Calvista Gold Corporation
TSX : CVZ

Calvista Gold Corporation

May 18, 2011 08:00 ET

Calvista Gold Corporation Commences Phase I Drilling on Its Northern Licenses

TORONTO, ONTARIO--(Marketwire - May 18, 2011) -

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Calvista Gold Corporation (TSX:CVZ) ("Calvista", or "the Company") is pleased to announce that a 10,000 metre diamond drilling program commenced on May 12, 2011 on its California property, which is located in the California mining district, Department of Santander, Colombia. The 2011 drilling program will target structures which have been interpreted to be potential strike extensions of AUX's (formally Ventana Gold Corp). La Mascota (License 37-68) and Asserradero targets (License 14031) & Galway Resources Ltd.'s Pie de Gallo properties as per table 20-1 "Proposed Phase I Drilling" of Calvista's Final Prospectus dated April 25, 2011 available on SEDAR at www.sedar.com. The 2011 drill program is designed to complement the 4,786.89 metres, in 13 holes, drilled last year with significant gold assay results reported in a press release dated May 11, 2011. Four drill rigs will be used and it is anticipated that the program will be completed in the last quarter of this year when Calvista anticipates the release of an initial mineral resource estimate. Two drill rigs will be located on Callejon Blanco (License 37-68) & Jaramalla (License 100-68), and two more drill rigs will be located on Buenavista (License 14031) and Tesorito (License 108-68).

In addition, within the first 100 metres of DH-14, drilling of which commenced on May 12, 2011, the Company has intersected visible gold in the drill core, which the Company views as indicative of the high grade potential of the structures currently being drilled on the property. Assays will follow in upcoming press releases as assays become available.

An exploration program, consisting of grid soil geochemistry will also be conducted on Calvista's southern properties in the California Valley. Specific properties targeted will include Divino Nino (License 160-68), Jordan (License 41-68) and Cacique (License 132-68). Follow-up drilling may also be recommended for these possible extensions to the California system following completion of the soil sampling program.

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 ("Norvista"), 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. 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.

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. All technical information contained in this press release has been prepared under the supervision, reviewed and verified by Michael Johnson, the Company's COO, who is a qualified person under National Instrument 43-101.

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 (including the prospectus discussed herein). 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.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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