MLN 1070, MLN 1071 and MLN 1127 Mount Todd Project Annual report for the period ended 4 March 2010

Abstract

The three mining leases, MLN 1070, MLN 1071 and MLN 1127 comprise a portion of the Mount Todd Project area and cover 54.15 square km (4% of the project area). The mining leases are situated approximately 42 km north of the town of Katherine. This annual report documents the work completed on the leases comprising MLN 1070, MLN 1071 and MLN 1127 for the period March 5, 2009 to March 4, 2010. The leases were originally granted on 5 March 1993 and were transferred to Vista Gold Australia Pty Ltd. by the Northern Territory Government on June 15, 2006. Vista Gold Australia Pty Ltd. is the operator and managing the exploration work. Work on the project during the Reporting Year included 2961.5 meters of drilling consisting of ten diamond holes with RC precollars for a total of 2157.5m of diamond drilling and 804m of RC drilling. All holes targeted infill and step-out targets. All the drilling was conducted on mining lease MLN 1070. A total of 729 assays were submitted from the program to the ALS Chemex for analyses. There was no field work carried out on ML's N 1071 and N 1127 during the Reporting Year as work was concentrated on the larger MLN 1070 which hosts the Batman deposit. Work on ML's N 1071 and N 1127 covered modeling and geological research into the prospectivity of the Batman - Quigley's structural corridor, resulting in a soil sampling program that in part covers MLN 1071 to be completed during 2010.