distributions by the undersigned of shares of Common Shares or any
security convertible into or exercisable or exchangeable for Common Shares to limited partners or stockholders of the undersigned and (g)&nbsp;the exercise of an option or warrant or the conversion
of a security outstanding on the date of this Lock-up Agreement by the undersigned pursuant to the Company's Stock Option Plan; provided that in the case of any such permitted transfer or
distribution pursuant to clause&nbsp;(a), (d), (e),
(f)&nbsp;or&nbsp;(g), each transferee or distribute shall sign and deliver a lock-up letter substantially in the form of this Lock-Up Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the undersigned hereby waives any rights the undersigned may have to require registration of Common Shares in connection with the filing of any registration statement or
prospectus to be filed with the Commission by the Company. The undersigned further agrees that, during the Lock-Up Period, the undersigned will not, without the prior written consent of
Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC and Wellington West Capital Markets&nbsp;Inc., make any demand for, or exercise any right with respect to, the registration (or&nbsp;equivalent) of Common
Shares or any securities convertible into or exercisable or exchangeable for Common Shares, or warrants or other rights to purchase Common Shares or any such securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(i)&nbsp;during the period that begins on the date that is 15&nbsp;calendar days plus three business days before the last day of the Lock-Up Period and ends on the
last day of the Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company or any of its material mineral properties occurs; or
(ii)&nbsp;if prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of
the Lock-Up Period, then the restrictions imposed by this Lock-Up Agreement shall continue to apply until the expiration of the date that is 15&nbsp;calendar days plus three
business days after the date on which the issuance of the earnings release or the material news or material event occurs; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, this
sentence will not apply if, within three days of the termination of the Lock-Up Period, the Company delivers to Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC and Wellington West Capital
Markets&nbsp;Inc. a certificate, signed by the Chief Financial Officer or Executive Chairman and Chief Executive Officer of the Company, certifying on behalf of the Company that the Company's shares
of Common Shares are, as of the date of delivery of such certificate, are "actively traded securities," within the meaning of Conduct Rule&nbsp;2711(f)(4) of Financial Industry Regulatory
Authority,&nbsp;Inc. Such notice shall be delivered in accordance with Section&nbsp;15 of the Underwriting Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby confirms that the undersigned has not, directly or indirectly, taken, and hereby covenants that the undersigned will not, directly or indirectly, take, any action
designed, or which has constituted or will constitute or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the shares of Common Shares. The undersigned hereby authorizes the Company and its transfer agent, during the Lock-Up Period, to decline the transfer of or to note
stop transfer restrictions on the stock register and other records relating to shares of Common Shares or other securities subject to this Lock-Up Agreement of which the undersigned is the
record holder, and, with respect to shares of Common Shares or other securities subject to this Lock-Up Agreement of which the undersigned is the beneficial owner but not the record
holder, the undersigned hereby agrees to cause such record holder to authorize the Company and its transfer agent, during the Lock-Up Period, to decline the transfer of or to note stop
transfer restrictions on the stock register and other records relating to such shares or other securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby represents and warrants that it has full power and authority to enter into this Lock-Up Agreement and that such agreement is enforceable against it in
accordance with its&nbsp;terms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Lock-Up Agreement constitutes the entire agreement and understanding between and among the parties with respect to the subject matter of this Lock-Up
Agreement and supersedes any prior agreement, representation or understanding with respect to such subject&nbsp;matter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Lock-Up Agreement shall be governed by and construed in accordance with the laws of the State of New&nbsp;York applicable to contracts made and performed within the
State of New&nbsp;York. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_lq70107_1_3"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(a)&nbsp;the Company notifies you in writing that it does not intend to proceed with the Offering, (b)&nbsp;the registration statement filed with the Commission with respect to
the Offering is withdrawn or (c)&nbsp;for any reason the Underwriting Agreement shall be terminated prior to the "time of purchase" (as&nbsp;defined in the Underwriting Agreement), this
Lock-Up Agreement shall be terminated and the undersigned shall be released from its obligations hereunder. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[Signature Page to Follow]</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="09ZBX70107_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_la70107_1">Exhibit 1.1 Execution Version</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_la70107_2">COMMON SHARES VISTA GOLD CORP. UNDERWRITING AGREEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_lg70107_1">Schedule A List of Subsidiaries</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_li70107_1">Schedule B Form of Opinion of Canadian Counsel</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_lk70107_1">Schedule C Form of Opinion of U.S. Counsel</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_lm70107_1">Schedule D Underwriters</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_lo70107_1">Schedule E Issuer General Use Free Writing Prospectuses</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_lq70107_1">Schedule F Form of Lock-Up Agreement</A></FONT><BR>
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<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>a2194592zex-4_1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ls70107_exhibit_4.1"> </A>
<A NAME="toc_ls70107_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit 4.1    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ls70107_form_of_lock-up_agreement"> </A>
<A NAME="toc_ls70107_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Form of Lock-Up Agreement    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><U>Lock-Up
Agreement</U> </FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>September&nbsp;15,
2009 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>DAHLMAN
ROSE&nbsp;&amp; COMPANY,&nbsp;LLC<BR>
WELLINGTON WEST CAPITAL MARKETS&nbsp;INC.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;as Representative for the Underwriters<BR>
&nbsp;&nbsp;&nbsp;&nbsp;listed in Schedule&nbsp;E to&nbsp;the Underwriting Agreement<BR>
c/o Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC<BR>
142&nbsp;West 57<SUP>th</SUP>&nbsp;Street, 18<SUP>th</SUP>&nbsp;Floor<BR>
New&nbsp;York, New&nbsp;York 10019 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
agreement ("</FONT><FONT SIZE=2><B>Lock-Up Agreement</B></FONT><FONT SIZE=2>") is being delivered to you in connection with the underwriting agreement
(the&nbsp;"</FONT><FONT SIZE=2><B>Underwriting Agreement</B></FONT><FONT SIZE=2>") entered into by Vista Gold Corp., a Canadian corporation
(the&nbsp;"</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>"), and you with respect to the offering (the&nbsp;"</FONT><FONT SIZE=2><B>Offering</B></FONT><FONT SIZE=2>") of common shares,
without par value per share, of the Company (the&nbsp;"</FONT><FONT SIZE=2><B>Common Shares</B></FONT><FONT SIZE=2>"). Capitalized terms used herein without definition shall have the respective
meanings ascribed to them in the Underwriting Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery by you of this Lock-Up Agreement is a condition to the closing of the Offering. In consideration of the closing of the Offering and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees that, for a period (the&nbsp;"</FONT><FONT SIZE=2><B>Lock-Up
Period</B></FONT><FONT SIZE=2>") beginning on the date hereof and ending on, and including, the date that is 90&nbsp;days after the date of the final prospectus supplement relating to the Offering,
the undersigned will not, without the prior written consent of Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC and Wellington West Capital Markets&nbsp;Inc. (i)&nbsp;offer, sell, contract to sell,
pledge, transfer, assign or otherwise dispose of (including, without limitation, by making any short sale, engage in any hedging, monetization or derivative transaction) or file (or&nbsp;participate
in the filing of) a registration statement, prospectus or other Canadian securities offering document, with the U.S.&nbsp;Securities and Exchange Commission or any Canadian Regulator
(the&nbsp;"</FONT><FONT SIZE=2><B>Commissions</B></FONT><FONT SIZE=2>") in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section&nbsp;16 of the&nbsp;U.S.&nbsp;Securities Exchange Act of 1934, as amended (the&nbsp;"</FONT><FONT SIZE=2><B>Exchange Act</B></FONT><FONT SIZE=2>"), and the rules and
regulations of the Commissions promulgated thereunder with respect to, any Common Shares or any other securities of the Company that are substantially similar to Common Shares, or any securities
convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, (ii)&nbsp;enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of Common Shares or any other securities of the Company that are substantially similar to Common Shares, or any securities convertible
into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, whether any such transaction is to be settled by delivery of Common Shares or such other
securities, in cash or otherwise or (iii)&nbsp;publicly announce an intention to effect any transaction specified in clause&nbsp;(i) or&nbsp;(ii). The foregoing sentence shall not apply to
(a)&nbsp;transfers of shares of Common Shares or any security convertible into or exercisable or exchangeable for Common Shares disposed of as bona&nbsp;fide gifts, (b)&nbsp;transactions by the
undersigned relating to shares of Common Shares or other securities acquired in open market transactions after the completion of the Offering, (c)&nbsp;entry into written trading plans for the sale
or other disposition by the undersigned of Common Shares for purposes of complying with Rule&nbsp;10b5-1 of the Exchange Act
("</FONT><FONT SIZE=2><B>10b5-1&nbsp;Plans</B></FONT><FONT SIZE=2>"), provided that no sales or other distributions pursuant to a 10b5-1&nbsp;Plan may occur until the
expiration of the Lock-Up Period, (d)&nbsp;transfers by the undersigned of shares of Common Shares or any security convertible into or exercisable or exchange able for Common Shares as a
result of testate, intestate succession or bona&nbsp;fide estate planning, (e)&nbsp;transfers by the undersigned to a trust, partnership, limited liability company or other entity, the majority of
the beneficial interests of which are held, directly or indirectly, by the undersigned, (f)&nbsp;distributions by the undersigned of shares of Common Shares or any security convertible into or
exercisable </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>or
exchangeable for Common Shares to limited partners or stockholders of the undersigned and (g)&nbsp;the exercise of an option or warrant or the conversion of a security outstanding on the date of
this Lock-up Agreement by the undersigned pursuant to the Company's Stock Option Plan; provided that in the case of any such permitted transfer or distribution pursuant to
clause&nbsp;(a), (d), (e), (f)&nbsp;or&nbsp;(g), each transferee or distribute shall sign and deliver a lock-up letter substantially in the form of this Lock-Up
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the undersigned hereby waives any rights the undersigned may have to require registration of Common Shares in connection with the filing of any registration statement or
prospectus to be filed with the Commission by the Company. The undersigned further agrees that, during the Lock-Up Period, the undersigned will not, without the prior written consent of
Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC and Wellington West Capital Markets&nbsp;Inc., make any demand for, or exercise any right with respect to, the registration (or&nbsp;equivalent) of Common
Shares or any securities convertible into or exercisable or exchangeable for Common Shares, or warrants or other rights to purchase Common Shares or any such securities. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(i)&nbsp;during the period that begins on the date that is 15&nbsp;calendar days plus three business days before the last day of the Lock-Up Period and ends on the
last day of the Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company or any of its material mineral properties occurs; or
(ii)&nbsp;if prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of
the Lock-Up Period, then the restrictions imposed by this Lock-Up Agreement shall continue to apply until the expiration of the date that is 15&nbsp;calendar days plus three
business days after the date on which the issuance of the earnings release or the material news or material event occurs; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, this
sentence will not apply if, within three days of the termination of the Lock-Up Period, the Company delivers to Dahlman Rose&nbsp;&amp; Company,&nbsp;LLC and Wellington West Capital
Markets&nbsp;Inc. a certificate, signed by the Chief Financial Officer or Executive Chairman and Chief Executive Officer of the Company, certifying on behalf of the Company that the Company's shares
of Common Shares are, as of the date of delivery of such certificate, are "actively traded securities," within the meaning of Conduct Rule&nbsp;2711(f)(4) of Financial Industry Regulatory
Authority,&nbsp;Inc. Such notice shall be delivered in accordance with Section&nbsp;15 of the Underwriting Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby confirms that the undersigned has not, directly or indirectly, taken, and hereby covenants that the undersigned will not, directly or indirectly, take, any action
designed, or which has constituted or will constitute or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the shares of Common Shares. The undersigned hereby authorizes the Company and its transfer agent, during the Lock-Up Period, to decline the transfer of or to note
stop transfer restrictions on the stock register and other records relating to shares of Common Shares or other securities subject to this Lock-Up Agreement of which the undersigned is the
record holder, and, with respect to shares of Common Shares or other securities subject to this Lock-Up Agreement of which the undersigned is the beneficial owner but not the record
holder, the undersigned hereby agrees to cause such record holder to authorize the Company and its transfer agent, during the Lock-Up Period, to decline the transfer of or to note stop
transfer restrictions on the stock register and other records relating to such shares or other securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby represents and warrants that it has full power and authority to enter into this Lock-Up Agreement and that such agreement is enforceable against it in
accordance with its&nbsp;terms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Lock-Up Agreement constitutes the entire agreement and understanding between and among the parties with respect to the subject matter of this Lock-Up
Agreement and supersedes any prior agreement, representation or understanding with respect to such subject&nbsp;matter. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Lock-Up Agreement shall be governed by and construed in accordance with the laws of the State of New&nbsp;York applicable to contracts made and performed within the
State of New&nbsp;York. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> *&nbsp;&nbsp;*&nbsp;&nbsp;*  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(a)&nbsp;the Company notifies you in writing that it does not intend to proceed with the Offering, (b)&nbsp;the registration statement filed with the Commission with respect to
the Offering is withdrawn or (c)&nbsp;for any reason </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>the
Underwriting Agreement shall be terminated prior to the "time of purchase" (as&nbsp;defined in the Underwriting Agreement), this Lock-Up Agreement shall be terminated and the
undersigned shall be released from its obligations hereunder. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>[Signature Page to Follow]</I></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2>IN
WITNESS WHEREOF, the undersigned has executed this Lock-up Agreement to be effective as of the date set forth&nbsp;above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U>
 </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ls70107_1">Exhibit 4.1</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ls70107_2">Form of Lock-Up Agreement</A></FONT><BR>
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<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>a2194592zex-5_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="lu70107_exhibit_5.1"> </A>
<A NAME="toc_lu70107_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit 5.1    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1>Grant Macdonald, Q.C.<BR>
Gareth C. Howells<BR>
James R. Tucker </FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>MACDONALD &amp; COMPANY LAWYERS<BR>
Suite 200, Financial Plaza<BR>
204 Lambert Street<BR>
Whitehorse, YT Y1A 3T2<BR>
Telephone: (867) 667-7885<BR>
Ext. 239<BR>
Fax: (867) 667-7600<BR>
Email: ghowells@anton.yk.ca </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>September&nbsp;15, 2009 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>United
States Securities and Exchange Commission </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Board
of Directors<BR>
Vista Gold Corp.<BR>
7961 Shaffer Parkway, Suite 5<BR>
Littleton, Colorado 80127 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Re: </B></FONT><FONT SIZE=2><B><I>Registration Statement on Form S-3 (the "Registration Statement")<BR>  </I></B></FONT><FONT SIZE=2><B>Our File: 20090391  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>We have acted as Yukon counsel to Vista Gold Corp., a Yukon Territory corporation (the "</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>"), in connection with the public
offering by the Company of up to 8,800,000 shares of common stock, no par value per share, of the Company (the "</FONT><FONT SIZE=2><B>Shares</B></FONT><FONT SIZE=2>") (including 1,320,000 Shares
subject to an over-allotment option) all of which Shares are to be sold by the Company pursuant to a prospectus supplement dated September&nbsp;15, 2009 and the accompanying prospectus dated
April&nbsp;27, 2009 (such documents, collectively, the "</FONT><FONT SIZE=2><B>Prospectus</B></FONT><FONT SIZE=2>") that form part of the Company's effective registration statement on
Form&nbsp;S-3, as may be amended (333-158633) (the "</FONT><FONT SIZE=2><B>Registration Statement</B></FONT><FONT SIZE=2>"). This opinion letter is furnished to you at your request to enable you to
fulfill the requirements of Item&nbsp;601(b)(5) of Regulation&nbsp;S-K, 17&nbsp;C.F.R. &sect; 229.601(b)(5), in connection with the Registration Statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>We
have examined such documents and have reviewed such questions of law as we have considered necessary and appropriate for the purposes of our opinions set forth below. In rendering our opinions set
forth below, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures, the conformity to authentic originals of all documents submitted to us
as copies or facsimile transmissions and the completeness and accuracy of the Company's corporate records in our possession as of the date hereof. We have also assumed the legal capacity for all
purposes relevant hereto of all natural persons and, with respect to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite power and
authority (corporate or otherwise) to execute, deliver and perform such agreements or instruments, that such agreements or instruments have been duly authorized by all requisite action (corporate or
otherwise), executed and delivered by such parties and that such agreements or instruments are the legal, valid, binding and enforceable obligations of such parties. As to questions of fact material
to our opinions, we have relied upon certificates of officers of the Company and of public officials. We have not undertaken any independent investigation to verify the accuracy or completeness of any
of the foregoing assumptions. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>The
following opinions are limited to the laws of the Yukon Territory and the federal laws of Canada applicable therein on the date of this opinion, and we are expressing no opinion as to the effect
of the laws of any other jurisdiction, domestic or foreign. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Based
upon, subject to and limited by the foregoing, we are of the opinion that, following (i)&nbsp;issuance of the Shares pursuant to the terms of the Underwriting Agreement, dated
September&nbsp;15, 2009, by and among the Company and the underwriters named therein and (ii)&nbsp;receipt by the Company of the consideration for the Shares specified in the resolutions of the
Pricing Committee of the Board of Directors, the Shares will be validly issued, fully paid and nonassessable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>This
opinion letter has been prepared for use in connection with the filing by the Company of a Current Report on Form&nbsp;8-K relating to the offer and sale of the Shares, which Form&nbsp;8-K
will be incorporated by reference into the Registration Statement and Prospectus, and speaks as of the date hereof. We assume no obligation to advise you of any changes in the foregoing subsequent to
delivery of this letter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>We
hereby consent to the filing of this opinion letter as Exhibit&nbsp;5.1 to the above-described Current Report on Form&nbsp;8-K. In giving this consent, we do not thereby admit that we are an
"expert" within the meaning of the Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Yours
very truly,<BR>
MACDONALD &amp; COMPANY </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g855893.jpg" ALT="GRAPHIC" WIDTH="139" HEIGHT="43">
  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Gareth
C. Howells<BR>
GCH/mls </FONT></P>

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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_lu70107_1">Exhibit 5.1</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>a2194592zex-99_1.htm
<DESCRIPTION>EXHIBIT 99.1
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</FONT> <FONT SIZE=2><B>Exhibit&nbsp;99.1  </B></FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> 7961 SHAFFER PARKWAY<BR>
SUITE 5<BR>
LITTLETON, COLORADO 80127<BR>
TELEPHONE (720) 981-1185<BR>
FAX (720) 981-1186<BR> </B></FONT></TD>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Trading Symbol: </FONT><FONT SIZE=2><B>VGZ</B></FONT><FONT SIZE=2><BR>
Toronto and NYSE Amex Stock Exchanges </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=6><B>NEWS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Vista Gold Corp. Announces Pricing of Common Stock Offering  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Denver, Colorado, September&nbsp;15, 2009</B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;Vista Gold Corp ("Vista" or the "Company") (TSX&nbsp;&amp; NYSE Amex:
VGZ) is pleased to announce the pricing of its previously announced public offering of common stock pursuant to the Company's shelf registration statement filed with the U.S.&nbsp;Securities and
Exchange Commission (the&nbsp;"SEC") and a shelf prospectus filed with certain Canadian securities regulatory authorities. The Company has agreed to increase the number of shares sold by
10&nbsp;percent to 8.8&nbsp;million shares at a price of US$2.25 per share of common stock. The Company has granted the underwriters a 30-day option to purchase up to
1.32&nbsp;million additional shares of common stock to cover over-allotments, if&nbsp;any. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Proceeds
to the Company from the offering, net of commissions and expenses, are expected to be approximately US$17.6&nbsp;million (assuming the underwriters' over-allotment option is not
exercised). The offering is expected to close on September&nbsp;21,&nbsp;2009. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Vista
intends to use the net proceeds from this offering (i)&nbsp;to fund drilling, exploration, and technical/engineering activities (including the preparation of a feasibility study) on its Mt.
Todd gold project,
(ii)&nbsp;to fund the engineering, design and other technical activities to advance its Paredones Amarillos gold project, (iii)&nbsp;to fund exploration activities and if warranted, drilling
programs at its Guadalupe de los Reyes gold project and (iv)&nbsp;to fund acquisitions, and further development of acquired mineral properties, working capital requirements and/or for other general
corporate purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dahlman
Rose&nbsp;&amp; Company,&nbsp;LLC and Wellington West Capital Markets&nbsp;Inc. are acting as joint book-runners for the&nbsp;offering. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
offering is being made by way of a registration statement, which has been declared effective by the SEC, a base shelf prospectus and a final prospectus supplement each of which has been filed with
the SEC and each of the Canadian provinces of British Columbia, Alberta, Manitoba, Ontario and Newfoundland and Labrador. A copy of the final prospectus supplement incorporating the base shelf
prospectus relating to the offering may be obtained by either contacting the underwriters, by accessing the SEC website, <U>www.sec.gov</U>, or by accessing the website
maintained by the Canadian securities regulatory authorities, SEDAR, at <U>www.sedar.com</U>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>In
the United&nbsp;States from: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dahlman
Rose&nbsp;&amp; Company,&nbsp;LLC<BR>
Attn: Prospectus Dept.<BR>
142&nbsp;West 57th&nbsp;Street<BR>
18th&nbsp;Floor<BR>
New&nbsp;York, NY 10019<BR>
Phone: 212-702-4521<BR>
Fax: 212-920-2952<BR>
Email: <U>ECM@dahlmanrose.com</U> </FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2>In
Canada from: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Wellington
West Capital Markets&nbsp;Inc.<BR>
Attn: Scott Larin<BR>
145&nbsp;King Street West, Suite&nbsp;700<BR>
Toronto, Ontario M5H&nbsp;1J8<BR>
Phone: 416-640-4893<BR>
Fax: 416-640-4946<BR>
Email: <U>slarin@wwcm.com</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>This
news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities being offered have not been approved or
disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the final prospectus supplement, the base prospectus or the Company's shelf registration
statement. A registration statement relating to the securities has been filed with the SEC and became effective April&nbsp;30, 2009. A final prospectus supplement relating to the offering has been
filed with the SEC. A base shelf prospectus has been filed with the securities regulatory authorities in certain provinces in Canada and a final prospectus supplement was filed with such regulatory
authorities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> About Vista Gold Corp.  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Since
2001, Vista has acquired a number of gold projects with the expectation that higher gold prices would increase their value. Vista has taken steps to advance the Paredones Amarillos gold project
located in Baja California Sur, Mexico, towards production. These steps include the completion of a definitive feasibility study, the purchase of long delivery processing equipment items, and the
purchase of land for the processing facilities, related infrastructure and the desalination plant. The results of a preliminary economic assessment completed in 2009 on the Mt. Todd gold project in
Australia are encouraging and Vista is undertaking other studies to advance the project, with the completion of a preliminary feasibility study targeted for the fourth quarter of 2009 Vista's other
holdings include the Guadalupe de los Reyes gold project in Mexico, Yellow Pine gold project in Idaho, Awak Mas gold project in Indonesia, and the Long Valley gold project in&nbsp;California. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
further information, please contact: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Vista
Gold Corp.<BR>
Attn: Greg Marlier<BR>
7961&nbsp;Shaffer Parkway, Suite&nbsp;5<BR>
Littleton, Colorado 80127<BR>
Phone: 720-981-1185<BR>
Fax: 720-981-1186<BR>
Email: <U>gmarlier@vistagold.com</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>This press release contains forward-looking statements within the meaning of the U.S.&nbsp;Securities Act of 1933, as amended, and U.S.&nbsp;Securities
Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press
release that address activities, events or developments that
Vista expects or anticipates will or may occur in the future, including such things as the anticipated closing of the offering, the expected net proceeds from the offering, and the anticipated use of
proceeds. When used in this press release, the words "optimistic", "potential", "indicate", "expect", "intend", "hopes," "believe," "may," "will," "if" and similar expressions are intended to identify
forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of market
response to the offering, the net proceeds from the offering, the future use of proceeds, risks relating to cost increases for capital and operating costs including cost of power; risks relating to
delays at Vista's projects; risks of shortages of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities;
uncertainties concerning resource estimates; potential effects on Vista's operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating
to political and economic instability in certain countries in which it operates; risks related to repayment of debt; risks related to increased leverage and uncertainty of being able to raise capital
on favorable terms or at all; as well as those factors discussed in Vista's latest Annual Report on Form&nbsp;10-K and&nbsp;Quarterly Report on Form&nbsp;10-Q
and&nbsp;other documents filed with the U.S.&nbsp;Securities and Exchange Commission and Canadian securities commissions. Although Vista has attempted to identify important factors that could
cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. Except as required by law, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information,
future events or&nbsp;otherwise. </FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
