Calvista Gold Corporation
TSX : CVZ

Calvista Gold Corporation

September 20, 2011 09:00 ET

Calvista Gold Corporation Announces Initial Assay Results

TORONTO, ONTARIO--(Marketwire - Sept. 20, 2011) - Calvista Gold Corporation ("Calvista") (TSX:CVZ) is pleased to announce preliminary drill hole assay results from its "Phase I drill program". During 2011, approximately 3,700 metres have been completed (see Figure 1 below) and complement the 4,800 metres drilled last year with significant gold assay results reported in a press release dated May 11, 2011. Completion of the full 10,000 metres Phase I Drilling Program is expected by the end of the calendar year. In addition, drilling will be initiated on License 90-68 (El Carmen), one of the newly acquired properties announced in Calvista's press release dated August 23, 2011 as well as on License 98-68 (El Sinu) which Calvista anticipates will be an extension of the mineralization in the adjacent claim 37-68 (Callejon Blanco).

Assay results for the first five holes, from the 2011 drill program, have been received. Drill results returned ranged from below detection to 1.53 metres of 23.98 grams per tonne gold (g/t), and included the select results in the following table:

Cellejon Blanco (License 37-68): Selected Drill Intercepts (1.0 g/t Cutoff)
Hole From To Width Grade Grade
(m) (m) (m) (g/t Au) (g/t Ag)
Cal-16 147.82 152.4 4.58 3.5 N/A
155.44 158.49 3.05 15.17 4.12
incl 156.97 158.49 1.52 23.98 8.68
269.74 271.27 1.53 10.13 >10
Cal-17 133.95 136.08 2.13 3.51 5.99
173.23 173.85 0.62 6.53 3.37
313.94 367.28 54.83 1.51 N/A
incl 336.8 338.32 1.53 8.1 N/A
Jaramalla (Lic. 100-68): Selected Drill Intercepts (1.0 g/t Cutoff).
Hole From To Width Grade Grade
(m) (m) (m) (g/t Au) (g/t Ag)
Cal-14 64 65.53 1.53 3.52 6.75
99.06 100.58 1.52 1.43 4.95
208.78 211.83 3.05 2.3 14.5
Cal-15 59.43 62.42 3 1.53 3.2
65.53 70.1 4.57 2.65 4.4
Cal-18 118.87 124.96 6.09 2.02 2.01
128.01 132.58 4.57 2.6 1.25
161.54 164.59 3.05 2.65 0.63
321.25 324.91 3.66 2.53 N/A

"We are very pleased with the results to-date, as they continue to demonstrate the gold mineralized nature of the California Valley and continue to add to our understanding of the structural controls of the mineralization," stated Michael Johnson, President and CEO of Calvista.

The results of the 2010 drill program determined that significant gold mineralization was present on Calvista's main target properties in the California camp. In the 2010 drill program, drill holes were located on sections approximately 100 metres apart, across the target zones located on the properties owned by Calvista. In the current Phase I drill program, drilling is targeted on additional holes at each section with different penetration angles and locally different orientations in order to more fully understand the structural control of the high grade (> 10 g/t Gold) mineralization. Currently, three drill rigs are located on Callejon Blanco (License 37-68) and Jaramalla (License 100-68).

Calvista's current interpretation is that the California mineralized system is epithermal in nature with a halo of clay alteration around high sulfide, gold bearing, and silicified cores. Indications suggest the system appears to be controlled by left lateral movement of the regional, northeast trending Cucutilla Fault. This structure appears to have provided multiple "pull apart" zones along which the hot mineralizing fluids flooded, altering and mineralizing the adjacent rocks. These "pull apart" structures can be traced on the surface and by drilling for approximately 5 kilometres. Calvista's properties straddle a collective 1.2 kilometres of these structures. Other exploration companies in the camp and straddling the structures include: Greystar Resources Ltd., AUX Canada Acquisition Inc. (formally Ventana Gold Corp. which was recently sold for $1.5 billion), and Galway Resources Ltd.

Quality Assurance

Calvista has developed and implemented Quality Assurance/Quality Control protocols that meet current industry best practices. Calvista's protocol during the 2011 drill program included the insertion of blanks and both core and reject duplicates as well as a limited number of certified standards into the sample stream. Samples with assay results greater than 10 g/t Au are re-assayed by metallic screen analysis. Samples were prepared at a preparation facility in Medellín, Colombia run by SGS Colombia S.A, ("SGS") before being shipped for analysis to the SGS certified assay laboratory in Lima, Peru.

Technical Information

The scientific and technical information in this news release has been reviewed, verified and compiled by Calvista's President & CEO, CPG Michael D. Johnson, P.Geo., a "qualified person" as defined by National Instrument 43-101.

For further details on the California property, please refer to the technical report of Calvista dated January 17, 2011 entitled "Technical Report on the California Project, Department of Santander, Colombia." prepared by Paul Chamois, M.Sc. (Applied), P.Geo., available on SEDAR at www.sedar.com.

About Calvista

Calvista is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. Calvista was founded by and was initially a subsidiary of Norvista Resources Corporation, a private resource-oriented merchant bank based in Toronto. Calvista's California property is comprised of eleven mining titles grouped into six non-contiguous blocks located in the California mining district, Department of Santander, in Colombia. Calvista is well funded and led by a management team with over 45 years of exploration and mining experience, principally in South and Central America. Calvista's head office is located in Toronto with its Colombian headquarters located in Bucaramanga. For further details on Calvista, its management team and its project, please refer to Calvista's web site (www.calvistagold.com). Calvista's Canadian regulatory filings can be found on SEDAR at www.sedar.com.

CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Calvista's objectives, goals or future plans, statements regarding exploration results, potential mineralization, exploration plans and the timing of a potential resource estimate. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in a jurisdiction such as Colombia, and those risks set out in Calvista's public documents filed on SEDAR. Although Calvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Calvista disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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