12. Warrants

A summary of the fair value of warrants, including compensation options, outstanding and included within shareholders' equity is as follows:

	June 30,		December 31,
	2011		2010

Warrants	$	10,370	$	10,721
Compensation options		588		-
	$	10,958	$	10,721

Warrants

	Warrants granted		Valuation			Warrants exercised			Warrants expired			Warrants outstanding			Weighted average exercise prices		Expiry date	Weighted average remaining life (yrs)

As of December 31, 2010		28,347,397	$	10,721			(11,683,841	)		(525,077	)		16,138,480		$	3.48

Convertible notes broker warrants		-		(336	)		-			(200,000	)		(200,000	)		6.00	Mar-11		-

As of March 31, 2011		28,347,397	$	10,385			(11,683,841	)		(725,077	)		15,938,480		$	3.45			4.5

Exercised from the October 22, 2010 private placement		-		(15	)		(13,677	)		-			(13,677	)		3.50	Oct-15		4.3

As of June 30, 2011		28,347,397	$	10,370			(11,697,518	)		(725,077	)		15,924,803		$	3.45			4.2

On March 2, 2011, we announced that the 15,308,044 warrants issued on December 15, 2010 in connection with our private placement of special warrants, began trading March 1, 2011 on the Toronto Stock Exchange (“TSX”) under the symbol VGZ.WT.U (subsequently changed to VGZ.WT.S on March 14, 2011).

On March 4, 2011, the warrants that were issued to the brokers in conjunction with the brokered private placement of the Notes expired. The value attributable to these warrants has been reclassified to additional paid-in capital as a result.

On May 5, 2011, our resale registration statement on Form S-3, which we agreed to file pursuant to the terms of our October 22, 2010 private placement of 14,666,739 special warrants, was declared effective. The registration statement registers for resale common shares, warrants and common shares acquirable upon the exercise of warrants held by certain security holders named in the prospectus contained in the registration statement. The registration statement also registers our issuance of common shares underlying the warrants by holders that purchase the warrants pursuant to the resale registration statement.

Compensation Options

	Compensation options		Valuation		Compensation options outstanding		Weighted average exercise price		Expiry date	Weighted average remaining life (yrs)

As of December 31, 2010		-	$	-		-	$	-

As of March 31, 2011		-	$	-		-	$	-

Issued as compensation to the Underwriters		450,000		588		450,000		3.38	Apr-13		1.8

As of June 30, 2011		450,000	$	588		450,000	$	3.38			1.8

In connection with the Offering, Vista granted 450,000 compensation options (the “Compensation Options”) to the Underwriters as compensation. Each Compensation Option is exercisable until April 20, 2013 to purchase one common share at the issue price of Cdn$3.30, which was approximately $3.38 at June 30, 2011.

The fair value of the Compensation Options was determined using the Black-Scholes model with the following weighted-average assumptions:

Expected volatility	70.31	%
Risk-free interest rate	0.69	%
Expected lives (years)	2
Dividend yield	N/A