Calvista Gold Corporation

Calvista Gold Corporation

November 01, 2011 09:00 ET

Calvista Gold Corporation Intersects 19.41 Metres of 22.16 g/t Gold Including 0.91 Metres of 308.30 g/t Gold

TORONTO, ONTARIO--(Marketwire - Nov. 1, 2011) - Calvista Gold Corporation (TSX:CVZ) ("Calvista" or the "Company") is pleased to announce additional drill hole assay results from its Phase I drill program. During 2011, approximately 6,680.5 metres have been drilled of the 10,000 metre Phase I drill program (see Figure 1) and results are reported below for the second five holes (Cal 19 to 23), which comprise 4,180.6 metres. Results for the first five drill holes in the program were disclosed in the Company's press release on September 20, 2011. This current Phase I drill program complements the 4,786.89 metres drilled last year with significant gold assay results reported in a press release dated May 11, 2011. In addition, drilling started on Licence 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 the Company anticipates to be an extension of the mineralization in the adjacent License 37-68 (Callejon Blanco).

Included as part of the drill hole assay results reported below, Cal-21 targeted high-grade shoots within the main broad north-east trending mineralized zone, which hosts Galway Resources Ltd.'s ("Galway") and AUX Canada Acquisition Inc.'s ("AUX"), formerly Ventana Gold Corp. gold mineralization, and returned an intersection of 19.41 metres of 22.16 grams per tonne ("g/t") gold including 5.49 metres of 70.21 g/t gold, and 0.91 metres of 308.30 g/t gold.

Overall drill results from the 5 holes ranged from below detection to 0.91 metres of 308.30 g/t gold, and included the select results in the following table:

Callejon Blanco (License 37-68): Selected Drill Intercepts (1.0 g/t Cut-off)
Hole From To Width* Grade Grade
(m) (m) (m) g/t Au g/t Ag
Cal-19 163.06 116.11 3.05 1.23 >10
190.50 196.59 6.09 1.43 >10
219.45 220.98 1.53 2.92 2.28
Cal-21 44.62 45.72 1.10 5.93 0.80
64.00 65.53 1.53 2.29 >10
156.97 158.49 1.52 2.16 9.23
204.21 205.88 1.67 3.73 >10
214.53 216.40 1.87 2.56 5.91
266.70 268.22 1.52 4.15 1.45
275.84 277.36 1.52 2.83 >10
449.58 452.62 3.04 1.34 5.17
468.47 487.88 19.41 22.16 >10
incl 468.47 473.96 5.49 70.21 >10
incl 470.00 470.91 0.91 308.30 >10
Cal-23 220.98 249.93 28.89 1.05 1.58
incl 224.94 226.46 1.52 8.87 2.34
incl 248.41 249.93 1.52 1.93 5.34
Jaramalla (License 100-68): Selected Drill Intercepts (1.0 g/t Cut-off)
Hole From To Width* Grade Grade
(m) (m) (m) g/t Au g/t Ag
Cal-20 6.07 7.62 1.53 10.01 0.43
33.52 35.05 1.53 3.47 >10
110.03 114.30 4.27 7.70 >10
incl 111.25 112.77 1.52 17.33 >10
Buenavista (License 14031): Selected Drill Intercepts (1.0 g/t Cut-off)
Hole From To Width* Grade Grade
(m) (m) (m) g/t Au g/t Ag
Cal-22 3.04 4.57 1.53 2.10 2.29
10.66 12.19 1.53 2.76 3.27
169.16 173.73 4.57 1.77 >10
353.56 355.09 1.53 3.94 >10
440.43 441.96 1.53 2.48 >10
*True width to be determined in the future.

Geological mapping and surface geochemistry sampling is currently being conducted on the Buenavista and adjacent claims. It is anticipated that this work will be completed this year.

The drill and assay data is starting to build the structural model for the mineralization controls at the California Project. Working with cross, long and plan sections, an approximate size of the mineral envelope should be available by the end of this drilling program. A 15,000 metre drill program will follow the completion of the current 10,000 metre drill program and Calvista is on track to complete a resource estimate in late 2012. Preliminary cross-sections should be available next month. Calvista's properties straddle a collective 1.2 kilometres of these structures. Other exploration companies in the camp and straddling the structures, include; Eco Oro Minerals Inc., AUX (formally Ventana Gold Corp and recently sold for $1.5 billion) and Galway.

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 includes 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 Project, 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

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 Project is comprised of eleven mining titles grouped into six non-contiguous blocks located in the California mining district, Department of Santander, in Colombia. All properties are located below 3,200 metres and are not affected by the Paramo ecosystem law. 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 ( Calvista's Canadian regulatory filings can be found on SEDAR at

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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