Solvista Gold Corporation
TSX VENTURE : SVV

Solvista Gold Corporation

July 28, 2011 09:00 ET

Solvista Gold to Commence Drill Program on Guadalupe Project in Fourth Quarter

TORONTO, ONTARIO--(Marketwire - July 28, 2011) - Solvista Gold Corporation ("Solvista") (TSX VENTURE:SVV) is pleased to announce that it has submitted the necessary water use and return permit applications to the local environmental authority (Corantioquia) to allow for commencement of an initial 4,000 metre drill program at its Guadalupe project.

Further to a press release dated June 1, 2011, Solvista has continued to advance exploration on the southern portion of its Guadalupe property where mineralization is interpreted to be related to the Intrusion Related Gold Model, as discussed in the Scott Wilson Roscoe Postle Associates Inc. National Instrument 43-101 ("NI 43-101") technical report, dated February 28, 2011, and available on Solvista's SEDAR profile at www.sedar.com.

As can be seen in Figure 1 below, Solvista is in the process of completing a Mobile Metal Ion (MMI) soil survey over the San Gregorio/La Divisa and Cascajeros target areas. Based on the highly anomalous results received to date, in addition to surface rock chip sampling (including 4.7 metres at 0.81g/t Au and 8.1g/t Ag), Solvista has identified six initial drill targets along the strike of the target area.

Solvista is also preparing a ground IP and magnetic survey to be completed before the start of the drill program, with the aim of identifying additional targets in the immediate area. Solvista has also commenced a regional stream sediment survey over the northern portion of the Guadalupe property with the aim of systematically exploring the San Pablo Formation and identifying additional targets to those already discovered by the initial prospecting program.

Commenting on the advances at Guadalupe, Solvista's President and Chief Executive Officer, Miller O'Prey, stated "in keeping with Solvista's commitment to its shareholders to begin drilling the Guadalupe property in 2011, we are very pleased to be able to make this announcement and look forward to the commencement of the drill program once all the necessary environmental permits have been received".

Quality Assurance

Solvista utilizes an industry-standard Quality Assurance/Quality Control Program. Rock, MMI and stream sediment samples are prepared at a preparation facility in Medellín run by SGS Colombia. Samples are then shipped for analysis to the SGS certified assay laboratory in Lima, Peru. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at ACME Laboratories in Vancouver.

Technical Information

The scientific and technical information in this news release has been reviewed by Solvista's President and Chief Executive Officer, EurGeol Miller O'Prey, P.Geo., a "qualified person" under NI 43-101.

About Solvista

Solvista is an early-stage exploration company with two gold projects covering approximately 75,000 hectares in the Antioquia province of Colombia. Solvista is well funded and led by a management team with over 45 years of exploration and mining experience, principally in South and Central America. 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 web site (www.solvistagold.com). Solvista's Canadian regulatory filings can be found on its SEDAR profile 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, 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, including but not limited to the commencement of the drill program at the Guadalupe project, 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 the Figure 1 associated with this release, please view the following link:

http://media3.marketwire.com/docs/svv0727.JPEG.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) 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.

Contact Information

  • Solvista Gold Corporation
    Donald Christie
    Chief Financial Officer and Corporate Secretary
    +1.416.504.4171
    dchristie@solvistagold.com