Calvista Gold Updates on Its Property Acquisition in the California Valley

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2011) - Calvista Gold Corporation (TSX:CVZ) ("Calvista" or the "Company") updates as a follow up to its August 23, 2011 press release (the "August Release"), that Ingeominas, Colombia's mining authority, by Resolution GTRB-0208 dated December 15, 2011, transferred a 60% interest in License 090-98 (El Carmen) (the "Subject Property") to Calvista's wholly owned subsidiary Sociedad Minera Calvista Colombia, S.A.S. ("Calvista Colombia"). Transfer of the remaining 40% in the Subject Property is already in progress and is expected to be completed in due course. These interests are being transferred to Calvista Colombia conditionally in connection with the grant to Calvista Colombia of two previously announced options to earn an aggregate 100% interest in the Subject Property, subject to a 1.5% net smelter return royalty, all upon the terms and conditions as detailed in the August Release. In the event that Calvista Colombia elects not to exercise the options, Calvista Colombia will transfer back its interests in the Subject Property in accordance with the terms of the underlying option agreements.

Ingeominas, Colombia's mining authority by Resolution GTRB-0208, also denied another mining exploration company several requests by which, inter alia, it opposed the foregoing assignment. Such mining exploration company has recently filed mediation request with Calvista Colombia and others before the Chamber of Commerce of Bucaramanga, by which it claims that there was an existing option agreement with the title holder of License 090-68 and that such agreement was breached; it also seeks to have the assignment to Calvista Colombia of the aforesaid interest declared null and void. The mediation request is filed in order to comply with Colombian law which provides that prior to filing civil suit the claimant must first attempt mandatory mediation with the future defendants.

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. All properties are located below 3,200 meters 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 (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, the actual results of any disputes concerning the Subject Property, 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.