5. Mineral Properties

	2010		2011
	December 31,		Acquisition costs		Option payments		Capitalized Interest		Cost recovery			Disposals			Year to date activity			December 31,

Long Valley, United States	$	750	$	-	$	-	$	-	$	-		$	-		$	-		$	750
Yellow Pine, United States		800		-		-		-		-			(800	)		(800	)		-
Concordia, Mexico		8,588		1,286		50		379		-			-			1,715			10,303
Guadalupe de los Reyes, Mexico		2,752		-		-		-		-			-			-			2,752
Awak Mas, Indonesia		1,586		-		-		-		(1,020	)		-			(1,020	)		566
Mt. Todd, Australia		2,146		-		-		-		-			-			-			2,146
	$	16,622	$	1,286	$	50	$	379	$	(1,020	)	$	(800	)	$	(105	)	$	16,517

The amounts disclosed as mineral properties as of December 31, 2010 differ from those previously presented in the U.S. GAAP reconciliation to our Canadian GAAP financial statements by $2,206. This amount represents option payments expensed as incurred in the years 2002 to 2006, which have been treated as property acquisition costs in these consolidated financial statements prepared in accordance with U.S. GAAP.

The recoverability of the carrying values of our mineral properties is dependent upon the successful start-up and commercial production from, or the sale or lease of, these properties, and upon economic reserves being discovered or developed on the properties. Development and/or start-up of any of these projects will depend on, among other things, management's ability to raise additional capital for these purposes. Although we have been successful in raising such capital in the past, there can be no assurance that we will be able to do so in the future.

We have determined that no impairment provision is currently required. A write down in the carrying values of one or more of our mineral properties may be required in the future as a result of events and circumstances, such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of technical evaluation and changes in economic conditions, including the price of gold and other commodities or input prices. We regularly evaluate the carrying value of our mineral properties to determine if impairment is required in view of such factors.

(a)	Long Valley

We entered into an option agreement in January 2003, with Standard Industrial Minerals, Inc. (“Standard”), to acquire Standard's 100% interest in the Long Valley gold project in east central California, for an aggregate purchase price of $750.

(b)	Yellow Pine

In November 2003, Idaho Gold Resources LLC, an indirect, wholly-owned subsidiary of Vista Gold entered into an option to purchase agreement for a nine-year option to purchase 100% of the Yellow Pine gold project.

In April 2011, we completed the combination with Midas Gold, Inc., a privately held company based in Spokane Valley, Washington whereby each party contributed their respective interests in gold assets in the Yellow Pine – Stibnite District located in Valley County, Idaho to Midas Gold Corp. The combination extinguished a 5.0% net smelter return royalty on Vista's Yellow Pine gold project, which royalty is currently held by Midas Gold Corp. See Note 7.

(c)

Concordia

We acquired 100% of the Concordia gold project in Mexico from Viceroy Resource Corporation in August 2002. The total acquisition cost of this project included cash payments of $786 for acquisition and related costs, the issuance of 303,030 equity units with a fair value of $1,212 and a cash payment of $320 in August 2003. In September 2011, the Company acquired some additional land from a third party for $1,150 as part of Vista's efforts to advance the Concordia gold project. Vista paid $538 in cash, while the remaining $635 is due upon the achievement of certain milestones and is included in other long-term liabilities in our Consolidated Balance Sheet. See note 22 for discussion regarding the Earn-in Right Agreement entered into during February 2012.

(d)	Guadalupe de los Reyes

In August 2003, we executed an agreement to acquire a 100% interest in the Guadalupe de los Reyes gold/silver project in Sinaloa State, Mexico and a data package associated with the project and general area, for aggregate consideration of $1,400 and a 2% net smelter return royalty. A 2% net smelter return royalty is held by the previous owner and may be acquired by us at any time for $1,000.

In January 2008, we completed the acquisition of interests in various mineral properties adjacent to our Guadalupe de los Reyes gold/silver project in Mexico. Under the terms of the agreement, we: (a) paid Grandcru Resource Corporation (“Grandcru”) total cash consideration of $452; and (b) issued to Grandcru and the San Miguel Group, in aggregate, our Common Shares with a value of $1,000 (amounting to 213,503 Common Shares) on closing. We agreed to pay a 2% net smelter return royalty on all minerals produced payable to the San Miguel Group on the mining concessions known as the San Miguel Concessions. We agreed to pay San Luis a 1% net smelter return royalty on mining concessions known as the San Luis Concessions and the San Miguel Concessions, and 2% to 3% net smelter return royalty depending on the gold price on our mining concessions known as the Gaitan Concessions. Certain of the San Luis Concessions are subject to a pre-existing underlying royalty of 3% net smelter return royalty payable to Sanluis Corporacion, S.A. de C.V.

(e)

Awak Mas

In April 2005, we completed our acquisition of the Awak Mas gold project in Sulawesi, Indonesia, pursuant to the exercise of our option to purchase the deposit for a purchase price of $1,500.

In December 2009, Pan Asia Resources Corp. (“Pan Asia”) and our subsidiary Vista Gold (Barbados) Corp. (“Vista Barbados”) executed a joint venture agreement (“JV Agreement”) allowing Pan Asia to earn a 60% interest in the project by: (a) expending $3,000 on the project within a specified period of time; (b) completing an environmental impact assessment and feasibility study (in compliance with NI 43-101); and (c) issuing to Vista 2,000,000 shares of Pan Asia and the right to purchase up to an additional 2,000,000 shares of Pan Asia in the event Pan Asia completes an initial public offering of its shares. The 2,000,000 shares of Pan Asia received under the JV agreement were subsequently exchanged for substantially equivalent shares of One Asia Resources Ltd.

In June 2011, Vista Barbados entered into the Additional Option Agreement with Pan Asia. The Additional Option Agreement provides Pan Asia with the opportunity to earn an additional 20% interest in our Awak Mas gold project in Indonesia after it has earned a 60% interest in the project pursuant to the JV Agreement. Pan Asia can acquire the additional 20% interest by (a) making cash payments totaling $2,500 over a nine-month period; (b) issuing shares with a value equal to $2,000 or making a cash payment of $2,000 within 12 months, depending on whether Pan Asia completes an initial public offering; and (c) carrying out a 5,000 meter drilling program in an area outside of the current project resource area within 18 months. In September 2011, the Additional Option Agreement and JV Agreement were assigned from Pan Asia to Awak Mas Holdings Pty. Ltd. (an affiliate of Pan Asia). During the year ended December 31, 2011, Vista received $1,000 under the Additional Option Agreement and has recorded these proceeds as a cost recovery against the carrying value of the Awak Mas gold project. Any further proceeds received under these option agreements will be applied against the carrying value of the Awak Mas gold project until the carrying value is reduced to zero. Any proceeds received in excess of the carrying value of the project will be recorded as a realized gain in the Consolidated Statement of Income/(Loss).

If Awak Mas Holdings Pty. Ltd. completes the undertakings required in the JV Agreement and the Additional Option Agreement, it will hold an 80% indirect interest in the Awak Mas gold project.

As of December 31, 2011, we recorded restricted cash of $134 related to cash at the Awak Mas project contributed by Pan Asia but not yet spent for the furtherance of the project.

(f)

Mt. Todd

Effective March 2006, Vista Gold and its subsidiary Vista Gold Australia Pty Ltd. (“Vista Australia”) entered into agreements with Ferrier Hodgson, the Deed Administrators for Pegasus Gold Australia Pty Ltd. (“Pegasus”), the government of the Northern Territory of Australia and the Jawoyn Association Aboriginal Corporation (“JAAC”) and other parties named therein, subject to regulatory approvals, to purchase a 100% interest in the Mt. Todd gold mine (also known as the Yimuyn Manjerr gold mine) in the Northern Territory, Australia. Under these agreements, we are guarantor of the obligations of our subsidiary Vista Australia.

As part of the agreements, we agreed to pay Pegasus, A$1,000 ($740) and receive a transfer of the mineral leases and certain mine assets; and pay the Northern Territory's costs of management and operation of the Mt. Todd site up to a maximum of approximately A$375 (approximately $278) during the first year of the term (initial term is five years, subject to extensions), and assume site management and pay management and operation costs in following years. Additionally, we issued Common Shares with a value of C$1,000 (amounting to 177,053 Common Shares) to the JAAC as consideration for the JAAC entering into the agreement and for rent for the use of the surface overlying the mineral leases until a decision is reached to begin production. Other agreement terms provide that we will undertake a technical and economic review of the mine and possibly form one or more joint ventures with the JAAC. In June 2006, the transactions contemplated under the agreements were completed and effective, with funds held in escrow released to the ultimate vendors and the Common Shares issued to the JAAC. In November 2010, we, and the Northern Territory government, announced that the agreement has been renewed for an additional five-year period to 2015.