Document:

Exhibit 10.1

Terms and Conditions of
Loan Transaction with Christopher Berardi

Amount to be determined
by final expenses paid for improvements to premises, approximating $1,400,000
and not to exceed $1,500,000.

Five year maturity with
equal installment payments due quarterly until paid in full

Interest to be paid at
the applicable federal rate for the applicable period to be paid quarterly

Collateralized by a
mortgage on the real propertyExhibit 4.1

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT
TRADE THE SECURITY BEFORE MARCH 8, 2007.

THIS
WARRANT AND THE SECURITIES TO BE ISSUED UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS, AND THIS WARRANT MAY NOT
BE EXERCISED BY OR ON BEHALF OF ANY “U.S. PERSON,” AS SUCH TERM IS DEFINED IN
REGULATION S UNDER THE U.S. SECURITIES ACT, OR ANY PERSON IN THE UNITED STATES
UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

No.  ·

AGENT’S WARRANT CERTIFICATE

Right to Purchase

· Common Shares

NON-TRANSFERABLE WARRANT TO PURCHASE COMMON SHARES OF

VISTA GOLD CORP.

CONTINUED UNDER THE LAWS OF
THE YUKON TERRITORY

On the terms hereof, this is to certify that FOR
VALUE RECEIVED, [Name and Address of Agent]
the registered holder hereof (the “Holder”), has the right to subscribe for, in
whole or in part, at any time and from time to time, up to and including 5:00
p.m. (Toronto time) on November 7, 2008
(the “Expiry Time”), ·
fully paid and non-assessable common shares (the “Common Shares”) without
par value in the capital of Vista Gold Corp. (the “Company”), a corporation
existing under the Business Company Act
(Yukon) as constituted on the date hereof at a purchase price of US$8.50 per
Common Share (the “Exercise Price”), subject to adjustment as hereinafter set
forth.

The Company agrees that the Common Shares so
purchased shall be and be deemed to be issued to the Holder as of the close of
business on the date on which this Warrant Certificate shall have been
surrendered and payment made for such shares as aforesaid.

Nothing contained herein shall confer any right upon
the Holder to subscribe for or purchase any Common Shares of the Company at any
time after the Expiry Time, and from and after the Expiry Time, this Warrant
and all rights hereunder shall be void and of no value.

The above provisions are,
however, subject to the following:

SECTION
1. - In the event
that the Holder desires to exercise the right conferred hereby to purchase any
or all of the Common Shares, the Holder shall at or before the Expiry Time: (a)
duly complete, execute and deliver to the Company a Subscription Form for such
Common Shares in the form annexed hereto, together with any additional documentation
required thereby, (b) surrender this Warrant Certificate to the Company at the
address of the Company indicated in Section 16 hereof, and (c) pay the
aggregate Exercise Price in respect of the Common Shares subscribed for either
in cash, by bank draft, money order, or by certified cheque drawn on a Canadian
chartered bank and payable to the Company. 
Upon such delivery, surrender and payment as aforesaid and subject to
the provisions hereof, the Holder shall be deemed for all purposes to be a
shareholder of record for the number of Common Shares to be so issued and the
Holder shall be entitled to delivery of a certificate or certificates
evidencing such shares

 

(which certificates, as well as all certificates issued in exchange for
or in substitution thereof, shall bear any applicable restrictive legends) and
the Company shall cause such certificate or certificates to be delivered to the
Holder at the address specified by the Holder in said Subscription Form within
ten days of said surrender and payment as aforesaid.  No fractional Common Shares will be issuable
upon exercise of this Warrant and the Holder will not be entitled to cash
payment or compensation in lieu of a fractional Common Share.

For
purposes of complying with applicable securities laws and National Instrument
45-102 Resale of Securities, the
Holder understands and acknowledges that, if the Warrants represented hereby
are exercised on or before March 8, 2007, upon the issuance of the Common
Shares, all the certificates representing such Common Shares, as well as all
certificates issued in exchange for or in substitution of the foregoing Common
Shares, shall bear the following legend:

“UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY
BEFORE MARCH 8, 2007.”

In addition, for purposes of complying with the U.S.
Securities Act and applicable U.S. state securities laws, the Holder
understands and acknowledges that upon the issuance of the Common Shares
issuable hereunder, all the certificates representing the Common
Shares, as well as all
certificates issued in exchange for or in substitution of the foregoing
securities, shall bear the following additional legend:

“THE SECURITIES EVIDENCED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS.  NO INTEREST THEREIN MAY
BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED OR
DISPOSED OF WITHOUT (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH U.S.
SECURITIES ACT AND APPLICABLE UNITED STATES STATE SECURITIES LAWS COVERING ANY
SUCH TRANSACTION, (B) RECEIPT BY THE COMPANY OF AN ACCEPTABLE LEGAL OPINION
STATING THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR (C) THE COMPANY
OTHERWISE SATISFYING ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION.  HEDGING TRANSACTIONS
INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE U.S. SECURITIES ACT.”

SECTION
2. - The right to
purchase the Common Shares conferred hereby may be exercised in whole or in
part.  In the event that prior to the
Expiry Time the Holder subscribes for and purchases any number of Common Shares
which is less than the number of shares referred to in this Warrant
Certificate, the Holder shall present the original Warrant Certificate to the
Company and the Holder will be entitled to receive a further Warrant
Certificate, in the same form as this Warrant Certificate, in respect of the
Common Shares referred to in this Warrant Certificate but not subscribed for.

The
Warrants and the Common Shares have not been registered under the United States
Securities Act of 1933, as
amended (the “U.S. Securities Act”),
or the securities laws of any state of the United States, and the Warrants may
not be exercised within the United States or by or on behalf of any U.S. person
or person in the United States (as such terms are defined in Rule 902 of
Regulation S under the U.S. Securities Act) unless the Common Shares issuable
upon exercise of the Warrants are registered under the U.S. Securities Act and
the securities laws of all applicable states of the United States or an
exemption from such registration requirements is available and an opinion of
counsel has been delivered

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to the Company to such
effect.  The Company shall not cause such
Common Shares to be issued unless the Holder has executed and delivered to the
Company a Subscription Form as attached to the Warrant Certificate indicating
that:

(a)                                  the Company shall receive a
written certification at the time of exercise of the Warrant that the Holder is
not in the United States, is not a U.S. person and is not exercising the
Warrant on behalf of, or for the account or benefit of a U.S. person or a
person in the United States and did not execute or deliver the Subscription
Form in the United States; or

(b)                                 the Company shall receive a written opinion
of counsel satisfactory to it that the Common Shares to be delivered upon
exercise of the Warrants have been registered under the U.S. Securities Act and
the securities laws of all applicable states of the United States or are exempt
from the registration thereunder.

SECTION 3. - The Warrants represented hereby are not
transferable.

SECTION 4. - This Warrant Certificate may be exchanged for Warrant Certificates
in any other denomination representing in the aggregate the same number of
underlying Common Shares.  The Holder may
exercise this right by surrendering this Warrant Certificate, together with a
written direction, to the Company at the address of the Company indicated in
Section 16 below and the Company shall cause the new Warrant Certificates to be
delivered to the Holder at the address specified in such direction within ten
days of said surrender as aforesaid.

SECTION 5. - In case this Warrant Certificate shall become mutilated or lost,
destroyed or stolen, the Company shall, upon the Holder complying with this
Section 5, issue and deliver a new Warrant Certificate of like date and tenor
in exchange for and in place of the one mutilated, lost, destroyed or stolen
Warrant Certificate and upon surrender and cancellation of such mutilated
Warrant Certificate or in substitution for such lost, destroyed or stolen
Warrant Certificate.  For the issue of a
new Warrant Certificate pursuant to this Section 5, the Holder shall bear the
cost of the issue thereof and in case of the loss, destruction or theft of the
Warrant Certificate, the Holder shall, as a condition precedent to the issue
thereof, furnish to the Company such evidence of ownership and of the loss,
destruction or theft of the Warrant Certificate so lost, destroyed or stolen as
shall be reasonably satisfactory to the Company and the Holder may be required
to furnish an indemnity in amount and form satisfactory to the Company.

SECTION 6. - The holding of this Warrant shall not constitute the Holder a
shareholder of the Company nor entitle the Holder to any right or interest in
respect thereof except as herein expressly provided.

SECTION 7. -
The Company represents and warrants that:

a)              it is duly authorized to create and issue
this Warrant;

b)             this Warrant Certificate is a valid and
enforceable obligation of the Company in accordance with the terms hereof;

c)              it
will use its best efforts to take all such action as may be necessary to ensure
that all Common Shares issuable hereunder, may be so issued without violation
of any applicable requirements of any exchange or over-the-counter market upon
which the

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Common Shares may be listed or in respect of which the
Common Shares are qualified for unlisted trading privileges;

d)             the issuance of certificates of Common Shares
upon the exercise of the Warrants shall be made without charge to the Holder
for any issuance tax in respect thereto, provided that the Company shall not be
required to pay any tax which may be payable in respect of any transfer
involved in the issuance and delivery of any certificate in a name other than
that of the Holder; and

e)              the Company will use its best efforts to
attend to all filings required to be made by the Company under applicable
securities legislation in respect of the exercise of the Warrant Certificate in
accordance with the terms hereof.  For
greater certainty, such requirement will not impose any obligation on the
Company to file a prospectus or registration statement or similar document, or
to become a reporting issuer or a registrant in any province, state or
territory.

The Company covenants and agrees that it will
cause the Common Shares subscribed for and purchased in the manner herein
provided and the certificate or certificates evidencing such Common Shares to
be duly issued and that, at all times prior to the Expiry Time, it shall
reserve and there shall remain unissued out of the Company’s authorized capital
a sufficient number of shares to satisfy the right of purchase herein provided
for. All Common Shares which shall be issued upon the exercise of the right of
purchase herein provided for, upon payment thereof the aggregate Exercise Price
for such Common Shares, shall be and be deemed to be fully paid and
non-assessable and the Holder shall not be liable to the Company or its
creditors in respect thereof.

The Company further covenants and agrees that
the Holder of this Warrant shall be entitled to “piggyback” resale registration
rights relating to the securities underlying this Warrant until such time as
such securities may be resold under Rule 144 (“Rule 144”) promulgated under the U.S. Securities Act, without
volume limitations under Rule 144, subject to customary black-out periods.

SECTION 8. -
In Section 8 and Section 9:

“Equity
Shares” means the
Common Shares and any shares of any class or series of the Company which may
from time to time be authorized for issue if the terms of such shares confer on
the holders thereof the right to participate in the distribution of assets upon
the voluntary or involuntary liquidation, dissolution, or winding-up of the
Company beyond a fixed sum or a fixed sum plus accrued dividends; and

“Current
Market Price” of the
Common Shares at any date means the weighted average price per share at which
the Common Shares have traded on such stock exchange on which the Common Shares
are listed as may be selected by the directors of the Company during any 20
consecutive trading days ending not more than 5 days immediately preceding such
date.  In the event the Common Shares are
not listed on any stock exchange, the Current Market Price of the Common Shares
shall be determined by the directors acting reasonably and in good faith.

If
at any time from November 7, 2006 and prior to the Expiry Time and while this
Warrant Certificate is outstanding, there shall be a reclassification of the
Common Shares outstanding at any time or a change of the Common Shares into
other shares or securities, or any other capital reorganization except as
described in Section 9, or a consolidation, amalgamation or merger of the
Company with or into any other corporation (other than a consolidation,
amalgamation or merger which does not result in any reclassification of the
outstanding Common Shares or a change of the Common 

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Shares  into other shares or
securities), or a transfer of the undertaking or assets of the Company as an
entirety or substantially as an entirety to another corporation or other entity
(any of such foregoing events being called a “Capital Reorganization”), should
the Holder thereafter exercise its right to purchase Common Shares hereunder,
the Holder shall be entitled to receive, and shall accept for the same
aggregate consideration, in lieu of the number of Common Shares to which it was
theretofore entitled upon the exercise of the right to purchase Common Shares
hereunder, the kind and amount of shares or other securities or property which
the Holder would have been entitled to receive by reason of such Capital
Reorganization if, on the effective date thereof, it had been the registered
holder of the number of Common Shares to which it was theretofore entitled upon
such exercise.

If
at any time from November 7, 2006 and prior to the Expiry Time and while this
Warrant is outstanding, any adjustment in the Exercise Price shall occur as a
result of:

(i)            an event referred to in Subsection 9(a); or

(ii)           the fixing by the Company of a record date for an event
referred to in Subsection 9(b),

then the number of Common Shares purchasable upon
any subsequent exercise of this Warrant Certificate shall be simultaneously
adjusted by multiplying the number of Common Shares purchasable upon the
exercise of this Warrant immediately prior to such adjustment by a fraction
which shall be the reciprocal of the fraction employed in the adjustment of the
Exercise Price.  To the extent that any
adjustment in subscription rights occurs pursuant to this Section 8 as a result
of a distribution of exchangeable or convertible securities referred to in Subsection
9(a)(iii) other than Equity Shares or as a result of the fixing by the Company
of a record date for the distribution of rights, options or warrants referred
to in Subsection 9(b), the number of Common Shares purchasable upon the
exercise of the Warrant shall be readjusted immediately in accordance with
Section 9 hereof, after the expiration of any relevant exchange, conversion or
exercise right to the number of Common Shares which would be purchasable based
upon the number of Common Shares actually issued and remaining issuable
immediately after such expiration, and shall be further readjusted in such
manner upon expiration of any further such right.

SECTION 9. - The Exercise Price in effect at any date
shall be subject to adjustment from time to time as follows:

(a)                           If
at any time from November 7, 2006 and prior to the Expiry Time and while this
Warrant is outstanding, the Company shall:

(i)            subdivide the outstanding Common Shares into a greater
number of Common Shares,

(ii)           consolidate
the outstanding Common Shares into a lesser number of Common Shares, or

(iii)          make any distribution, other than by way of a dividend in
the ordinary course, to the holders of all or substantially all of the
outstanding Common Shares payable in Common Shares or securities exchangeable
for or convertible into Common Shares,

(any
of such events being called a “Common Share Reorganization”), the Exercise
Price shall be adjusted effective after the effective date or record date (the “Effective
Date”), (as the case may be, on which the holders of Common Shares are
determined for the purpose of the Common Share Reorganization) by multiplying
the Exercise Price in effect immediately prior to such Effective Date by a
fraction, of which the numerator shall be the number of Common Shares of the
Company outstanding on the Effective Date before giving effect to such Common
Share Reorganization and the denominator of which shall be the number of Common
Shares outstanding immediately after giving effect to such Common Share

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Reorganization
(including, in the case where securities are exchangeable for or convertible
into Common Shares, and are distributed, and the number of Common Shares that
would have been outstanding had all such securities been exchanged for or
converted into Common Shares on such Record Date).  For purposes of this Subsection 9(a), “dividend
in the ordinary course” means dividends having a value which does not exceed,
in the aggregate, the greater of (i) 50% of the retained earnings of the
Company as at the end of its immediately preceding fiscal year; and (ii) 100%
of the aggregate consolidated net income of the Company determined before
computation of extraordinary or unusual items, for its immediately preceding
fiscal year.

(b)                           If
and whenever at any time from November 7, 2006  and prior to the Expiry Time and while this
Warrant Certificate is outstanding, the Company shall fix a record date for the
issue of rights, options or warrants to the holders of all or substantially all
of its outstanding Common Shares under which such holders are entitled, during
a period expiring not more than ninety days after the record date for such
issue, to subscribe for or purchase Common Shares at a price per Common Share
or having a conversion or exchange price per Common Share less than 95% of the
Current Market Price per Common Share on such record date, the Exercise Price
shall be adjusted immediately after such record date so that it shall equal the
price determined by multiplying the Exercise Price in effect on such record
date by a fraction, the numerator of which shall be the total number of Common
Shares outstanding on such record date plus a number equal to the number
arrived at by dividing the aggregate price of the total number of additional
Common Shares offered for subscription or purchase at the price at which such
Common Shares are offered, or the aggregate conversion or exchange price of the
convertible securities so offered, by such Current Market Price per Common
Share, and of which the denominator shall be the total number of Common Shares
outstanding on such record date plus the total number of additional Common
Shares offered for subscription or purchase (or into which the convertible
securities so offered are convertible or exchangeable).  Any Common Shares owned by or held for the
account of the Company or any subsidiary of the Company, shall be deemed not to
be outstanding for the purpose of any such computation.  To the extent that any adjustment in the
Exercise Price occurs pursuant to this Subsection 9(b) as a result of the
Company fixing a record date for the issue and distribution of rights, options
or warrants referred to in this Subsection 9(b), the Exercise Price shall be
readjusted immediately after the expiration of any relevant exchange,
conversion or exercise right to the Exercise Price which would then be in
effect based upon the number of Common Shares actually issued and remaining
issuable after such expiration, and the Exercise Price shall be further
readjusted in such manner upon expiration of any such further right.

(c)           If
and whenever at any time from November 7, 2006  and prior to the Expiry Time and while this
Warrant is outstanding, the Company issues
or distributes to all or substantially all the holders of Common Shares, (i)
shares of any class other than Common Shares, or (ii) evidences of
indebtedness, or (iii) any other cash, securities or other property or assets,
and that issuance or distribution does not constitute a Share Reorganization or
a rights offering pursuant to subsection (b) (any of those events being herein
called a “Special Distribution”), the number of Common Shares issuable on
exercise of this Warrant (the “Exercise Number”) shall be adjusted effective
immediately after the record date at which the holders of Common Shares are determined
for purposes of the Special Distribution to an Exercise Number that is the
product of (1) the Exercise Number in effect on the record date and (2) a
fraction:

(i)                                     the numerator of which shall be the product
of (I) the sum of the number of Common Shares outstanding on the record date
plus the number of Shares which the Holder would be entitled to receive upon
exercise of all its outstanding Warrants if they were exercised on the record
date, and (II) the Current Market Price thereof on that date; and

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(ii)                                  the denominator of which shall be:

(A)                              the product of (I) the sum of the number of
Common Shares outstanding on the record date plus the number of Common Shares
which the Holder would be entitled to receive upon exercise of all its
outstanding Warrants if they were exercised on the record date, and (II) the
Current Market Price thereof on the earlier of such record date and the date on
which the Company announces its intention to make such distribution;

less

(B)                                the aggregate fair market value, as determined
by the Company’s Board of Directors, whose determination shall be conclusive,
of the shares, rights, options, warrants, evidences of indebtedness or other
assets issued or distributed in the Special Distribution.

SECTION 10. - In any case in which it shall be required
that an adjustment shall become effective immediately after a record date for
an event referred to herein, the Company may defer, until the occurrence of
such event:

(a)                                  issuing to the Holder, if the Warrant is
exercised after such record date and before the occurrence of such event (the
date of such exercise being herein referred to as the “Exercise Date”), the
additional Common Shares issuable upon such exercise by reason of the
adjustment required by such event; and

(b)                                 delivering to the Holder any distributions
declared with respect to such additional Common Shares after such Exercise Date
and before such event;

provided, however, that the Company shall deliver to
the Holder an appropriate instrument evidencing its right, upon the occurrence
of the event requiring the adjustment, to an adjustment in the Exercise Price
and the number of Common Shares purchasable upon exercise of this Warrant and
to such distributions declared with respect to any such additional Common
Shares issuable on the exercise of this Warrant.

The adjustments provided for
herein are cumulative; shall, in the case of adjustments to the Exercise Price,
be computed to the nearest one-tenth of one cent; and shall apply (without
duplication) to successive subdivisions, consolidations, distributions,
issuances or other events resulting in any adjustment under the provisions
hereof provided that, notwithstanding any other provision hereof, no adjustment
of the Exercise Price shall be required unless such adjustment would require an
increase or decrease of at least 1% in the Exercise Price then in effect and no
adjustment shall be made in the number of Common Shares purchasable on the
exercise of the Warrant unless it would result in a change of at least
one-hundredth of a share (provided, however, that any adjustments which by
reason of this Section 10 are not required to be made shall be carried forward
and taken into account in any subsequent adjustment).

In the event of any question
arising with respect to the adjustments provided for herein, such question
shall be conclusively determined by a firm of chartered accountants (who may be
the Company’s auditors) appointed by the Company. The Accountants shall have
access to all necessary records of the Company and such determination shall, in
the absence of manifest error, be binding upon the Company and the Holder.

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If
the Company after the date of this Warrant takes any action affecting the
Common Shares, other than an action described herein, which in the opinion of
the directors of the Company would materially affect the rights of the Holder,
the Exercise Price and/or the number of Common Shares purchasable upon exercise
of this Warrant shall be adjusted, subject to the prior written consent of the
Toronto Stock Exchange, in such manner, if any, and at such time, by the action
of the directors, in their discretion as they may determine to be equitable in
the circumstances.  Failure of the
directors to make an adjustment in accordance with this Section 10 shall be
conclusive evidence that the directors have determined that it is equitable to
make no adjustment in the circumstances.

If the Company shall set a
record date to determine the holders of the Common Shares for the purpose of
entitling them to receive any issue or distribution or for the issue of any
rights, options or warrants and the Company thereafter and before such
distribution or issue to such shareholders legally abandon its plan to make
such distribution or issue, then no adjustment in the Exercise Price or the
number of Common Shares purchasable upon exercise of this Warrant shall be
required by reason of the setting of such record date.

In the absence of a
resolution of the directors fixing a record date for any of the events referred
to in Subsection 9(b), the Company shall be deemed to have fixed as the record
date therefor the date on which any of such events is effected.

SECTION 11. - As a condition precedent to the taking of
any action which would require an adjustment pursuant to Sections 8 or 9
hereof, the Company shall take any action which may, in the opinion of counsel
to the Company, be necessary in order that the Company may validly and legally
issue as fully paid and non-assessable all the Common Shares to which Holder is
entitled to receive on the full exercise hereof in accordance with the
provisions hereof.

SECTION 12. - At least ten days prior to the effective
date or record date, as the case may be, of any event which, if implemented,
will require an adjustment in any of the subscription rights pursuant to this
Warrant, including the Exercise Price and the number of Common Shares which are
purchasable upon the exercise hereof, the Company shall give notice to the
Holder specifying the particulars of such event and, if determinable and
applicable, the required or anticipated adjustment and the computation of such
adjustment.

In case any adjustment for
which a notice in this Section 12 has been given is not then determinable, the
Company shall promptly after such adjustment is determinable give notice to the
Holder of the adjustment and the computation of such adjustment.

SECTION 13. - The Company covenants and agrees that at
the expense of the Holder, it will do, acknowledge and deliver, or cause to be
done, executed, acknowledged and delivered, all such other acts, deeds and
assurances as the Holder shall reasonably require for the completion of the
intentions and provisions of this Warrant.

SECTION 14. - Time shall be of the essence hereof.

SECTION 15. - This Warrant, any amendment, addendum,
exhibit, supplement or other document relating hereto, and any and all disputes
arising herefrom or related hereto, shall be governed by and construed in
accordance with the internal laws of the Province of British Columbia, and the
federal laws of Canada applicable therein, governing disputes occurring, and
contracts made and to be performed, wholly therein, and without reference to
its principles governing the choice or conflict of laws. The parties hereto
irrevocably attorn and submit to the exclusive jurisdiction of the courts of
the Province of

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British Columbia, sitting in the City of
Vancouver, with respect to any dispute related to or arising from this Warrant
Certificate.

SECTION 16. - Any notice required or permitted to be
given hereunder shall be in writing and may be given by delivery or by
facsimile transmission of same addressed as follows:

(i)            if to the Company:

Vista
Gold Corp.

7961 Shaffer Parkway, Suite 5

Littleton, CO

U.S.A. 80127

Telecopier:  (720) 981-1186

Attention:
Gregory Marlier

(ii)           if to the Holder, at the address
shown on the first page of this Warrant Certificate.

Any notice, if delivered,
shall be deemed to have been given and received on the date on which it was
delivered to the address provided herein (if a business day, and if not, on the
next succeeding business day) and if sent by facsimile transmission be deemed
to have been given and received at the time of receipt unless actually received
after 5:00 p.m. at the point of delivery in which case it shall be deemed to
have been given and received on the next business day.  Any of such parties may change its address
for service from time to time by notice given in accordance with the foregoing.

SECTION 17. -
This Warrant may be executed originally, electronically or by facsimile transmission
and shall enure to the benefit of the Holder and its successors and assigns and
be binding upon the Company and its successors including successors by way of
amalgamation.

IN
WITNESS WHEREOF Vista Gold Corp. has caused this Warrant Certificate to be
signed by a duly authorized signatory as of the 7th day of
November, 2006.

	
   

  	
  VISTA GOLD CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

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SUBSCRIPTION FORM

TO:         VISTA GOLD CORP.

The undersigned hereby exercises                     
agent warrants (“Agent’s Warrants”) of Vista Gold Corp. (the “Company”) and the
right provided for in such exercised Agent’s Warrants to receive the common
shares (“Common Shares”) of the Company issuable pursuant to such Agent’s
Warrants (or such other securities to which such subscription entitles the
undersigned in lieu thereof or in addition thereto pursuant to the provisions
of the attached agent warrant certificate (the “Agent’s Warrant Certificate”)
dated as of the 7th day of
November, 2006 issued by the Company to the Holder) at the exercise price of
US$8.50 per Agent’s Warrant (or at such other exercise price as may then be in
effect under the provisions of the Agent’s Warrant Certificate) and on and
subject to the other terms and conditions specified in the Agent’s Warrant
Certificate and encloses herewith a certified cheque, bank draft or money order
in lawful money of the United States of America payable to the Company or has
transmitted same day funds in lawful money of the United States of America by
wire to such account as the Company directed the undersigned in payment of the
exercise price.

The
undersigned represents, warrants and certifies as follows (one (only) of the
following must be checked):

A. o                  *the undersigned
Holder at the time of exercise of the Warrant is not in the United States, is
not a “U.S. person,” as defined in Rule 902 of Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and is not
exercising the Warrant on behalf of, or for the account or benefit of a U.S.
person or person in the United States and did not execute or deliver this
Subscription Form in the United States; OR

B. o                    *the undersigned
Holder has delivered to the Company an opinion of counsel (which will not be
sufficient unless it is in form and substance satisfactory to the Company) to
the effect that with respect to the Common Shares to be delivered upon exercise
of this Warrant, the issuance of such Common Shares has been registered under
the U.S. Securities Act and applicable state securities laws or an exemption
from the registration requirements of the U.S. Securities Act and applicable
state securities laws is available.

The undersigned Holder further represents, warrants and covenants that if
Box A above is checked, it shall not engage in hedging transactions involving
the Common Shares unless such activities are in compliance with the U.S.
Securities Act.

The undersigned Holder understands that the certificate representing
the Common Shares issued upon exercise of the Warrant will bear a legend, as
set forth in Section 1 of the Warrant Certificate, restricting transfer without
registration under the U.S. Securities Act and applicable state securities laws
unless an exemption from registration is available.

The undersigned hereby directs that any Common Shares subscribed for be
registered and delivered as follows:

	
  Name in Full

  	
   

  	
  Address

  (include Postal Code)

  	
   

  	
  Number of Agent’s

  Warrants

  	
   

  	
  Number of

  Common Shares

  
	
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

DATED this            
day of                  ,
200  .

	
  

  	
  ·

  
	
   

  	
   

  
	
   

  	
  By:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]