Calvista Gold Corporation
TSX : CVZ

May 11, 2011 09:09 ET

Calvista Gold Corporation Closes its Initial Public Offering

TORONTO, ONTARIO--(Marketwire - May 11, 2011) -

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Calvista Gold Corporation (TSX:CVZ) ("Calvista") is pleased to announce that it has successfully completed its initial public offering (the "Offering") and will commence trading on the Toronto Stock Exchange ("TSX") this morning. Calvista is focused on the exploration and development of its California property, located in the California mining district, Department of Santander, Colombia, South America. The property comprises a total of nine mining titles, eight fully owned and the ninth under option, covering an area of approximately 168.98 hectares (Figure 4-1). Adjacent properties include AUX Group's (formerly Ventana Gold Corp.) La Bodega and Aserradero properties contiguous to the northeast and north and Galway Resource Ltd.'s Pie de Gallo property, also contiguous to the northeast.

In connection with the Offering, Calvista issued an aggregate of 17,407,300 units ("Units") at a price of $1.00 per Unit to raise aggregate gross proceeds of $17,407,300, all pursuant to a final prospectus dated April 25, 2011. Each Unit consists of one common share of Calvista and one- half of one share purchase warrant (each whole such share purchase warrant, a "Warrant"), each Warrant entitling the holder thereof to acquire one additional common share of Calvista at an exercise price of $1.40 until May 11, 2013. The Offering was conducted by a syndicate of agents led by Haywood Securities Inc. and including GMP Securities L.P. and Stonecap Securities Inc. (collectively, the "Agents"). The Agents have also been granted an over-allotment option to sell up to an additional 3,000,000 Units at $1.00 per Unit, which may be exercised within 30 days after the closing date of the Offering.

The common shares of Calvista will trade under the symbol "CVZ", and the Warrants will trade under the symbol "CVZ.WT".

DRILL RESULTS

From July to November 2010, Calvista completed a first phase of drilling consisting of 14 diamond drill holes totaling 4,786.89 metres. All holes were drilled perpendicular to the mineralized structures. Prior to Calvista's involvement, the subject mining titles had not had the benefit of modern exploration techniques.

Callejon Blanco (License 37-68): Drill results returned ranged from below detection to 1.53 m @ 71.2 g/t Au, and included the following select results (Figure 7-3):

HoleFromToWidthGrade
(m)(m)(m)(g/t Au)
CAL-1046.4854.588.101.22
CAL-1158.8690.5631.701.61
CAL-1195.13114.0818.958.13
Incl108.86113.434.5730.44
Incl111.90113.431.5371.20
CAL-12123.44126.963.5220.42
CAL-12B99.06108.209.141.37
CAL-12B113.99131.0617.072.96
Incl127.71131.063.357.56
Incl127.71128.620.9111.43
CAL-12B193.24199.646.4018.67
Incl194.76196.591.8351.78

Jaramalla (License 100-68): Drill results returned ranged from below detection to 1.55 m @ 21.21 g/t Au, and included the following select results (Figure 7-3):

HoleFromToWidthGrade
(m)(m)(m)(g/t Au)
CAL-04259.08264.265.182.49
CAL-05367.28368.801.526.91
CAL-07120.42123.473.056.08
Incl121.92123.471.5510.94
CAL-07129.57132.623.0512.84
Incl131.07132.621.5521.21

Buenavista (License 14031): Drill results returned ranged from below detection to 1.53 m @ 67.65 g/t Au, and included the following select results (Figure 7-4):

HoleFromToWidthGrade
(m)(m)(m)(g/t Au)
CAL-03355.09358.153.0536.19
incl356.61358.141.5367.65
CAL-08277.39278.911.523.41
CAL-08359.18361.182.006.00
CAL-13261.55265.894.341.75

Potential quantity and grade are conceptual in nature. There has been insufficient exploration to define a mineral resource on the California property and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Technical Information

The results of Calvista's exploration program and all scientific and technical disclosure in this press release have been reviewed, verified and compiled by the Chief Operating Officer of Calvista, Michael D. Johnson, a qualified person as defined by National Instrument 43-101.

Calvista has developed and implemented QA/QC protocols that meet current industry best practices. Calvista's protocol during the 2010 drilling 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 were re-assayed by metallic screen analysis. Samples were prepared at a preparation facility in Medellín run by SGS Colombia S.A, before being shipped for analysis to the SGS certified assay laboratory in Lima, Peru.

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, available at SEDAR at www.sedar.com.

The offer and sale of the securities referred to in this press release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States.

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 initially a subsidiary of Norvista Resources Corporation, a private resource-oriented merchant bank based in Toronto. Calvista's California property is comprised of nine mining titles grouped into six non- contiguous blocks covering an area of approximately 168.98 hectares 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 Colombia. 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, the timing of the commencement of trading of Calvista's common shares and Warrants on the TSX, statements regarding the exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of exploration and 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, 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.

To view Figure 4-1, please visit the following link:http://media3.marketwire.com/docs/fig41cal.pdf

To view Figure 7-3 and 7-4, please visit the following link:http://media3.marketwire.com/docs/figure7374cal.pdf

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