EL 25576, EL 25669 and EL 25670 Mount Todd Project Combined annual report for the period ended 14 March 2011

Abstract

EL 25576, EL 25669 and EL 25670 are situated approximately 40 km east of the town of Pine Creek. This annual report documents the work completed on the licences for the period March 15 2010 to March 14 2011. EL 25576 is the largest tenement in the Vista Gold tenement package on the Mount Todd project, it is 30km wide and 40km long with a total area of 913 square km. EL 25670 adjoins to the south and is 18km long by 10km wide, with a total area of 34 square km. EL 25669 is immediately adjacent to the north western boundary of EL 25576, it is 5km wide and 10km long for 50 square km. of area. The licences were originally granted on 15 March 2007. Vista Gold Australia Pty Ltd is the operator and manager of the exploration work. Work on the project during the Reporting Year included extensive soils, rock chipping (242 samples) and mapping, resulting in the identification of mineralization similar to the Tennant Creek style. Four (4) diamond holes were drilled into Goldeneye with the best intersected 1.1m at 7.7 g/t from 94.9mdh Following the identification of the high grade mineralization at Goldeneye, work focus shifted to that location. An early onset of the wet and delays at getting the rigs to site resulted in postponing drilling on Silver Spray and RKD to the 2011 / 2012 year.