Calvista Gold Corporation
TSX : CVZ

Calvista Gold Corporation

December 15, 2011 07:30 ET

Calvista Gold Intersects 30.4 Metres of 6.84 g/t Gold Including 15.24 Metres of 9.27 g/t Gold

TORONTO, ONTARIO--(Marketwire - Dec. 15, 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. This press release discusses the assay results from drill holes Cal-24 to 30 (see Figure 1) and a table with all relevant assay results since inception (Cal-1 to Cal-30) is available at www.calvistagold.com. Drilling of the 10,000 metre, Phase 1, drilling program has been completed with a total of 9,836 metres drilled. A total of 24 holes were drilled in Phase 1, which compliments the 13 holes drilled in 2010, for a total of 14,692.4 metres in 37 drill holes. Assay results for the remaining 7 holes (Cal-31 to Cal-37) are expected during January 2012.

Included as part of the drill hole assay results reported below, Cal-26 targeted high-grade shoots within the main broad north-east trending mineralized zone, which hosts Galway Resources Ltd.'s and AUX Canada Acquisition Inc.'s (formerly Ventana Gold Corp) gold mineralization, and returned an intersection of 1.53 metres of 110 grams per tonne ("g/t") gold, and Cal-27, which intercepted 30.48 metres at 6.87 g/t gold, including 15.25 metres at 9.27 g/t gold.

Overall drill results from the 7 holes ranged from below detection to 1.53 metres of 110.0 g/t gold, and included the select results in the following table:

Cellejon Blanco (License 37-68): Selected Drill Intercepts (1.0 g/t Cut-off)
Hole From To Int Au, Ag, Cu,
g/TM ppm ppm
Cal-24 73.15 74.67 1.52 7.4 30.00 415.40
Incl 143.25 144.78 1.53 17.9 654.00 817.70
Cal-27 38.10 68.58 30.48 6.83 38.0 917.4
Incl 38.10 53.34 15.24 9.27 42.9 1,279.8
Incl 50.29 51.81 1.52 57.09 63.0 336.8
Incl 59.43 68.58 9.15 7.04 39.5 557.1
Incl 62.48 64.00 1.52 32.84 62.0 425.4
Jaramalla (License 100-68): Selected Drill Intercepts (1.0 g/t Cut-off)
Hole From To Int Au, Ag, Cu, ppm
g/TM ppm
Cal-26 123.44 135.63 12.19 1.29 1.84 4,312.72
178.30 179.83 1.53 110.00 29.00 618.10
199.03 199.64 0.61 3.90 6.35 647.60
Cal-28 109.72 111.25 1.53 4.36 7.25 4,606.60
155.44 156.97 1.53 4.74 5.73 11,300.00
181.35 195.07 13.72 1.99 12.6 1,590.65
193.54 195.07 1.53 12.01 5.05 1,137.5
231.64 233.17 1.53 8.88 13.00 3,451.2
*True width to be determined in the future.
**Cal-25, 29 & 30 were abandoned before reaching target depth due to bad ground conditions.

Calvista will use the following month to review all data collected to date, build the geologic model of the mineralization and simultaneously resume drilling of the Second Phase, 15,000 metre drilling program.

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 Medellin, 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 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'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. 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.

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

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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