Calvista Resource Estimate Update in Progress

TORONTO, ONTARIO--(Marketwire - Aug. 24, 2012) - Calvista Gold Corporation (TSX:CVZ)(OTCQX:CAGOF) ("Calvista" or the "Company") is pleased to provide an update on recent exploration and development activities at its wholly-owned California Project ("the Project").

The Company's Chief Executive Officer, Mr. Mark Haywood, stated that, "we are on track to complete our revised resource estimate update which will incorporate the recently completed Phase II drilling program. We are optimistic that the new estimate will increase our resources and further validate our unique position in the California Valley surrounded by three other multi-national explorers."

In addition to including the Phase II drilling in the new resource estimate update, Calvista geologists also successfully completed an extensive re-logging program of our core from the Phase I drilling program to both ensure conformity of lithological units across the entire drill program, and to identify specific zones of mineralization which could add to the bulk gold potential of the project.

On June 12, 2012 the Company filed a National Instrument 43-101 technical report dated May 30, 2012 which contained results from the Company's Phase I drilling program (38 drill holes totaling 15,000 metres) that produced an estimated 510,087 ounces of inferred gold resource grading 2.25 grams per tonne ("g/t") using a cut-off grade of 1.0 g/t of gold for the Company's Callejón Blanco and Buenavista prospects located along the same mineralized trend as the multi-million ounce Angostura gold deposit owned by Eco Oro Minerals Corp., as well as the La Mascota and La Bodega gold deposits owned by AUX Canada Acquisition Inc. (formerly Ventana Gold Corp.).

On June 18, 2012 Calvista concluded its 5,000 metre Phase II drilling program which consisted of a total of 11 drill holes on the Callejón Blanco prospect (5 holes) and on the Buenavista prospects (6 holes) with results published on June 19, 2012 and July 25, 2012, respectively. Based upon the completed 5,000 metre Phase II drill program the Company expects to publish an updated National Instrument 43-101 mineral resource in the month of September.

Quality Assurance

Calvista has developed and implemented Quality Assurance/Quality Control protocols that exceeds current industry best practices. Calvista's exploration protocol includes the insertion of blanks, duplicates, standards and external controls on all their samples. Samples with assay results greater than 10 g/t Au are re-assayed by metallic screen analysis. Sample preparation is conducted by the ALS Group ("ALS") in Bucaramanga, Colombia before being analyzed at the ALS certified assay laboratory in Lima, Peru.

Technical Information

Mr. Ricardo Valls, P. Geo., Calvista's VP Exploration, is the Company's designated Qualified Person for this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and validated that the technical information contained in the release is accurate.

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. All our prospects in the California Valley are located below 3,200 metres and are not affected by the Paramo ecosystem law. With a head office in Toronto and Colombian headquarters in Bucaramanga, Calvista is led by a management team with over 50 years of exploration and mining experience, principally in South and Central America. For further details on Calvista, please refer to our web site (www.calvistagold.com) and Calvista's Canadian regulatory filings 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, 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.