Solvista Gold Announces Expansion of Its Drill Program at Caramanta and Definition of New Drill Target

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2012) - Solvista Gold Corporation ("Solvista" or the "Company") (TSX VENTURE:SVV)(OTCQX:SVVZF) is pleased to announce that it has defined a new drill target area known as Malabrigo at its Caramanta project, located in the Middle Cauca Belt of Colombia. Additionally the Company has doubled the previously announced 4,000 metre drill program (see press release dated June 4, 2012) to 8,000 metres.

Commenting on the news, Solvista's CEO and President Miller O'Prey stated, "We are very encouraged to have identified yet another grassroots discovery at our Caramanta project and hope to be drilling there in the next few months. As we move to expand our drill program, we are confident that additional new discoveries will be made over the coming months."

Solvista recently contracted a second man-portable drill rig to accelerate drilling at the El Retén and Ajiaco Sur sectors, as described in the June 4, 2012 press release. One drill rig will now focus on each sector, drilling approximately 10 drill holes to total depths between 300-500 metres. The Company anticipates completing the program during the first quarter of 2013 and expects to release initial assay results before the end of September 2012.

The newly defined Malabrigo sector is located 600 metres to the north-northwest of the Ajiaco Sur target. Using the same 75^th percentile methodology as previously described, the surface geochemical gold anomaly measures 500 metres by 150 metres, with a north-south orientation. Similar to the El Retén sector, there is not a straightforward relationship between gold and copper values, which the Company believes may represent surface leaching of copper.

The Malabrigo sector is located largely within the same Concession Contract as the El Retén and Ajiaco Sur sectors and is covered by the same water use and return permits awarded in May 2012 by the local environmental authority, Corantioquia. Further to the Company's December 22, 2011 press release, the Malabrigo sector is located outside the local environmental designation, known as a "District of Integrated Management" whereas the El Retén and Ajiaco Sur sectors are located inside. The Company has complied with all of Corantioquia's requirements and continues to work closely with them to ensure its current drill program for the Caramanta Project proceeds as planned.

Quality Control and Assurance

The Company utilizes an industry-standard Quality Assurance/Quality Control program for the taking and analyzing of samples. Rock, drill core, soil (MMI) and stream sediment samples are prepared at preparation facilities in Medellín run by SGS Colombia or ALS Colombia Ltda. Samples are then shipped for analysis to the SGS del Peru S.A.C. or ALS Perú Ltda certified assay laboratories in Lima, Perú. Gold values were determined by fire assay with an atomic absorption finish on 30 gram samples; other elements were analyzed with a 4 acid digestion and an ICP-MS finish. Blanks, duplicates and certified reference standards are routinely inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at ACME Laboratories in Vancouver, British Columbia.

The scientific and technical information contained in this news release has been reviewed by Mr. Miller O'Prey P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101.

About the Caramanta Project

The Caramanta Project is located at the center of the Middle Cauca Belt, one of the most prolific gold districts in Colombia, with production dating back to pre-Colonial times. It has also been the focus of intense exploration over the past five years with a number of exciting new discoveries including La Colosa (AnglogoldAshanti), a porphyry-gold deposit with a JORC-compliant Inferred resource of 24.15 Moz Au at 0.94g/t Au. Directly south of Caramanta is Gran Colombia Gold's Marmato Project with NI 43-101 compliant Measured and Indicated resources of 12.4 Moz Au at 1.02g/t Au and Inferred Resources of 2.4Moz Au at 1.1g/t Au. To the north is Sunward's Titiribi deposit where a NI 43-101 compliant Indicated and Inferred resource of 8.3 Moz Au at 0.5g/t Au has been announced.

About Solvista

Solvista is a gold exploration company with two Projects, Caramanta and Guadalupe. These Projects cover approximately 60,000 hectares in the Antioquia province of Colombia, a region rich in historic gold mining tradition and where several new gold discoveries have recently been made. Solvista is well funded and plans to complete up to 10,000 metres of drilling at its two projects during 2012. Solvista's head office is located in Toronto with its Colombian headquarters located in Medellín. For further details on Solvista, its management team and its Projects, please refer to Solvista's website (www.solvistagold.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, Solvista's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, 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, and those risks set out in Solvista's public documents filed on SEDAR. Although Solvista 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. Solvista 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: Geology and geochemistry of the El Retén, Ajiaco Sur and Malabrigo sectors at the Caramanta Project, please visit the following link: http://media3.marketwire.com/docs/Figure1SVV.pdf.