Document:

Exhibit 10.11.10

 

EXECUTION VERSION

 

TENTH AMENDMENT TO, AND WAIVER UNDER, CREDIT AGREEMENT

THIS
TENTH AMENDMENT TO, AND WAIVER UNDER, CREDIT AGREEMENT (this “Tenth
Amendment”) is made and entered into as of April 4, 2008, by and among the
financial institutions identified on the signature pages hereof (such
financial institutions, together with their respective successors and assigns,
are referred to hereinafter each individually as a “Lender” and
collectively as the “Lenders”), WELLS FARGO FOOTHILL, INC., a California
corporation, as arranger and administrative agent for the Lenders (in such
capacities, together with any successor arranger and administrative agent, “Agent”),
and TRC COMPANIES, INC., a Delaware corporation (the “Administrative
Borrower”), on behalf of all Borrowers.

 

WITNESSETH:

WHEREAS,
the Administrative Borrower, the Administrative Borrower’s Subsidiaries party
thereto, the Lenders and Agent are parties to that certain Credit Agreement,
dated as of July 17, 2006 (as amended as of October 31, 2006, as of November 29,
2006, as of December 29, 2006, as of January 31, 2007, as of July 30,
2007, as of September 25, 2007, as of November 28, 2007, as of December 14,
2007, and as of March 3, 2008, and as the same may be further amended,
modified, supplemented or amended and restated from time to time, the “Credit
Agreement”);

 

WHEREAS,
pursuant to clauses (a) and (b) of Schedule 5.3 to the Credit
Agreement, as amended, with respect to the month ended December 31, 2007,
the Borrowers were required to deliver an unaudited consolidated balance sheet,
income statement, and statement of cash flow covering Parent’s and its
Subsidiaries’ operations during such period, together with a comparison to
Projections for such monthly period and the corresponding monthly period of the
prior fiscal year and a Compliance Certificate related thereto, in each case on
or prior to February 29, 2008 (the “December 2007 Monthly
Financial Statement Obligations”);

 

WHEREAS,
the Borrowers complied with such December 2007 Monthly Financial Statement
Obligations but failed to do so on a timely basis (the “December 2007
Monthly Financial Statement Default”);

 

WHEREAS,
pursuant to clauses (a) and (b) of Schedule 5.3 to the Credit
Agreement, as amended, with respect to the month ended January 31, 2008,
the Borrowers were required to deliver an unaudited consolidated balance sheet,
income statement, and statement of cash flow covering Parent’s and its
Subsidiaries’ operations during such period, together with a comparison to
Projections for such monthly period and the corresponding monthly period of the
prior fiscal year and a Compliance Certificate related thereto, in each case on
or prior to March 11, 2008 (the “January 2008 Monthly Financial
Statement Obligations”);

 

WHEREAS,
the Borrowers have failed to comply with such January 2008 Monthly
Financial Statement Obligations (the “January 2008 Monthly Financial
Statement Default”; and together with the December 2007 Monthly
Financial Statement Default, the “Applicable Defaults”);

 

WHEREAS,
the Administrative Borrower has requested Agent and the Lenders to waive the
Applicable Defaults, and Agent and the Lenders have agreed to do so subject to
the terms and conditions set forth herein; and

 

 

WHEREAS,
Agent, the Lenders and the Borrowers have agreed to amend the Credit Agreement,
all as herein provided subject to the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of
the agreements and provisions herein contained, the parties hereto do hereby
agree as follows:

 

Section 1.              Definitions.  Any capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the Credit
Agreement.

 

Section 2.              Waivers Under Credit Agreement.  Subject to the satisfaction of the terms and
conditions set forth herein, Agent and the Required Lenders hereby (a) waive
the December 2007 Monthly Financial Statement Default and (b) waive
the January 2008 Monthly Financial Statement Default; provided that
the waiver under this clause (b) shall be rescinded and no longer
effective as of April 22, 2008 if the Borrowers fail to comply with the January 2008
Monthly Financial Statement Obligations on or prior to April 22, 2008.

 

Section 3.              Amendments to the Credit
Agreement.  Subject to the
terms and conditions set forth herein, the Credit Agreement is hereby amended,
as of the Effective Date (defined below), as follows:

 

3.01.       Definition of
EBITDA in Schedule 1.1.  The definition of “EBITDA” in Schedule 1.1
to the Credit Agreement is hereby amended by deleting it in its entirety and
inserting the following in lieu thereof:

 

“EBITDA” means, with
respect to any fiscal period, Parent’s and its Subsidiaries’ consolidated net
earnings (or loss), minus (a) without duplication and to the extent
included in determining Parent’s and its Subsidiaries’ consolidated net
earnings (or loss) for such period, the sum for such period of (i) extraordinary
gains and (ii) interest income (excluding interest income related to any
Exit Strategy Program), in the case of each of clauses (a)(i) and (a)(ii) above
determined on a consolidated basis in accordance with GAAP, plus (b) without
duplication and to the extent deducted in determining Parent’s and its
Subsidiaries’ consolidated net earnings (or loss) for such period, the sum for
such period of (i) interest expenses, (ii) income taxes, (iii) depreciation
and amortization, (iv) restructuring charges incurred during the fiscal
year ended June 30, 2008 in an aggregate amount not to exceed $2,750,000, (v) non-cash
losses incurred in connection with the Exit Strategy Program solely to the
extent such losses are reimbursable to Parent or one of its Subsidiaries under
insurance policies with AIG (or another insurer), and (vi) non-cash
goodwill impairment charges, in the case of each of clauses (b)(i) through
and including (b)(vi) above, determined on a consolidated basis in
accordance with GAAP.

 

3.02.       Schedule 5.3.  Schedule 5.3 to the Credit Agreement
is hereby amended as follows: the left hand column in the first row of the table in Schedule
5.3 to the Credit Agreement relating to monthly financial statements is
hereby deleted in its entirety and replaced with the following: “as soon as
available, but in any event within 40 days (45 days in the case of a month that
is the end of one of Parent’s fiscal quarters) after the end of each month
during each of Parent’s fiscal years; provided, that (x) with
respect to the month ended January 31, 2008, Borrowers shall deliver the
required information and documents to Agent on or prior to April 22, 

 

2

 

2008, and (y) with
respect to the month ended February 29, 2008, Borrowers shall deliver the
required information and documents to Agent on or prior to April 22, 2008.”

 

Section 4.              Representations
and Warranties.  In order to induce
Agent and the Lenders to enter into this Tenth Amendment, the Administrative
Borrower, for itself and on behalf of all of the other Borrowers, hereby
represents and warrants that:

 

4.01.       No Default.  At and as of the date of this Tenth Amendment
and at and as of the Effective Date and both prior to (other than with respect
to the Applicable Defaults) and after giving effect to this Tenth Amendment, no
Default or Event of Default exists and is continuing.

 

4.02.       Representations and
Warranties True and Correct. 
At and as of the date of this Tenth Amendment and both prior to (other
than with respect to the Applicable Defaults) and after giving effect to this
Tenth Amendment, each of the representations and warranties contained in the
Credit Agreement and other Loan Documents is true and correct in all material
respects.

 

4.03.       Corporate Power,
Etc.  Administrative
Borrower (a) has all requisite corporate power and authority to execute
and deliver this Tenth Amendment and to consummate the transactions
contemplated hereby for itself and, in the case of Administrative Borrower, on
behalf of all of the other Borrowers, and (b) has taken all action,
corporate or otherwise, necessary to authorize the execution and delivery of
this Tenth Amendment and the consummation of the transactions contemplated
hereby for itself and, in the case of Administrative Borrower, on behalf of all
of the other Borrowers.

 

4.04.       No Conflict.  The execution, delivery and performance by
Administrative Borrower (on behalf of itself and all of the other Borrowers) of
this Tenth Amendment will not (a) violate any provision of federal, state,
or local law or regulation applicable to any Borrower, the Governing Documents
of any Borrower, or any order, judgment or decree of any court or other
Governmental Authority binding on any Borrower, (b) conflict with or
result in any breach of, or constitute (with due notice or lapse of time or
both) a default under any material contractual obligation of any Borrower, (c) result
in or require the creation or imposition of any Lien of any nature whatsoever
upon any properties or assets of any Borrower, other than Permitted Liens, or (d) require
any approval of any Borrower’s interestholders or any approval or consent of
any Person under any material contractual obligation of any Borrower, other
than consents or approvals that have been obtained and that are still in force
and effect.

 

4.05.       Binding Effect.  This Tenth Amendment has been duly executed
and delivered by the Administrative Borrower (on behalf of itself and all of
the other Borrowers) and constitutes the legal, valid and binding obligation of
the Administrative Borrower (on behalf of itself and all of the other
Borrowers), enforceable against the Administrative Borrower (on behalf of
itself and all of the other Borrowers) in accordance with its terms, except as
such enforceability may be limited by (a) applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws, now or hereafter
in effect, relating to or affecting the enforcement of creditors’ rights
generally, and (b) the application of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law).

 

3

 

Section 5.              Conditions.  This Tenth Amendment shall be
effective upon the fulfillment by the Borrowers, in a manner satisfactory to
Agent and the Lenders, of all of the following conditions precedent set forth
in this Section 5 (such date, the “Effective Date”):

 

5.01.       Execution of the
Tenth Amendment.  Each of the
parties hereto shall have executed an original counterpart of this Tenth
Amendment and shall have delivered (including by way of telefacsimile or
electronic mail) the same to Agent.

 

5.02.       Amendment Fee.  Borrowers shall have paid to Agent, for the ratable
benefit of the Lenders, in immediately available funds an amendment fee equal
to $30,000.

 

5.03.       Representations and
Warranties.  As of the Effective
Date, the representations and warranties set forth in Section 4
hereof shall be true and correct.

 

5.04.       Compliance with Terms. 
Borrowers shall have complied in all respects with the terms hereof and
of any other agreement, document, instrument or other writing to be delivered
by Borrowers in connection herewith.

 

5.05.       Delivery
of Other Documents.  Agent shall have received all other
instruments, documents and agreements as Agent may reasonably request, in form
and substance reasonably satisfactory to Agent.

 

Section 6.              Miscellaneous.

 

6.01.       Continuing Effect.  Except as specifically provided herein, the
Credit Agreement and the other Loan Documents shall remain in full force and
effect in accordance with their respective terms and are hereby ratified and
confirmed in all respects.

 

6.02.       No Waiver;
Reservation of Rights.  This Tenth
Amendment is limited as specified and the execution, delivery and effectiveness
of this Tenth Amendment shall not operate as a modification, acceptance or
waiver of any provision of the Credit Agreement, or any other Loan Document,
except as specifically set forth herein. 
Notwithstanding
anything contained in this Tenth Amendment to the contrary, Agent and the
Lenders expressly reserve the right to exercise any and all of their rights and
remedies under the Credit Agreement, any other Loan Document and applicable law
in respect of any Default or Event of Default (except to the extent set forth
in Section 2 with respect to the Applicable Defaults).

 

6.03.       References.

 

(a)           From and after the Effective Date, (i) the Credit Agreement, the other Loan Documents and
all agreements, instruments and documents executed and delivered in connection
with any of the foregoing shall each be deemed amended hereby to the extent
necessary, if any, to give effect to the provisions of this Tenth Amendment and
(ii) all of the terms and provisions of this Tenth Amendment are hereby
incorporated by reference into the Credit Agreement, as applicable, as if such
terms and provisions were set forth in full therein, as applicable.

 

(b)           From and after the Effective Date, (i) all
references in the Credit Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder”
or words of like import referring to the Credit Agreement shall mean the Credit
Agreement as amended hereby and (ii) all references in the Credit 

 

4

 

Agreement, the other Loan
Documents or any other agreement, instrument or document executed and delivered
in connection therewith to  “Credit
Agreement”, “thereto”, “thereof”, “thereunder” or words of like import
referring to the Credit Agreement shall mean the Credit Agreement as amended
hereby.

 

6.04.       Governing Law.  THIS TENTH AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

6.05.       Severability.  The provisions of this Tenth Amendment are
severable, and if any clause or provision shall be held invalid or
unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect only such clause or provision, or part thereof,
in such jurisdiction and shall not in any manner affect such clause or
provision in any other jurisdiction, or any other clause or provision in this
Tenth Amendment in any jurisdiction.

 

6.06.       Counterparts.  This Tenth Amendment may be executed in any
number of counterparts, each of which counterparts when executed and delivered
shall be an original, but all of which shall together constitute one and the
same instrument.  Delivery of an executed
counterpart of this Tenth Amendment by telefacsimile or electronic mail shall
be equally effective as delivery of a manually executed counterpart.  A complete set of counterparts shall be
lodged with the Administrative Borrower, Agent and each Lender.

 

6.07.       Headings.  Section headings in this Tenth Amendment
are included herein for convenience of reference only and shall not constitute
a part of this Tenth Amendment for any other purpose.

 

6.08.       Binding Effect;
Assignment.  This Tenth
Amendment shall be binding upon and inure to the benefit of Borrowers, Agent
and the Lenders and their respective successors and assigns; provided, however,
that the rights and obligations of Borrowers under this Tenth Amendment shall
not be assigned or delegated without the prior written consent of Agent and the
Lenders.

 

6.09.       Expenses.  Borrowers agree to pay Agent upon demand, for
all reasonable expenses, including reasonable fees of attorneys and paralegals
for Agent and the Lenders (who may be employees of Agent or the Lenders),
incurred by Agent and the Lenders in connection with the preparation,
negotiation and execution of this Tenth Amendment and any document required to
be furnished herewith.

 

6.10.       Integration.  This Tenth Amendment, together with the other
Loan Documents, incorporates all negotiations of the parties hereto with
respect to the subject matter hereof and is the final expression and agreement
of the parties hereto with respect to the subject matter hereof.

 

[Signature
page follows]

 

5

 

IN
WITNESS WHEREOF, the parties hereto have caused this Tenth Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

 

	
   

  	
  ADMINISTRATIVE
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  TRC
  COMPANIES, INC., a Delaware corporation, as Administrative Borrower, on behalf of itself
  and all other Borrowers 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Carl
  Paschetag, Jr.

  	
   

  
	
   

  	
  Name:

  	
  Carl Paschetag, Jr.

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AGENT AND LENDERS:

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO FOOTHILL, INC., as Agent and
  as a Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Jason
  P. Shanahan

  	
   

  
	
   

  	
  Name:

  	
  Jason P. Shanahan

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TEXTRON FINANCIAL CORPORATION, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Chris
  Grivakis  

  	
   

  
	
   

  	
  Name:

  	
  Chris Grivakis

  
	
   

  	
  Title:

  	
  Senior Account Executive

  

 

[SIGNATURE PAGE OF TENTH
AMENDMENT]Exhibit 10.1

 

PURCHASE AND SALE AGREEMENT

 

THIS
AGREEMENT made effective as of the 4th day of
April, 2008

 

AMONG:              REPUBLIC
GOLD LIMITED ACN 106 399 311,
a body corporate incorporated under the laws of Australia and having its
registered office at 144 Cobra Road, Mareeba,
Queensland, Australia 4880
(Facsimile No: (07) 4092 3797)

 

(the
“Purchaser”)

 

AND:                      VISTA GOLD CORP., a body
corporate incorporated under the laws of the Yukon Territory, Canada and having
an office at Suite 5, 7961 Shaffer Parkway, Littleton, Colorado, U.S.A.,
80127 (Facsimile No: (720) 981-1186)

 

(“Vista”)

 

AND:                      VISTA GOLD (ANTIGUA)
CORP., a body
corporate incorporated under the laws of Antigua and Barbuda and having its
registered office at 11 Old Parham Road, P.O. Box 1531, St. John’s, Antigua,
W.I.

 

(“Vista Gold Antigua”)

 

WHEREAS:

 

A.                                  Vista
is the registered and beneficial owner of the Shares (as defined below);

 

B.                                    Vista
has agreed to sell to the Purchaser, and the Purchaser has agreed to purchase
from Vista, the Shares, on the terms and conditions set out in this Agreement;
and

 

C.                                    Vista
Gold Antigua has consented to the transfer of the Shares to the Purchaser, on
the terms and conditions set out in this Agreement;

 

NOW
THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the premises and mutual covenants and agreements hereinafter
contained the Parties agree as follows:

 

1.                                      Definitions.  In this
Agreement, the following words, phrases and expressions shall have the
following meanings:

 

“Additional Consideration” has the meaning given
to that term in Section 3.2;

 

“Affiliate” means a relationship among
persons, corporations or similar entities in which a corporation or similar
entity is the direct or indirect subsidiary of another corporation or similar
entity, two corporations or similar entities are subsidiaries of the same
corporation or similar entity, or two corporations or similar entities are
controlled by the same person, corporation or similar entity;

 

“Agreement” means this Agreement as a whole,
including the Schedules attached hereto, together with any amendments thereto;

 

“Business Day” means a day, other than a
Saturday, Sunday or statutory holiday in the Province of British Columbia,
Canada;

 

“Closing” means the completion of the
transfer of the Shares contemplated in this Agreement;

 

“Closing Date” means the date on which
Closing occurs, as agreed between the parties;

 

 

“Commercial Production” means the commercial-scale operation of
any part of the Property as a Mine by, or on behalf of, the Purchaser, but does
not include processing of ore carried out in a pilot plant or processing ore
for other testing purposes.  Commercial
Production shall be deemed to have commenced on the day immediately following
the first 90 consecutive days during which Minerals have been produced by, or
on behalf of, the Purchaser and processed at an average daily rate of not less
than 75% of the rated capacity of the production and processing facilities
which is forecast by the bankable feasibility study upon which the decision to
proceed to Commercial Production decision was taken;

 

“Constitution” means the constitution, articles, bylaws,
memorandum of association, testimony of constitution or other form of
constating document that governs the organization of an entity;

 

“Disclosure Documents” means the disclosure documents setting
out the information and attaching the documents contemplated by this Agreement
as being disclosed and or provided to the Purchaser by or on behalf of Vista in
such documents and which are for greater certainty listed in Schedule “F”;

 

“Disclosure Letter” means the letter dated as of the date of
this Agreement which, concurrently with the execution of this Agreement, was
delivered by Vista to the Purchaser;

 

“Encumbrance” means any mortgage, charge,
pledge, hypothecation, security interest, assignment, lien (statutory or
otherwise), title retention agreement or arrangement, royalty, restrictive
covenant or other encumbrance of any nature;

 

“Escrow Account” means the account in which
the Escrow Amount will be held in accordance with Section 4;

 

“Escrow Amount” has the meaning ascribed to
such term in Section 4(e);

 

“Final Production Payment” means the sum of
US$1 million (inclusive of Taxes) that is payable by (or on behalf of) the
Purchaser to Vista in accordance with Section 3.1(c);

 

“Force
Majeure Event” means any act of God, strike, lockout,
disruption to rights of occupation or operation of the Mine, other disturbance
or labour difficulty, war, act of public enemy, blockade, revolution, riot,
insurrection, civil commotion, lightning, storm, flood, fire, earthquake,
explosion, embargo, unavailability of any essential equipment or materials,
unavoidable accident, lack of transportation, or anything done or not done by
or to a person, government or other competent authority which results in the
halting of Commercial Production for any period;

 

“Gold” means all gold in ore produced for
refining from ore in, on or under the Property which may lawfully be explored
for, mined and sold;

 

“Governmental Authority” means any federal,
provincial, state, municipal, or other local government or quasi-governmental
or private body exercising any statutory, regulatory, expropriation or taxing
authority under the authority of any of the foregoing governments or any Laws
and includes any ministry, department, commission, bureau, board,
administrative or other agency or regulatory body or instrumentality thereof,
and any judicial, quasi-judicial, arbitration or administrative court,
tribunal, commission, board or panel acting under the authority of any of the
foregoing persons or any Laws;

 

“Initial Production Payment” means the
amount of US$1 million (inclusive of Taxes) that is payable by (or on behalf
of) the Purchaser to Vista in accordance with Section 3.1(a);

 

“Initial Production Payment Date” has the
meaning ascribed to such term in Section 3.1(a);

 

“Laws” means all federal, provincial, state,
municipal and local: constitutions; statutes; codes; ordinances; decrees;
rules; regulations; by-laws; treaties; judicial, arbitral, administrative, 

 

2

 

departmental or
regulatory judgements, orders, decisions, rulings or awards; policies;
voluntary restraints; guidelines; general principals of common law and equity;
and any provisions of such Laws, binding on or affecting the person referred to
in the context in which such word is used; and “Law” means any one of such Laws;

 

“Legal Proceedings” has the meaning given to
that term in Section 6;

 

“Mine” means workings established and assets
acquired, including open pits, dumps, stockpiles, development headings, plant
and concentrator installations, dams, infrastructure, housing, airport and
other facilities to convert the Property into an operating Gold mine that is
achieving Commercial Production;

 

“Minerals” means any and all ores (and
concentrates derived therefrom) and minerals, precious and base, metallic and
non-metallic, in, on or under the Property which may lawfully be explored for,
mined and sold;

 

“NSR Royalty” means a net smelter return royalty
with respect to the production of Gold from the Property pursuant to the terms
set out in Schedule “D”;

 

“Parties” means the parties to this
Agreement and their respective successors and permitted assigns which become
Parties pursuant to this Agreement;

 

“Property” means the mineral rights and
concessions on which the Mine is (or is proposed to be) established which are
located approximately 382 kilometres southeast of La Paz in Chayanta
Municipality, Bustillos Province, Department of Potosi, in southwestern
Bolivia, as more particularly described in Schedule
“C”;

 

“Purchase Price” has the meaning given to
that term in Section 3.1;

 

“Second Production Payment” means the sum of
US$1 million (inclusive of all Taxes) that is payable by (or on behalf of) the
Purchaser to Vista in accordance with Section 3.1(b);

 

“Shares” means all of the issued share
capital of Vista Gold Antigua, details of which appear in Schedule “A”;

 

“Subsidiaries” means each Affiliate of Vista
Gold Antigua, details of which are set out in Schedule
“B”;

 

“Tax” and “Taxation” means each of the following: (a) all
forms of taxation, duties, imposts, fees, levies, deductions or withholdings,
whether of Canada, Antigua, Bolivia, Australia, U.S. or elsewhere; and (b) any
interest or penalty in connection with such liability;

 

“Technical Reports and Data” means all
reports and data pertaining to the Property which are in the possession and
control of Vista on the Closing Date; and

 

“Vendor Warranties” means the
representations and warranties made by Vista and, where applicable, Vista Gold
Antigua set out in Schedule “E”.

 

3

 

2.                                     Purchase and Sale.  Vista hereby agrees to sell the Shares to the
Purchaser, and the Purchaser hereby agrees to purchase the Shares from Vista,
effective as of the Closing Date for consideration consisting of the Purchase
Price and the Additional Consideration, all on and subject to the terms and
conditions of this Agreement.

 

3.                                     Consideration.

 

3.1                                Purchase Price.  Subject to Section 4, the Purchaser
shall pay to Vista the Initial Production Payment, the Second Production
Payment and the Final Production Payment in accordance with the following:

 

(a)                                  subject
to clause 3.4(a), the Initial Production Payment shall be payable within 30
days of commencement of Commercial Production (the date that such payment is
due and payable, the “Initial Production
Payment Date”);

 

(b)                                 subject
to clause 3.4(b), the Second Production Payment shall be payable within 30 days
of the first anniversary of the Initial Production Payment Date; and

 

(c)                                  subject
to clause 3.4(c), the Final Production Payment shall be payable within 30 days
of the second anniversary of the Initial Production Payment

 

(collectively such amounts
in aggregate, the “Purchase Price”).

 

3.2                                Additional
Consideration.  In
addition to the payment of the Purchase Price, effective as of the Closing
Date, the Purchaser shall (without further action from the Purchaser):

 

(a)                                assume
full and complete responsibility for the Legal Proceedings;

 

(b)                               give
and grant to Vista the NSR Royalty, and shall pay to Vista all payments that
become due and payable to Vista in accordance with the NSR Royalty;

 

(c)                                assume
full and complete responsibility for all statutory liabilities of Vista or any
of its Affiliates for any accrued severance benefits for existing staff and
collective contract employees, engaged to provide services with respect to the
Property; and

 

(d)                               assume
full and complete responsibility for the payment of all property holding costs
relating to the Property arising on or accruing after the Closing Date,

 

(collectively, the “Additional Consideration”).

 

3.3                              Manner and
Currency of Payment.  All cash payments under this Section 3
shall be made by wire transfer or certified bank cheque in US Dollars or by
such other means as is acceptable to Vista.

 

3.4                                Impact of Force
Majeure on Payment of Purchase Price.  In the event that a Force Majeure Event
occurs prior to the payment to Vista of any of the Initial Production Payment,
the Second Production Payment or the Final Production Payment, the date for
payment of such amounts shall be adjusted as follows:

 

(a)                                  Initial
Production Payment - If a Force Majeure Event occurs at any time during the 90
day period commencing on the day that Minerals are first produced in a
commercial-scale operation by, or on behalf of, the Purchaser and ending on the
day that Commercial Production is deemed to have commenced, the Initial
Production Payment Date shall be extended to take into account any period
during which Commercial Production did not occur.

 

4

 

(b)                                 Second
Production Payment - If a Force Majeure Event occurs at any time during the 12
month period following the date on which Commercial Production has commenced,
the date for payment of the Second Production Payment shall be extended to take
into account any period during which Commercial Production did not occur.

 

(c)                                  Final
Production Payment - If a Force Majeure Event occurs at any time during the 24
month period following the date on which Commercial Production has commenced,
the date for payment of the Final Production Payment shall be extended to take
into account any period during which Commercial Production did not occur.

 

4.                                     Representations and Warranties of Vista and Vista Gold
Antigua.  Vista and where applicable, Vista Gold
Antigua represent and warrant to the Purchaser that, except as disclosed in the
Disclosure Letter, as at the Closing Date each of the Vendor Warranties is true
and accurate in all material respects.

 

Further, each Party acknowledges that:

 

(a)                                  each of the
Vendor Warranties given is separate and independent, and except as expressly
provided to the contrary in this Agreement, is not limited by reference to any
other representation or warranty;

 

(b)                                 except in the
case of a loss suffered in respect of fraud, dishonesty or wilful concealment
on the part of Vista or its agents or advisers, in no circumstances shall Vista’s
aggregate liability in respect of breaches of Vendor Warranties exceed the
Purchase Price;

 

(c)                                  Vista shall not
be liable for any breach of the Vendor Warranties, unless on or before the
first anniversary of the Closing Date, the Purchaser (or the Purchaser’s
nominee) has notified Vista in writing of the breach and that the Purchaser
intends to make a claim to Vista for amounts it claims are due to it in respect
of such breach;

 

(d)                                 any
obligation of Vista to make a payment to the Purchaser under this Section 4
for a breach of the Vendor Warranties shall be satisfied, and the Purchaser’s
sole and exclusive recourse for satisfaction of such obligations shall be, by
way of a reduction of any portion of the Purchase Price or a NSR Royalty
payment that is or becomes payable under Section 3 after the date a claim
with respect to such breach is made in accordance with this Section;

 

(e)                                  the
Purchaser may deduct from the Initial Production Payment, the Second Production
Payment, the Final Production Payment or a NSR Royalty payment that is or
becomes payable under Section 3, any amounts it claims, acting reasonably,
are due to it in respect of any breach of the Vendor Warranties, which amounts
shall not exceed the total maximum amount of the claims (the “Escrow Amount”), provided that no such
amounts shall be so deducted unless the total amounts due to the Purchaser
under this Section exceed US$50,000 in aggregate and that the Purchaser
shall provide Vista with prompt written notice setting out the amounts so
deducted and the breaches with respect to which such amounts are being deducted;

 

(f)                                    in
the event that the Purchaser exercises its rights under the above paragraph
prior to payment of any or all of any part of the Initial Production Payment,
the Second Production Payment, the Final Production Payment or a NSR Royalty
payment, the Purchaser must immediately pay that portion of the Escrow Amount
from the Initial Production Payment, the Second Production Payment, the Final
Production Payment or a NSR Royalty payment, as the case may be, that is then
payable to Vista, into the Escrow Account and as such payments become payable,
the Purchaser must 

 

5

 

immediately pay such amounts
into the Escrow Account until the Escrow Amount is paid in full or the dispute
is finally determined;

 

(g)                                 the
Escrow Account will be established at a bank located in the United States or
Australia agreed between the Parties (or in the event of dispute, nominated by
the Purchaser’s solicitors acting reasonably) as an interest bearing account in
the name of Vista and the Purchaser, and will be designated the “Amayapampa
Escrow Account”;

 

(h)                                 at
the time each claim is settled between Vista and the Purchaser or in the
opinion of their solicitors acting reasonably, finally determined by an order,
determination or award of any court, tribunal, arbitrator or expert having
jurisdiction, then amounts must be paid out of the Escrow Amount to Vista or
the Purchaser in accordance with that settlement, order, determination or
award.  If after payment of all such
claims there are any monies left in the Escrow Account, they will be to the
entitlement of Vista and must be promptly paid to Vista.  Interest earned on amounts paid out of the
Escrow Account will follow the principal; and

 

(i)                                     the
Escrow Amount and any other amounts held in the Escrow Account may not be
withdrawn or transferred from the Escrow Account except as specifically
permitted by this Agreement or as agreed to in writing by Vista and the
Purchaser.

 

5.                                      Representations and Warranties of the Purchaser.  The Purchaser represents and warrants to
Vista that:

 

(a)                                  the Purchaser is
a corporation or company duly incorporated, amalgamated or formed, as the case
may be, and validly subsisting under the laws of its jurisdiction of
incorporation, amalgamation or formation, as the case may be, and is up to date
with respect to all of its corporate filings under those laws; and

 

(b)                                 (i) the
Purchaser has the full right and authority to enter into this Agreement and
each document executed and delivered or to be executed and delivered by the
Purchaser, to perform its obligations hereunder or thereunder and to consummate
the transactions contemplated hereby and thereby, (ii) the execution and
delivery of this Agreement and each such other document, the performance of its
obligations hereunder and thereunder and the consummation of the transactions
contemplated hereby and thereby have been duly authorized by all necessary
corporate or other action on the part of the Purchaser, and no other action on
the part of the Purchaser is required in connection therewith, and (iii) this
Agreement and each such other document constitutes, or when executed and
delivered will constitute, a valid and binding obligation of the Purchaser
enforceable against it in accordance with its terms; and

 

(c)                                  neither
the making of this Agreement, the completion of the transactions contemplated
by it, nor the performance of or compliance with its terms violate the
Constitution of the Purchaser or any agreement to which the Purchaser is a
party.

 

6.                                      Acknowledgement of Purchaser.  The Purchaser acknowledges and agrees that it
is aware of and has conducted due diligence investigations that it has
determined are necessary with respect to the Shares and the Property.

 

In addition, the Purchaser acknowledges and agrees that it is aware of
the following litigation:

 

(a)                                  the claims,
including the proceedings in Bolivia against Mr. Estanislao Radic
Valderrama and/or his successors (“Radic”)
seeking judgment declaring that Radic lacks any property rights with respect to
the mining concessions constituting the Grupo Minero Amayapampa;

 

6

 

(b)                                 in Bolivia
against Minera Nueva Vista S.A. and Mr. Raul Garafulic questioning the
validity of Mr. Garafulic’s ownership of the Property, which lawsuit ended
in April 2004 with a declaration that Radic’s cause of action had lapsed;

 

(c)                                  in Bolivia
against Minera Nueva Vista S.A. and two of its predecessors in interest,
seeking nullification of the public documents by which the mineral concessions
comprising the Grupo Minero Amayapampa had been transferred to Minera Nueva
Vista S.A.; and

 

(d)                                 the claim,
including proceedings in Bolivia, against Agustin Melgarejo Zuleta, seeking
nullification of testament and of the public document by which the aunt of Sr.
Melgarejo transferred the 25% interest in the Gran Porvenir and La Chayanteña
concessions to Sr. Melgarejo

 

(collectively, the “Legal Proceedings”).

 

The Purchaser
acknowledges and agrees that effective as of the Closing, the Purchaser shall
have full and complete responsibility for the Legal Proceedings, and that Vista
and its directors, officers, employees, agents and representatives have no
responsibility or liability of any nature whatsoever with respect to the Legal
Proceedings, including without limitation with respect to any amount owing to a
plaintiff with respect to any settlement or final determination of the Legal
Proceedings, or any liability incurred by the Purchaser, Vista Gold Antigua,
Minera Nueva Vista S.A. or any of the other Subsidiaries with respect to the
Legal Proceedings.  For greater
certainty, the Purchaser shall not assume liability for any unpaid legal and
advisory fees accrued by Vista or any of its Affiliates arising from or incidental
to the Legal Proceedings prior to closing.

 

Vista shall take
such steps as are reasonably requested by the Purchaser to assist the Purchaser
or any of its Affiliates, including Vista Gold Antigua, with the defence or
pursuit of the Legal Proceedings, provided that the Purchaser pays all costs
reasonably incurred by Vista in connection with the foregoing.

 

7.                                      Covenants of Vista.  Vista covenants and agrees
with the Purchaser that, after the Closing, Vista will provide any assistance
reasonably required to:

 

(a)                                  ensure that the
resignation of those directors of Vista Gold Antigua and the Subsidiaries whom
the Purchaser has not consented to remain officeholders, and the appointment of
directors nominated by the Purchaser, is effective under applicable Laws; and

 

(b)                                 change the
authorised signatories to bank accounts held by Vista Gold Antigua or any of
the Subsidiaries to those persons approved by the Purchaser.

 

8.                                      Covenants of the Purchaser.  The
Purchaser covenants and agrees with Vista during the term of this Agreement
(unless otherwise specified in this Section 8) as follows:

 

(a)                                  the Purchaser,
its employees, contractors and authorized agents and its Affiliates’ employees,
contractors and authorized agents will enter the Property at the Purchaser’s
sole risk and the Purchaser will and does hereby indemnify and save Vista and
its directors, officers, employees and shareholders, harmless from any damage
to the Property caused by the Purchaser, its employees, contractors and
authorized agents and its Affiliates’ employees, contractors and authorized
agents and from any actions, suits, claims, proceedings, litigation or
investigation arising by reason of injury to Vista or its employees,
contractors or agents on the Property or the approaches thereto;

 

(b)                                 the Purchaser
will:

 

7

 

(i)            comply
with the provisions of all agreements or instruments of title under which the
Property is held;

 

(ii)           pay
all fees, taxes, assessments and other charges levied by Governmental
Authorities in respect of the Property or to maintain the Property in good
standing; and

 

(iii)          file
all necessary affidavits of assessment work and other filings required to
maintain the Property in good standing, based upon the results of the Purchaser’s
operations;

 

(c)                                  during the period
from the Closing Date to and including the date that Commercial Production has
commenced on the Property, and subject to the provision of reasonable advance
notice to the Purchaser, the Purchaser will permit Vista, at its sole risk and
expense, to have its employees, contractors and authorized agents visit the
Property provided that in doing so it does not cause undue disruption to the
Purchaser’s operations on the Property; and

 

(d)                                 during the period
from the Closing Date to and including the date that Commercial Production has
commenced on the Property, the Purchaser will deliver to Vista not later than August 1st
and February 1st of each year, a summary report describing in
reasonable detail the results of the mineral exploration and development
carried out within the previous periods from January 1 to June 30 and
July 1 to December 31, respectively.

 

9.                                     Loan to Purchaser.  Upon delivery of a loan agreement in the form
set out in Schedule “G” and all
documents reasonably required in connection with such loan agreement, Vista
agrees to advance US$350,000 by wire transfer to the Purchaser pursuant to the
terms and conditions of such loan agreement and to provide to the Purchaser a
copy of the relevant wire transfer instructions within one Business Day of the
Closing Date.

 

10.                              Closing Deliveries and Transactions.

 

10.1                         Escrow
of Closing Deliveries.  All of the documents to be delivered pursuant
to Sections 10.2 and 10.3 shall be tabled and held in escrow until Vista and
the Purchaser have agreed that all such documents are satisfactory and at such
time, Vista and the Purchaser shall indicate their agreement that the escrow be
terminated, whereupon each of the documents tabled will be released from escrow
and the Closing will be completed.

 

10.2                         Deliveries of
Vista.  Upon
execution of this Agreement by each of the Parties, Vista will deliver the
following documents to the Purchaser:

 

(a)                                  duly
executed transfer documents transferring the Shares to the Purchaser, such
transfers to be executed by or on behalf of Vista and be in registrable form,
subject to payment of stamp duty (if any);

 

(b)                                 the share
certificates for the Shares, and any other documents that are necessary to vest
full legal and equitable title in the Purchaser, including an irrevocable
consent and waiver of any rights of pre-emption that may be required by the
Constitution of Vista Gold Antigua.  If a
share certificate cannot be located, a statutory declaration to that effect (in
a form agreed to by the Purchaser) will be accepted instead of the share certificate;

 

(c)                                  written
confirmation of beneficial ownership of each share in the Subsidiaries which is
not registered in the name of Vista Gold Antigua, along with acknowledgement of

 

8

 

the transfer in
beneficial ownership to the Purchaser (or the Purchaser’s nominee) as at the
Closing;

 

(d)                                 the certificate
of incorporation and current Constitution for Vista Gold Antigua and each
Subsidiary (including any certificate of incorporation on the change of name,
and the certificate for any registered business name operated by the relevant
company), or a certified copy of such document;

 

(e)                                  evidence of any
required consents by lessors or Government Authorities (on terms satisfactory
to the Purchaser) to the change in control of Vista Gold Antigua, the
Subsidiaries and the Property;

 

(f)                                    each seal, if
any, and any duplicate common or official seal, of Vista Gold Antigua or a
Subsidiary;

 

(g)                                 all statutory
accounts and registers required to be kept under applicable Laws, and all other
corporate records maintained by each of Vista Gold Antigua and the
Subsidiaries;

 

(h)                                 certified copies
of resolutions duly passed by the directors of Vista authorising transfer of
the Shares to the Purchaser (or the Purchaser’s Nominee);

 

(i)                                     certified copies
of resolutions duly passed by the directors of Vista Gold Antigua consenting to
the transfer of the Shares;

 

(j)                                     certified copies
of resolutions duly passed by the directors of each of the Subsidiaries
acknowledging the change in control; and

 

(k)                                  all documents,
files, records and other data, financial or otherwise, relating to the
Property, including without limitation the Technical Reports and Data.

 

10.3                         Deliveries
of the Purchaser.  Upon execution of this Agreement by each of
the Parties, the Purchaser shall deliver to Vista certified copies of the
resolutions duly passed by directors of the Purchaser approving purchase of the
Shares, and authorising the appointment of nominated directors to the boards of
each of Vista Gold Antigua and the Subsidiaries.

 

11.                              Commencement of Commercial Production.

 

11.1                          Notice.  The Purchaser shall give notice to Vista, in
writing, as soon as practicable, and in any event, within seven days, after
commencement of Commercial Production.

 

12.                              Assignment of Interest.

 

12.1                          Assignment.  During the term of this Agreement, except as
specifically contemplated by this Agreement, no Party shall sell, transfer or
assign this Agreement or its rights or obligations hereunder (including without
limitation with respect to the NSR Royalty) or its rights or beneficial
interest in or title to the Property, without the prior written consent of the
other Parties, such consent not to be unreasonably withheld or delayed.  Notwithstanding any other provision of this
Agreement, the transfer or assignment of a Party’s rights or obligations
hereunder (including without limitation with respect to the NSR Royalty) or its
rights or beneficial interest in or title to the Property to another person (an
“assignee”) shall be subject to the assignee entering into an agreement with
the other Party whereby the assignee agrees to be bound by, and comply with,
the provisions of this Agreement (including the NSR Royalty) as though it were
the assigning or transferring Party.

 

9

 

12.2                          No
Encumbrance. 
During the term of this Agreement, no Party will cause or allow an
Encumbrance to be placed on its interest in or title to the Property or its
rights under this Agreement without the prior written consent of the other
Parties, except for any Encumbrance contemplated by a bankable feasibility
study relating to the Property undertaken to move the Property to Commercial
Production.

 

13.                              Indemnification.

 

13.1                         Each Party will indemnify
and save harmless the other Party from and against all actions, suits, claims,
proceedings, litigation or investigation whatsoever and any damages, losses
(other than loss of profit), costs, fines, penalties, liabilities or expenses,
including legal fees on a solicitor-and-own-client basis, disbursements and all
costs incurred in investigation or pursuing any of the foregoing or any
proceeding related thereto, made or brought against such Party or which such
Party suffers or incurs, directly or indirectly, prior to the date that is one
year from the date of Closing, as a result of or in connection with any breach
of any representation, warranty, covenant or agreement in the Agreement by the
other Party.  In no circumstances shall a
Party’s aggregate liability in respect of this Section exceed the Purchase
Price.

 

13.2                          Any amount
payable under this Section will be increased so as to ensure that the net
amount received by the Party entitled to payment hereunder will after Taxation
be equal to that which would have been received by such Party had the payment
and any increased payment pursuant to this Section not been subject to
Taxation.

 

14.                              Non-Disclosure and Confidentiality.  Each Party agrees that it will not, without
the prior written consent of the other Party, disclose publicly or to any third
party the terms and conditions of this Agreement or the subsequent negotiations
between the Parties, if any, except as required by law or by an applicable
stock exchange’s rules and regulations. 
In particular, each Party agrees to provide the other with reasonable
opportunity to review any proposed public disclosure with respect to this
Agreement or the transactions contemplated thereby.  In addition, each Party acknowledges that as
part of the transactions contemplated by this Agreement, it may come into
possession of material non-public information regarding the other Party.  Each Party agrees to keep such information
strictly confidential and to use such information only for purposes of the transactions
contemplated in this Agreement.  Nothing
in this Section 14 shall prevent a Party from disclosing confidential
information about the other Party to its own directors, officers, employees or
advisors who need to know such information in order to assist such Party in
completing the transactions contemplated in this Agreement.

 

10

 

15.          Retained Rights.

 

15.1        Right of First Refusal.
The Purchaser shall not sell, assign or otherwise transfer its interest in the
Property to a third party prior to commencement of Commercial Production
without first offering to sell, assign or otherwise transfer its interest in
the Property to Vista for a price and upon the same terms as the Purchaser
would sell, assign or otherwise transfer its interest in the Property to a
third party.  Vista shall be entitled to elect
to purchase the Property from the Purchaser within 60 days of receiving the
Purchaser’s offer, by delivering written notice to the Purchaser to purchase
the Property.  If within 60 days of
receiving the Purchaser’s offer, Vista does not elect to purchase the Property,
the Purchaser may dispose of the Property to a third party at any time within
180 days of the expiry of Vista’s election period, but only for consideration
equal to or greater than the consideration stated in the offer to sell to
Vista, and upon no more favourable terms or conditions as the offer to sell to
Vista; provided however, that the sale of the Property to the third party shall
be subject to the third party entering into an agreement with Vista whereby the
third party agrees to be bound by, and comply with, the provisions of this
Agreement (including the NSR Royalty).

 

15.2        Right
to Re-purchase. The Purchaser hereby gives and grants to
Vista the right to re-purchase its rights, title to and interest in the
Property at any time if the Purchaser or Vista Gold Antigua have not moved to
close a financing under a project financing facility put in place to move the
Property to Commercial Production prior to the fifth anniversary of the Closing
Date.  The price payable upon exercise of
the right to repurchase shall be 75% of the aggregate costs reasonably incurred
by Vista Gold Antigua directly related to the holding, financing and developing
of the Property, incurred after the Closing Date.  The costs will be verifiable on an open book
basis.

 

16.          Notices.  All
notices, consents, demands and requests (in this Section 16, called a “Communication”) required or permitted to be
given under this Agreement shall be in writing and may be delivered personally
or may be sent by facsimile or may be forwarded by first class prepaid registered
mail to the Parties at their addresses first above written.  Any Communication delivered personally or
sent by facsimile shall be deemed to have been given and received on the
Business Day next following the date of sending.  Any Communication mailed as aforesaid shall
be deemed to have been given and received on the fifth Business Day following
the date it is posted, addressed to the Parties at their addresses first above
written or to such other address or addresses as any Party may from time to
time specify by notice to the other; provided, however, that if there shall be
a mail strike, slowdown or other labour dispute which might affect delivery of
the Communication by mail, then the Communication shall be effective only if
actually delivered.

 

17.          General

 

17.1        Entire
Agreement.  This
Agreement constitutes the entire agreement between the Parties with respect to
the subject matter hereof and supersedes all prior agreements, understandings,
negotiations and discussions, whether written or oral.  There are no conditions, covenants,
agreements, representations, warranties or other provisions, express or
implied, collateral, statutory or otherwise, relating to the subject matter
hereof except as provided in this Agreement.

 

17.2        Time
of Essence.  Time
shall be of the essence of this Agreement.

 

17.3        Applicable
Law.  This
Agreement shall be construed, interpreted and enforced in accordance with, and
the respective rights and obligations of the Parties shall be governed by, the
laws of the Province of British Columbia and the laws of Canada applicable
therein.

 

17.4        Arbitration.  All disputes arising out of or in connection
with this Agreement shall be finally determined by arbitration under the Rules of
the International Chamber of Commerce by one 

 

11

 

or more arbitrators
appointed in accordance with those rules. 
The place of arbitration shall be Vancouver, British Columbia, Canada.
The language of the arbitration shall be English.

 

17.5         Severability.  If any provision of this Agreement is or
shall become illegal, invalid or unenforceable, in whole or in part, the
remaining provisions shall nevertheless be and remain valid and subsisting and
such remaining provisions shall be construed as if this Agreement had been
executed without the illegal, invalid or unenforceable portion.

 

17.6         Amendment.  This Agreement may not be amended or modified
except by an instrument in writing duly executed on behalf of each of the
Parties.

 

17.7         Waiver.  A consent to or waiver of any breach of
default by any Party of any or all of its obligations under this Agreement by
any other Party:

 

(a)           will not be valid and
enforceable unless it is in writing and stated to be a consent or waiver
pursuant to this Agreement;

 

(b)           may not be treated as a
consent to or waiver of any other breach or default of the same or any other
obligation;

 

(c)           will not constitute a
general waiver under this Agreement; and

 

(d)           will not eliminate or modify
the need for a specific consent to or waiver of any other breach or default.

 

17.8         Enurement.  This Agreement will enure to the benefit of
and be binding upon the Parties and their respective successors and permitted
assigns.

 

17.9         Expenses and Fees.  Regardless of whether the transactions
contemplated by this Agreement are ultimately completed, except as otherwise
specifically provided in this Agreement, each Party will bear all of its own
costs and expenses (including legal fees and travel costs) incurred in
connection with this Agreement and the transactions contemplated by this
Agreement.

 

17.10       Further Assurances.  The Parties hereto agree to promptly do,
make, execute, deliver or cause to be done, made, executed or delivered all
such further acts, documents and things as the other Party hereto may reasonably
require for the purpose of giving effect to this Agreement.

 

17.11       No Prior Representation.  No Party has relied on any representation,
arrangement, understanding or agreement, whether written or oral, express or
implied, statutory or otherwise, with respect to the subject matter of this
Agreement, except as specifically set forth herein.

 

17.12       No Implied Covenants.  There are no implied covenants contained in
this Agreement.

 

17.13       No Third Party Beneficiaries.  Each Party intends that this Agreement will
not benefit or create any right or cause any action in or on behalf of any
person other than the Parties hereto and no person other than the Parties
hereto will be entitled to rely on the provisions hereof.

 

17.14       Schedules.  The following Schedules are attached to and
form an integral part of this Agreement:

 

Schedule “A”       Particulars of
Vista Gold Antigua

Schedule “B”        Particulars of
the Subsidiaries

Schedule “C”        The Property

Schedule “D”        The NSR Royalty
Agreement

 

12

 

Schedule “E”        Vendor Warranties

Schedule “F”        Disclosure
Documents

Schedule “G”        Loan Agreement

 

17.15       Counterparts.  This Agreement may be executed in
counterparts with the same force and effect as if the Parties had executed one
instrument, and each counterpart will constitute an original thereof.  This Agreement and any counterpart thereof
may be delivered by facsimile and when so delivered will be deemed to be an
original.

 

IN
WITNESS WHEREOF the Parties hereto have
cause this Agreement to be executed by their duly authorized representatives as
of the day and year first above written.

 

REPUBLIC GOLD LIMITED ACN 106 399 311

 

 

	
  By:

  	
  /s/ John Kelly

  	
   

  
	
   

  	
          Authorized
  Signatory

  

 

 

VISTA GOLD CORP.

 

 

	
  By:

  	
  /s/ Frederick H. Earnest

  	
   

  
	
   

  	
          Authorized
  Signatory

  

 

 

VISTA GOLD (ANTIGUA) CORP.

 

 

	
  By:

  	
  /s/ Gregory G. Marlier

  	
   

  
	
   

  	
          Authorized
  Signatory

  

 

13

 

SCHEDULE “A”

 

PARTICULARS OF VISTA GOLD ANTIGUA

 

Registration No.: 
IBC No. 005488

 

Registered Office: 
Corporate Services Ltd., 11 Old Parham Road, P.O. Box 1531, St.
John’s, Antigua, W.I.

 

Place of Incorporation:  Antigua and Barbuda

 

Directors:  Michael B. Richings and Gregory G. Marlier

 

Secretary:  Constance
Martinez

 

Auditor:  PricewaterhouseCoopers
LLP (successor to Coopers & Lybrand)

 

Issued Capital:  100 common shares with a par value of US$1.00
each, all of which are held by Vista Gold Corp.

 

A-1

 

SCHEDULE
“B”

 

PARTICULARS
OF THE SUBSIDIARIES

 

1.             Compañía
Inversora Vista S.A.

 

	
  Registration No.

  	
   

  	
  07-044795-01

  
	
   

  	
   

  	
   

  
	
  Registered Office

  	
   

  	
  Senarec, currently Fundempresa

  
	
   

  	
   

  	
  Edif. Cámara Nacional de Comercio

  
	
   

  	
   

  	
  Av. Mcal Sta Cruz
  No. 1392, 2do Mz.

  
	
   

  	
   

  	
  La Paz, Bolivia

  
	
   

  	
   

  	
   

  
	
  Place of Incorporation

  	
   

  	
  La Paz, Bolivia

  
	
   

  	
   

  	
   

  
	
  Directors

  	
   

  	
  María Esther Jitton, Alberto
  Alandia, José Melgarejo Biáñez

  
	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  	
  José Melgarejo Ibanez

  
	
   

  	
   

  	
   

  
	
  Auditor

  	
   

  	
  Consultoría Especializada en
  Auditoría Administración Tributaria Social Y Laboral Cornejo Valdiviezo

  
	
   

  	
   

  	
   

  
	
  Issued Capital

  	
   

  	
  Bs. 2.993.000 (2.993 shares)

  
	
   

  	
   

  	
   

  
	
  Shareholders and number of shares held by each

  	
   

  	
  Vista Gold (Antigua) Corp. - 2893 shares

  
	
   

  	
   

  	
  M E Jitton - 90 shares

  
	
   

  	
   

  	
  Juan Pablo Velasco L. - 10 shares

  
					

 

2.             Minera Nueva Vista S.A.

 

	
  Registration no.

  	
   

  	
  07-044410-01

  
	
   

  	
   

  	
   

  
	
  Registered Office

  	
   

  	
  Senarec, currently Fundempresa

  
	
   

  	
   

  	
  Edif. Cámara Nacional de Comercio

  
	
   

  	
   

  	
  Av. Mcal Sta Cruz
  No. 1392, 2do Mz.

  
	
   

  	
   

  	
  La Paz, Bolivia

  
	
   

  	
   

  	
   

  
	
  Place of
  Incorporation

  	
   

  	
  La Paz, Bolivia

  
	
   

  	
   

  	
   

  
	
  Directors

  	
   

  	
  María Esther Jitton, Alberto Alandia, Alexandro Böhrt Arana

  
	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  	
  Alexandro Böhrt Arana

  
	
   

  	
   

  	
   

  
	
  Auditor

  	
   

  	
  Consultoría Especializada en
  Auditoría Administración Tributaria Social Y Laboral Cornejo Valdiviezo

  

 

B-1

 

	
  Issued Capital

  	
   

  	
  Bs. 2.993.000 (2.993 shares)

  
	
   

  	
   

  	
   

  
	
  Shareholders and number of shares held by each

  	
   

  	
  Compañía Inversora Vista S.A. - 2893 shares

  
	
   

  	
   

  	
  M E Jitton - 90 shares

  
	
   

  	
   

  	
  Juan Pablo Velasco L. - 10 shares

  
					

 

3.             Compañía
Exploradora Vistex
S.A

 

	
  Registration
  No.

  	
   

  	
  07-045935-01

  
	
   

  	
   

  	
   

  
	
  Registered Office

  	
   

  	
  Senarec, currently Fundempresa

  
	
   

  	
   

  	
  Edif. Cámara Nacional de
  Comercio

  
	
   

  	
   

  	
  Av. Mcal Sta Cruz
  No. 1392, 2do Mz.

  
	
   

  	
   

  	
  La Paz, Bolivia

  
	
   

  	
   

  	
   

  
	
  Place of
  Incorporation

  	
   

  	
  La Paz, Bolivia

  
	
   

  	
   

  	
   

  
	
  Directors

  	
   

  	
  María Esther Jitton, Alberto
  Alandia, Alexandro Böhrt Arana

  
	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  	
  Alexandro Böhrt Arana

  
	
   

  	
   

  	
   

  
	
  Auditor

  	
   

  	
  Consultoría Especializada en
  Auditoría Administración Tributaria Social Y Laboral Cornejo Valdiviezo

  
	
   

  	
   

  	
   

  
	
  Issued Capital

  	
   

  	
  Bs. 50.000 (50 shares)

  
	
   

  	
   

  	
   

  
	
  Shareholders and number of shares held by each

  	
   

  	
  Inversora Vista S.A. - 40 shares

  
	
   

  	
   

  	
   

  	
   

  	
  M E Jitton - 5 shares

  
	
   

  	
   

  	
   

  	
   

  	
  Juan Pablo Velasco L. - 5 shares

  

 

B-2

 

SCHEDULE “C”

 

THE PROPERTY

 

	
  Registration

  No.

  	
   

  	
  Padron No.

  	
   

  	
  Concession

  	
   

  	
  Surface Area

  	
   

  
	
  12988

  	
   

  	
  502-02686

  	
   

  	
  Consolidada I

  	
   

  	
  40 Cuadriculas

  	
   

  
	
  11910

  	
   

  	
  502-02101

  	
   

  	
  Consolidada III

  	
   

  	
  19 Cuadriculas

  	
   

  
	
  26295

  	
   

  	
  502-06534

  	
   

  	
  El
  Sureño de Gran Porvenir

  	
   

  	
  2 Cuadriculas

  	
   

  
	
  26298

  	
   

  	
  502-06536

  	
   

  	
  La
  Protectora

  	
   

  	
  4 Cuadriculas

  	
   

  
	
  11246

  	
   

  	
  502-04424

  	
   

  	
  Resguardo
  I

  	
   

  	
  14 hectares

  	
   

  
	
  11247

  	
   

  	
  502-04428

  	
   

  	
  Sucesivas
  El Trabajo

  	
   

  	
  38 hectares

  	
   

  
	
  11248

  	
   

  	
  502-04429

  	
   

  	
  La Olvidada

  	
   

  	
  33 hectares

  	
   

  
	
  11249

  	
   

  	
  502-04427

  	
   

  	
  La Descuidada

  	
   

  	
  9 hectares

  	
   

  
	
  11250

  	
   

  	
  502-04426

  	
   

  	
  La Protectora

  	
   

  	
  27 hectares

  	
   

  
	
  11251

  	
   

  	
  502-04425

  	
   

  	
  Resguardo III

  	
   

  	
  79 hectares

  	
   

  
	
  11252

  	
   

  	
  502-04347

  	
   

  	
  Resguardo II

  	
   

  	
  61 hectares

  	
   

  
	
  22411

  	
   

  	
  502-02139

  	
   

  	
  Gran Porvenir(1)

  	
   

  	
  583 hectares

  	
   

  
	
  22412

  	
   

  	
  502-02086

  	
   

  	
  La Chayanteña(1)

  	
   

  	
  20 hectares

  	
   

  
	
  22415

  	
   

  	
  502-02077

  	
   

  	
  Demasías El Porvenir

  	
   

  	
  16,217.35 Sq. Meters

  	
   

  
	
  22417

  	
   

  	
  502-02079

  	
   

  	
  Segundas Demasίas El
  Porvenir

  	
   

  	
  38,812.27
  Sq. Meters

  	
   

  
	
  22416

  	
   

  	
  502-02078

  	
   

  	
  Brac

  	
   

  	
  11
  hectares

  	
   

  
	
  22414

  	
   

  	
  502-02138

  	
   

  	
  Charagua

  	
   

  	
  30
  hectares

  	
   

  
	
  22413

  	
   

  	
  502-02076

  	
   

  	
  Demasίas Brac

  	
   

  	
  39,839
  Sq. Meters

  	
   

  
	
  22418

  	
   

  	
  502-02080

  	
   

  	
  El
  Porvenir

  	
   

  	
  3
  hectares

  	
   

  
	
  22426

  	
   

  	
  502-02132

  	
   

  	
  Apex

  	
   

  	
  14 hectares

  	
   

  
	
  22431

  	
   

  	
  502-02085

  	
   

  	
  Huarihuamaña

  	
   

  	
  13 hectares

  	
   

  
	
  22428

  	
   

  	
  502-02127

  	
   

  	
  Perez 2

  	
   

  	
  5 hectares

  	
   

  
	
  22424

  	
   

  	
  502-02137

  	
   

  	
  Perez Tercero

  	
   

  	
  4 hectares

  	
   

  
	
  22419

  	
   

  	
  502-02081

  	
   

  	
  Demasίas 26 de
  Diciembre

  	
   

  	
  90,000 Sq. Meters

  	
   

  
	
  22422

  	
   

  	
  502-02136

  	
   

  	
  Remensura

  	
   

  	
  30 hectares

  	
   

  
	
  22434

  	
   

  	
  502-02130

  	
   

  	
  Ravelo

  	
   

  	
  6 hectares

  	
   

  
	
  22430

  	
   

  	
  502-02129

  	
   

  	
  El Trabajo

  	
   

  	
  16 hectares

  	
   

  
	
  22432

  	
   

  	
  502-02135

  	
   

  	
  Dos Amigos

  	
   

  	
  2 hectares

  	
   

  
	
  22433

  	
   

  	
  502-02128

  	
   

  	
  Inquisivi

  	
   

  	
  20 hectares

  	
   

  
	
  22429

  	
   

  	
  502-02084

  	
   

  	
  Kaiser

  	
   

  	
  2 hectares

  	
   

  
	
  22425

  	
   

  	
  502-02133

  	
   

  	
  Demasίas Apex A

  	
   

  	
  148,880 Sq. Meters

  	
   

  
	
  22423

  	
   

  	
  502-02134

  	
   

  	
  Demasίas Apex B

  	
   

  	
  87,699 Sq. Meters

  	
   

  
	
  22421

  	
   

  	
  502-02082

  	
   

  	
  Demasίas Apex C

  	
   

  	
  19,500 Sq. Meters

  	
   

  
	
  22427

  	
   

  	
  502-02083

  	
   

  	
  Demasίas Kaiser

  	
   

  	
  19,543 Sq. Meters

  	
   

  
	
  22420

  	
   

  	
  502-02131

  	
   

  	
  16 de Abril

  	
   

  	
  1 hectare

  	
   

  

 

Notes:

(1) Minera Nueva Vista holds 75% right,
title to and interest in these concession and holds an option to purchase the
remaining 25% of these concessions from Agustin Melgarejo Zuleta.

 

C-1

 

SCHEDULE “D”

 

NSR ROYALTY

 

In
accordance with clause 3.2(b) of the Agreement, the Purchaser has granted
this NSR Royalty to Vista, and as such subject to (c) below, the Purchaser
shall pay to Vista a quarterly production net smelter return royalty on the
Gold produced and sold, by or on behalf of the Purchaser or its Affiliates (the
“Operator”), that is derived from
the mining concessions described in Schedule “C” comprising the Property in
accordance with the following (the “Royalty”):

 

(a)           The Royalty to be paid is a
percentage of the Net Revenue (as defined in paragraph (b) below) from the
sale of Gold produced by or on behalf of the Operator.

 

The
percentage of the Net Revenue payable depends on the arithmetic average of the
London PM Fix Price for every day of the relevant quarter on which the London
Bullion Market Association fixes a spot price for an ounce of gold in $US (“Average Gold Spot Price”) during the
relevant quarter, in accordance with the following table:

 

	
  Average Gold Spot Price: US$ /oz

  	
   

  	
  % Net Revenue payable to Vista

  	
   

  
	
  $500.00 or less

  	
   

  	
  0.00

  	
  %

  
	
  $500.01 to $650.00

  	
   

  	
  2.00

  	
  %

  
	
  $650.01 to $750.00

  	
   

  	
  3.00

  	
  %

  
	
  $750.01 and above

  	
   

  	
  3.50

  	
  %

  

 

In
this paragraph (a), London PM Fix Price
for a day means the spot price in U.S. dollars per troy ounce of gold fixed in
the afternoon by the London Bullion Market Association on that day.

 

(b)           For the purposes of this
Schedule “D”:

 

Net Revenue means Gross Revenue minus
Deductions where:

 

(i)            Gross
Revenue means, subject to paragraph (c), (d) and (e) below, the
gross amount received by the Operator during the relevant calendar quarter from
the sale of all of the Gold derived from the Property.

 

(ii)           Deductions means, to the
extent actually incurred and borne by or on behalf of the Operator:

 

A.            For Gold doré and high-grade Gold concentrate
(concentrate containing greater than 90% Gold):

 

(1)           all actual charges and
costs, including insurance, for transportation of Gold from the Operator’s
processing facilities at or near the Property to the place of sale, whether
transported by the Operator or a third party; and

 

(2)           all actual charges, costs,
deductions, and penalties for smelting and refining the Gold (including any
umpire charges) after said Gold leaves the Operator’s processing facility at or
near the Property.  For example, if the
Operator produces a high-grade Gold concentrate at its processing facility, it
shall be entitled to deduct all charges, costs, 

 

D-1

 

deductions
and penalties incurred by it in smelting and refining that concentrate into a
final product for sale.  If the Operator
produces Gold doré at its processing facility, which requires further refining,
it shall be entitled to deduct all charges, costs, deductions, and penalties
incurred by it in such further refining or processing.  If Gold is transported, processed, treated,
smelted or refined by the Operator or an Affiliate of the Operator, the terms
of charges, costs, penalties and deductions thereof used for calculating the
Royalty shall be no less favorable than those which would be extended to a
non-Affiliate party in an arms-length transaction for transportation,
treatment, smelting, or refining of a like quantity and quality of such Gold.

 

B.            For all Gold,
other than doré and high-grade Gold concentrate:

 

(1)           all actual charges and costs
of insurance for transportation of Gold from the Operator’s processing
facilities at or near the Property to the place of sale, whether transported by
the Operator or a third party, which amounts do not include any other actual
charges and cost of transportation; and

 

(2)           all actual charges, costs,
deductions, and penalties for smelting and refining the Gold (including any
umpire charges) after said Gold leaves the Operator’s processing facility at or
near the Property.  If Gold is smelted or
refined by the Operator or an Affiliate of the Operator, the terms of charges,
costs, penalties and deductions thereof used for calculating the Royalty shall
be no less favorable than those which would be extended to a non-Affiliate party
in an arms-length transaction for smelting or refining of a like quantity and
quality of such Gold.

 

PLUS, for all Gold, any
taxes, duties, royalties, levies, fees or similar payments payable to any
governmental or semi-governmental authority of Bolivia in relation to the
production or sale of Gold from the Property.

 

(c)           Payment of the Royalty is
subject to the following:

 

(i)            The obligation upon the
Purchaser to pay the Royalty will cease once the Purchaser has paid the Royalty
in respect of 720,000 troy ounces of Gold; and

 

(ii)           The Royalty shall be reduced
or increased (as the case may be) in proportion to any change in the royalties
levied by any Bolivian Government Authority on the Purchaser and any Affiliate
arising out of or incidental to the operation of the Mine or the production of
Gold from the Property between the date of this Agreement and the date of the
relevant Royalty payment.

 

(d)           In the event the Operator
does not sell the Gold produced from the Property during a quarter of production,
a “sale” for the purposes of calculating the Royalty shall be deemed to have
occurred on the day the Operator receives a settlement statement from the
refiner, setting forth the number of troy ounces of Gold transferred to the
account of the Operator, or an Affiliate or agent of the Operator, and the
deemed sale price will be the Average Gold Spot Price for the relevant quarter.

 

D-2

 

(e)           If any Gold from the
Property is sold for processing or treatment to a mill, smelter, or other
processing facility owned or controlled by the Operator (or any subsidiary or
Affiliate of the Operator) or taken in kind by the Operator, then the sums paid
to the Operator shall be deemed to be no less than the sums the Operator would
have received if the sale had been to an independent mill, smelter, or
processing facility reasonably available to the Operator at the time of
delivery.

 

(f)            The parties agree that the
Operator and the Purchaser shall have no obligation to account to Vista for,
and Vista shall have no interest or right of participation in, any profits or
proceeds of future contracts, forward sales, hedging or any other similar
marketing mechanisms employed by the Operator or the Purchaser or their
affiliates, with respect to any Gold produced from the Property.

 

(g)           The Operator shall have the
right to commingle the Gold produced from the Property with similar ore from
other properties owned, leased, or controlled by the Operator or other
Operators; provided, however, that before commingling the Operator shall
calculate from representative samples the average grade of the Gold from the
Property and shall either weigh or volumetrically calculate the number of tons
of ore from the Property to be commingled. 
As upgraded products (such as doré or concentrates) are produced from
the commingled Gold, the Operator shall calculate from representative samples
the average percent recovery of such upgraded products produced from the
commingled Gold.  In obtaining
representative samples and calculating the average grade of commingled ores and
average percentage of recovery, the Operator may use any procedures generally
acceptable in the mining and metallurgical industry that the Operator believes
to be accurate and cost effective for the type of mining and processing
activity being conducted.  In addition,
comparable procedures may be used by the Operator to apportion among the
commingled Gold any penalty charges imposed by the refiner on commingled
Gold.  The records relating to commingled
Gold shall be available for inspection by Vista, at Vista’s sole expense, at
all reasonable times and upon reasonable notice to the Purchaser.

 

(h)           All Royalty payments owing
to Vista shall be paid by certified check or wire transfer, or by such other
means that is acceptable to Vista, in US Dollars or its equivalent in Bolivian
currency, and shall be net of any Tax required to be paid on the transfer of
funds out of Bolivia.  Vista shall be
paid Royalty payments quarterly, on or before the 30th day of the month
following each calendar quarter that the Operator receives proceeds from the
sale of Gold produced from the Property. 
All Royalty payments shall be made to the bank account or address that
Vista specifies in writing to the Purchaser. 
Vista may designate a different account or receiving address to the
Purchaser by notice in writing.  In the
event of any future division of ownership interest in the Royalty payments,
payment to a single address or account shall constitute full satisfaction of the
Purchaser’s obligation to pay the Royalty, and the Purchaser shall be relieved
from any responsibility and liability for the future division of disbursements
as among more than one payee of the Royalty.

 

(i)            The Operator shall keep
accurate records of minerals derived and sold from the Property and of
calculations relative to the Royalty payments and commingled ore from the
Property.  The Royalty payments and
adjustments shall be accompanied by a statement of the Royalty payment
calculations, deductions, and adjustments. 
Within 180 days following the end of each calendar year, the Purchaser
shall furnish Vista with an audited year-end statement showing the amount of
the Royalty payments paid to Vista during the year.  All year-end statements shall be conclusively
presumed true and correct two years from the date furnished to Vista, unless
within said period Vista 

 

D-3

 

takes written
exception.  Upon 30 days prior written
notice, Vista shall be entitled to an annual independent audit of the matters
covered by the statement, during normal business hours and at Vista’s expense,
provided it selects for the audit an international accounting firm of
recognized standing, at least one of whose members is a member of the American
Institute of Certified Public Accountants.

 

D-4

 

SCHEDULE “E”

 

VENDOR
WARRANTIES

 

1.                                       Information

 

1.1           Accuracy of schedules - The
information relating to Vista Gold Antigua and each of the Subsidiaries set out
in Schedules “A” and “B” is true, complete and accurate in all material
respects.

 

1.2           Information accurate – All
information given by or on behalf of Vista to the Purchaser relating to the
Shares, including that contained in the Disclosure Documents, is true, complete
and accurate in all material respects, and none of that information is
misleading in any material respect, whether as a result of the inclusion of
misleading information or the omission of material information or both.  Where
information is provided to the Purchaser in the form of a forecast, expression
of opinion, intention or expectation, the forecast, expression of opinion,
intention or expectation is so far as Vista is aware fair, honest and made on
reasonable grounds.

 

1.3           Adverse circumstances - Other than
circumstances affecting the whole of the mining industry or particularly the
mining industry or carrying on business in Bolivia, Vista is not aware of any
circumstances which might reasonably be expected materially and adversely to
affect either of:

 

(a)                                  the
financial position, business, operations, assets, profitability or prospects of
Vista Gold Antigua or any of the Subsidiaries; or

 

(b)                                 the
value of the Shares.

 

1.4           Additional Information – To the best
of its knowledge, having made reasonable enquiries, all information which Vista
knows about Vista Gold Antigua, which would be reasonably likely to have an
adverse effect on Vista Gold Antigua’s present and future right to develop the
Mine on the Property has been fully disclosed to the Purchaser in writing.

 

2.             General
corporate

 

2.1                                  Incorporation
and corporate power – Each of Vista and
Vista Gold Antigua and each of the Subsidiaries is duly incorporated and exists
under the law of their respective places of incorporation, and each has power
to own its assets and to carry on its business as it is now conducted.

 

2.2                                  Constitution –

 

(a)                                  The
Constitution of Vista Gold Antigua and each of the Subsidiaries to be delivered
to the Purchaser at Closing is the present Constitution of the relevant
company, and is accurate and complete in all material respects.

 

E-1

 

(b)                                 Copies of all
resolutions passed by the board of directors or the shareholders of Vista Gold
Antigua and each of the Subsidiaries have been provided to the Purchaser.

 

(c)                                  The business
and affairs of Vista Gold Antigua and each of the Subsidiaries have been
conducted in all material respects in accordance with their respective
Constitutions.

 

2.3           Statutory books and returns –

 

(a)                                  The register of
shareholders, statutory books and other registers of Vista Gold Antigua and each
of the Subsidiaries are up to date in all material respects and have been
properly kept in accordance with all legal requirements.  No notice or allegation that any of them is
incorrect or should be rectified has been received, and all transfers recorded
in the register have been properly stamped.

 

(b)                                 All returns,
resolutions and other documents which Vista Gold Antigua and each of the
Subsidiaries is required by law to file with the relevant corporate registry,
have been correctly made and duly filed or delivered.

 

(c)                                  Vista Gold
Antigua and each of the Subsidiaries have not received notice of any
application or intended application for altering its register of shareholders
or any other register which it is required by law to maintain.

 

3.             Shares and investments

 

3.1           Ownership of the Shares –

 

(a)                                  The Shares
constitute the whole of the issued and allotted share capital of Vista Gold
Antigua.  All of the Shares have been
duly issued and allotted, are fully paid, and no money is owing in respect of
any of them.  Vista is the registered
holder and the sole beneficial owner of the Shares, free from all Encumbrances.

 

(b)                                 Vista is
entitled to sell and transfer the full legal and beneficial ownership in the
Shares to the Purchaser on the terms set out in this Agreement.

 

(c)                                  Vista does not
own the Shares as trustee of any trust.

 

(d)                                 No power of
attorney, proxy or other equivalent right has been granted by Vista or by
anyone else in respect of any rights attaching to the Shares.

 

3.2           Shares in Subsidiaries -

 

(a)                                   Vista Gold
Antigua (registered in Bolivia as Vista Gold Corp. Sucursal Bolivia) is the
registered owner of 2,893 shares (representing 96.65% of the issued shares),
Maria Esther Jitton is the registered owner of 90 shares (representing 3.01% of
the issued shares) and Juan Pablo Velasco is the registered owner of 10 shares
(representing 0.34% of the issued shares) of Compañía Inversora Vista, S.A. and
Vista is the beneficial owner of all of the issued and outstanding shares in
the capital of Compañía Inversora Vista, S.A., which shares have been validly
issued and are outstanding as fully paid and non-assessable shares.

 

E-2

 

(b)                                  Compañía Inversora Vista, S.A. is the registered owner of 2,893 shares
(representing 96.65% of the issued shares), Maria Esther Jitton is the
registered owner of 90 shares (representing 3.01% of the issued shares) and
Juan Pablo Velasco is the registered owner of 10 shares (representing 0.34% of
the issued shares), of Minera Nueva Vista S.A. and Vista is the beneficial
owner of all of the issued and outstanding shares in the capital of Minera
Nueva Vista S.A., which shares have been validly issued and are outstanding as
fully paid and non-assessable shares.

 

(c)            Compañía
Inversora Vista, S.A. is the registered owner of 40 shares (representing 80% of
the issued shares), Maria Esther Jitton is the registered owner of 5 shares
(representing 10% of the issued shares) and Juan Pablo Velasco is the
registered owner of 5 shares (representing 10% of the issued shares), of
Compañía Exploradora Vistex S.A. and Vista is the beneficial owner of all of
the issued and outstanding shares in the capital of Compañía Exploradora Vistex
S.A., which shares have been validly issued and are outstanding as fully paid
and non-assessable shares.

 

(d)                                  There is no
Encumbrance over or affecting any shares in any of the Subsidiaries, and no
person has claimed to be entitled to any such Encumbrance.

 

3.3           Issues of shares - No person is
entitled, or has claimed to be entitled, to require Vista Gold Antigua or any
of the Subsidiaries to issue any share capital either now or at any future date
(whether contingently or not).  There are
no agreements in force under which any person is or may be entitled to, or has
the right to call for the issue of, any shares in Vista Gold Antigua or any of
the Subsidiaries or securities convertible into or exchangeable for shares in
any of the Subsidiaries.  None of the
Subsidiaries has given, granted or agreed to grant any option or right (whether
contingent or not) in respect of its unissued shares.

 

3.4           Other assets - Other than: (i) the
Property, (ii) the 50 man camp, land, core shed and associated small site
office and workshop; and (iii) commercial agreements and technical studies
associated with the Mine, none of Vista Gold Antigua or any of the Subsidiaries
owns or has the right to use any material asset that has not been disclosed to
the Purchaser.  Further, no person is
entitled, or to its knowledge has claimed to be entitled, to require Vista Gold
Antigua or any of the Subsidiaries to transfer or otherwise dispose of any
asset, other than in connection with the Legal Proceedings.

 

3.5           Associated entities, joint
ventures and investments - Neither Vista Gold Antigua nor any of the
Subsidiaries holds or beneficially owns any securities of any other corporation
or has agreed to acquire any securities of any other corporation.

 

3.6           Non-competition-
Neither Vista nor any Affiliate of Vista has any interest, directly or
indirectly, in any business in Bolivia which is or is likely to be competitive
with the business of Vista Gold Antigua or any of the Subsidiaries.

 

E-3

 

4.             Assets

 

4.1           No Encumbrances – To the best
of its knowledge, without making any other inquiries or otherwise undertaking
any investigation, none of the property, assets, undertaking, goodwill or
uncalled capital of Vista Gold Antigua or any of the Subsidiaries is subject to
any Encumbrance.

 

4.2           All property and assets
owned- The property and assets of Vista Gold Antigua and each of the
Subsidiaries comprise all the assets that are used in connection with, or are
necessary for, the continuing conduct of their businesses (including the
benefit of any contracts which are used in that business).

 

5.             Luzon Minerals
Ltd.

 

5.1           The option
agreement between Luzon Minerals Ltd. and Vista dated March 13, 2007 was
lawfully terminated in writing by Luzon Minerals Ltd. and Vista on November 20,
2007, and Luzon Minerals Ltd. has no direct or indirect interest or claim in
relation to any of the Shares, the Property or the Mine arising as a
consequence of such option agreement.

 

6.             Capacity and
consequences of sale

 

6.1           Compliance with the
terms of this Agreement does not and will not do any of the following:

 

(a)                                   conflict
with or constitute a default under any agreement or instrument to which Vista
Gold Antigua or any of the Subsidiaries is a party, or of any other restriction
of any kind by which Vista Gold Antigua or any of the Subsidiaries is bound;

 

(b)                                  relieve
any other party to a contract with Vista Gold Antigua or any of the
Subsidiaries of its material obligations or enable that party to vary or
terminate its material rights or obligations under that contract; and

 

(c)                                   result
in the creation, imposition or crystallisation of any Encumbrance on any of the
property or assets of Vista Gold Antigua or any of the Subsidiaries.

 

7.             Insolvency and
voidable transactions

 

7.1           No
receiver or receiver and manager, liquidator or statutory manager has been
appointed in respect of Vista Gold Antigua or any of the Subsidiaries or in
respect of the whole or any part of the assets or undertaking of Vista Gold
Antigua or any of the Subsidiaries.

 

7.2           None
of Vista Gold Antigua or any of the Subsidiaries has stopped or suspended
payment of its debts or become unable to pay its debts.  Neither Vista Gold Antigua nor any of the
Subsidiaries is insolvent under applicable Laws.

 

7.3           None
of Vista Gold Antigua or any of the Subsidiaries has entered into any
transaction that could give any person the right to do either of the following:

 

(a)                                  set
aside any rights that relevant company has in relation to that person; or

 

E-4

 

(b)                                 recover
property or receive any payment from that relevant company that is more than
$10,000 (individually).

 

8.             Related party
contracts

 

8.1           None
of Vista Gold Antigua or any of the Subsidiaries is a party to, nor has its
profits or financial position been affected in any material way by, any contract
or arrangement which is not of an entirely arm’s length nature.

 

9.             Litigation and
other proceedings

 

9.1           Except
the Legal Proceedings, no litigation, arbitration or other dispute resolution
proceedings are pending or threatened by or against Vista Gold Antigua or any
of the Subsidiaries.

 

9.2           None
of Vista Gold Antigua or any of the Subsidiaries, or to its knowledge any
executive, director or senior manager of Vista Gold Antigua or any of the
Subsidiaries, is the subject of any investigation, inquiry or enforcement
proceedings or process by any Government Authority relevant to the Shares, the
Property or ownership of the Mine generally.

 

9.3           There
is no unsatisfied judgment, order, arbitration award or decision of any court,
tribunal or arbitrator against Vista Gold Antigua or any of the Subsidiaries.

 

10.           Accounts and
financial records

 

10.1         All accounts and
financial records give a true and fair view of the state of affairs of Vista
Gold Antigua and, to its knowledge, each of the Subsidiaries (including profit
and loss), are complete and accurate in all material respects, have been
properly maintained and contain accurate records of all material matters
required to be entered in them by law, and are in the possession or under the
control of the relevant company.

 

11.           Loans by Vista Gold Antigua or Subsidiaries

 

11.1         None of Vista Gold
Antigua or any of the Subsidiaries has lent any money which has not been repaid
to it.  None of Vista Gold Antigua or any
of the Subsidiaries owns the benefit of any debt (whether present or future),
except debts that have accrued to it in the ordinary course of its usual
business.

 

12.           Bank accounts

 

12.1         The statement of Vista
Gold Antigua and each of the Subsidiaries’ bank accounts and of the credit or
debit balances on them that is included in the Disclosure Documents  is correct as at the date noted
therein.  None of Vista Gold Antigua or
any of the Subsidiaries has any other bank or deposit account (whether in
credit or overdrawn) not included in the Disclosure Documents.  Since the date of the relevant statement,
there has not been any payment out of any of the accounts except for routine
payments and the balance on the accounts is not substantially different from
the balances shown on the statement.

 

E-5

 

13.           Commercial

 

13.1         Vista is not aware of
any supplier who intends to cease supplying Vista Gold Antigua or any of the
Subsidiaries.

 

13.2         Vista is not aware of
any material unpaid current liability or other amount owing to creditors, over
$10,000 (individually), that would otherwise have been due and payable by Vista
Gold Antigua or any of the Subsidiaries on or before the Closing Date

 

14.           Material contracts

 

14.1         To the best of its
knowledge, none of Vista Gold Antigua or any of the Subsidiaries is a party to
any contract, arrangement, or obligation which, whether by reason of its
nature, term, scope, price or otherwise, is or is likely to be of material
importance to its business, profits or assets, or to which any of the following
apply:

 

(a)                                  is
not in the normal course of its business, or is otherwise unusual;

 

(b)                                 ends
more than 12 months after the date of this Agreement;

 

(c)                                  is
expected to result in a loss on completion of performance;

 

(d)                                 is
of an onerous nature or cannot be fulfilled or performed on time and without
undue or unusual expenditure of money or effort;

 

(e)                                  requires
consideration to be paid to any person that is more than US$10,000;

 

(f)                                    involves
payment by Vista Gold Antigua or any of the Subsidiaries by reference to
fluctuations in the consumer price index or any other index;

 

(g)                                 is
for the provision of management or similar services to Vista Gold Antigua or
any of the Subsidiaries and which is not terminable by it on less than three
months’ notice without compensation;

 

(h)                                 provides
for any payment or receipt of funds not accurately reflecting the value of the
services or goods on an arm’s length basis;

 

(i)                                     is
with a related party of Vista;

 

(j)                                     significantly
prohibits, limits or confines Vista Gold Antigua or any Subsidiaries’ freedom
to engage in any activity or business;

 

(k)                                  whose
nature or magnitude should reasonably be disclosed to the Purchaser; and

 

(l)                                     contravenes
any Law.

 

14.2         Vista, Vista Gold
Antigua and the Subsidiaries, have complied in all material respects with the
provisions of all agreements or instruments of title under which the Property
is held.

 

E-6

 

15.           Licenses and consents

 

15.1         The Disclosure Documents
list all material approvals, authorities, consents, licences and permits that
have been obtained for the conduct and operation of the Mine as currently
contemplated in the Estudio de Evaluación de Impacto Ambiental dated July 2007
(in this Schedule “E”, the “Current Plan”).  For greater certainty, any modification to
the Current Plan, including but not limited to, the relocation of the tailings
dam, processing changes and changes in the size and number of mining equipment
units, may result in the need to update and revise the Current Plan.

 

16.           Insurance

 

16.1         None of Vista, Vista Antigua
or any of the Subsidiaries hold any insurance policy relating to the Property.

 

17.           Real property

 

17.1         Vista, through
its indirect wholly-owned subsidiary Minera Nueva Vista S.A., holds 100% of the rights, title to and interest in
the Property, except that its holds 75% of rights, title to and interest in the
Gran Porvenir and Chayanteña
concessions and 75% of rights, title to and interest in that portion of the
Consolidada I concession that overlaps the Gran Porvenir and La Chayanteña concessions (in this Schedule “E”, collectively, “Melgarejo’s Interest”).

 

17.2         Each of the mining concessions comprised in the Property and set forth in Schedule “C” to this Agreement, is
validly issued, is registered in the name of Minera Nueva Vista S.A. (except
with respect to Melgarejo’s Interest), is presently in good standing and all
holding taxes on the mining concessions comprised in the Property have been
paid through 2007, subject to compliance with applicable laws of Bolivia in
connection therewith, and no person, other than the Bolivian government,
Agustin Melgarejo Zuleta (the holder of Melgarejo’s Interest), Minera Nueva
Vista S.A., Compañía Inversora Vista S.A., Vista Gold Antigua and Vista, has
any interest in the Property or production therefrom.

 

17.3         Except for invoices not yet
received by Vista or any of its Affiliates for normal holding costs, all
holding costs in respect of the Property are up to date and paid in full.

 

18.           Employees

 

18.1         The persons whose names
are set out in the list of employees included in the Disclosure Documents  are all the employees of Vista Gold
Antigua or the Subsidiaries.  The
particulars of their employment set out in the Disclosure Documents are
approximate.

 

18.2         None of Vista Gold
Antigua or any of the Subsidiaries has any liability to pay compensation for
loss of office or employment to any former employee.

 

E-7

 

19.                               Taxation

 

19.1         To the best of its
knowledge, all Taxation of any nature whatsoever whether in Bolivia or Antigua
for which Vista Gold Antigua or any of the Subsidiaries is liable as at Closing
Date has been duly paid, (in so far as such Taxation ought to have been paid).

 

19.2         To the best of its
knowledge, neither Vista Gold Antigua or any of the Subsidiaries is, nor will
in the future become, subject to any Taxes on or in respect of or by reference
to its profits, gains, income, sales, disposals or deemed disposals of or
transactions in relation to assets, inventory, or other property for any period
up to and including the Closing Date.

 

E-8

 

SCHEDULE “F”

 

DISCLOSURE DOCUMENTS

 

1.                                      Amayapampa
Information Memorandum by Prime Corporate Finance dated 7 November 2007;

 

2.                                      Amayapampa
flyer by Prime Corporate Finance;

 

3.                                       Series of
photographs downloaded from the Prime Corporate Finance website;

 

4.                                       Vista Gold
Corp., Feasibility Study, Amayapampa, Bolivia, July 1997;

 

5.                                       Vista
Gold Corp., Amayapampa Project, Feasibility Study, Bolivia, February 2000;

 

6.                                       GR
Technical Services Ltd., Amayapampa Project Update Scoping Study, Prepared for
Vista Gold Corp., 21 September, 2006;

 

7.                                       Estudio
de Evaluación de Impacto Ambiental (EEIA), Ing. M. Sc. Carlos Muriel Zabala, July 2007;

 

8.                                       Environmental
Permit, July 17, 2007;

 

9.                                       Socio-Economic
Agreement comprised of the following:

 

(a)                                  in
Spanish

 

(i)                                     Acta
de Entendimiento, April 8, 2006;

 

(ii)                                  Contrato
Colectivo, September 11, 2007;

 

(iii)                               Addendum,
January 10, 2005; and

 

(iv)                              Contrato
Socio-Economico, January 10, 2005.

 

(b)                                 in
English

 

(i)                                     Memorandum
of Understanding, April 8, 2006;

 

(ii)                                  Collective
Contract, September 11, 2007;

 

(iii)                               Amendment,
February 17, 2005; and

 

(iv)                              Socio-Economic
Contract, January 10, 2005;

 

10.                                 Radic Update, January 30,
2008;

 

11.                                 Melgarejo Update, January 30,
2008;

 

F-1

 

12.                                 List of employees and
estimate accrued severance benefits;

 

13.                                 Concession
Taxes paid in 2007;

 

14.                                 Inventory
of Assets and Equipment at La Paz office;

 

15.                                 Inventory
of camp and equipment and supplies at Amayapampa;

 

16.                                 Land
Occupied by the Camp at Amayapampa;

 

17.                                 Bank Statements
for bank account of Minera Nueva Vista, S.A.; and

 

18.                                 Roscoe Postile
Study from 2004.

 

F-2

 

SCHEDULE “G”

 

LOAN AGREEMENT

 

THIS AGREEMENT
dated as of the        day of                   ,
2008

 

BETWEEN:

 

VISTA
GOLD CORP., a body corporate incorporated under the laws of the Yukon Territory,
Canada and having an office at Suite 5 – 7961 Shaffer Parkway, Littleton,
Colorado, U.S.A., 80127

 

(the “Lender”)

 

AND:

 

REPUBLIC
GOLD LIMITED ACN 106 399 311, a body corporate incorporated under the laws
of Australia and having its registered office at 144 Cobra Road, Mareeba,
Queensland, Australia 4880

 

(the “Borrower”)

 

WHEREAS the Borrower and the
Lender entered into a purchase and sale agreement dated ·, 2008 (such agreement as amended,
supplemented or replaced from time to time, the “Purchase and Sale Agreement”) which sets out the terms on
which the Lender agreed to sell to the Borrower and the Borrower agreed to
purchase from the Lender all of the issued and outstanding shares in the
capital of Vista Gold Antigua Corp. (the “Shares”);

 

AND WHEREAS pursuant to the
terms of the Purchase and Sale Agreement the Lender agreed to loan US$350,000
to the Borrower by way of a term loan (the “Loan
Facility”) on the terms and conditions set out in this Agreement,
such sum to be used by the Borrower for ongoing expenses on the Amayapampa gold
project (the “Amayapamp Gold Project”)  and for the settling of the Legal
Proceedings (as defined in the Purchase and Sale Agreement);

 

NOW THEREFORE THIS AGREEMENT WITNESSES that
in consideration of the mutual covenants and agreements set forth in this
Agreement and other good and valuable consideration (the receipt and
sufficiency of which is hereby acknowledged), the parties agree as follows:

 

1.                                                                                      THE LOAN

 

1.1                                                                               Amount - The Lender shall make available
to the Borrower the principal amount of U.S.$350,000 (the “Principal”).

 

1.2                                                                               Interest Rate - Interest (the “Interest”) shall accrue and be paid at the
rate of 10% per annum, payable as provided in Section 2.1 below, on the
Principal or such amount thereof as may be outstanding from time to time, on
interest not paid when due and on all other amounts payable by the Borrower to
the Lender under this Agreement.  All
such Principal, Interest and other amounts payable hereunder are referred to
collectively as the “Loan”.

 

G-1

 

1.3                                                                               Legal Fees - The Borrower and the Lender shall
each be responsible for their own legal fees and disbursements in connection
with the Loan Facility and the documentation required therefore.

 

1.4                                                                               Purpose - The Principal shall be used by
the Borrower to for ongoing expenses on the Amayapampa Gold Project and for the
settling of the Legal Proceedings.

 

2.                                                                                      REPAYMENT

 

2.1                                                                               Interest - Interest shall be calculated in
accordance with Section 1.2 above. 
The Borrower shall pay all accrued Interest on the last day of each and
every month during the term of the Loan commencing April 30, 2008.

 

2.2                                                                               Principal - The Principal shall be repaid to
the Lender by the Borrower on or before the earlier of: (a) September 30,
2008, (b) the date that a bankable feasibility study is completed with
respect to the Amayapampa Gold Project or (c) such earlier date in the
event that the Lender makes demand for full payment in accordance with Section 5.2.

 

2.3                                                                               Prepayment – The Borrower may prepay the whole
or any part of the Principal or any Interest accrued thereon upon 14 days
prior written notice to the Lender, and such prepayment will be applied against
the outstanding balance of the Principal.

 

3.                                                                                      CONDITIONS
PRECEDENT

 

3.1                                                                               Conditions
Precedent to Advance  - The obligation of the Lender to advance the Principal to the
Borrower is subject to the following, it being understood that these conditions
precedent are for the exclusive benefit of the Lender:

 

(a)                                  the Borrower shall have executed and
delivered this Agreement to the Lender; and

 

(b)                                the Borrower shall have delivered to
the Lender such other information and documents as the Lender may reasonably
request.

 

4.                                                                                      COVENANTS OF
BORROWER

 

4.1                                                                               Performance - The Borrower covenants with the Lender that it will duly perform and
observe each and all of its covenants and agreements set forth in this
Agreement and the Purchase and Sale Agreement.

 

4.2                                                                               Corporate Existence - The Borrower will maintain its corporate
existence, will carry on and conduct its business in a proper business-like
manner and in accordance with good business practice, will comply with all
applicable laws (including environmental laws), will pay all taxes when due,
and will keep or cause to be kept proper books of account in accordance with
generally accepted accounting principles consistently applied.

 

4.3                                                                               Repayment - The Borrower shall pay the Principal and the Interest when due.

 

4.4                                                                               Negative Covenants – The Borrower will not, without the prior
written consent of the Lender, which consent will not be unreasonably withheld
or delayed:

 

G-2

 

(a)                                  declare or pay any dividends or repurchase any shares
in its capital;

 

(b)                                 repay to any shareholder of the Borrower any
amounts owing to such shareholders under any shareholder loans;

 

(c)                                  amalgamate or merge with any other party;

 

(d)                                 guarantee, endorse or otherwise become liable for
the obligations of any other party;

 

(e)                                  create any security under Section 427 of the
Bank Act (Canada) or under any
comparable legislation in Australia; or

 

(f)                                    grant, assume, create or suffer to exist any
security interest, mortgage, charge or other encumbrance on the Purchase and
Sale Agreement or the Amayapampa Gold Project, except for any security interest, mortgage, charge or other
encumbrance contemplated by a bankable feasibility study relating to the
Amayapampa Gold Project undertaken to move such project to Commercial
Production (as defined in the Purchase and Sale Agreement).

 

5.                                                                                      DEFAULT

 

5.1                                                                               Events of Default - Any one or more of the following
shall constitute an event of default (“Event
of Default”) for the purposes of this Agreement:

 

(a)                                  Failure to Pay
Principal or Interest - The failure by the Borrower to pay either Interest or Principal when
due;

 

(b)                                 Breach of Covenant - The failure of the Borrower to
comply with any covenant in or obligation under this Agreement;

 

(c)                                  Bankruptcy - The making by the Borrower of a
proposal or a general assignment for the benefit of its creditors or if
the Borrower petitions or applies to any court or tribunal for the appointment
of a trustee or receiver for itself or any substantial part of its assets, or
commits an act of bankruptcy or insolvency, or commences any proceedings under
any bankruptcy, arrangement, insolvency, readjustment of debt, or similar
statute of any jurisdiction, whether now or hereafter in effect, or any such
proceedings are commenced by any other person and the Borrower, as the case may
be, by any action or non-action indicate their approval thereof, consent
thereto or acquiescence therein, or an order is entered appointing any such
trustee or approving the petitions in any such proceedings, or if the Borrower
acknowledges its insolvency in any manner whatsoever;

 

(d)                                 Obligations under Purchase and Sale Agreement with the
Lender – The failure of the Borrower, without the prior written
consent of the Lender, to comply with any of the provisions of the Purchase and
Sale Agreement;

 

(e)                                  Impairment of Loan
/ Danger to Charged Property or Assets - If the Lender believes in good faith, or has
commercially reasonable grounds to believe that the prospect of repayment of
the Loan is or is about to be impaired or the charged property and assets are
or are about to be placed in jeopardy;

 

G-3

 

(f)                                    Material Adverse
Change - The
occurrence of any material adverse change in the Borrower, its business or its
financial prospects, as determined by the Lender, acting reasonably;

 

(g)                                 Appointment of Receiver - The
appointment of a receiver, receiver-manager or receiver and manager of the
Borrower or of any material part of the properties or assets of the Borrower;
and

 

(h)                                 Alteration of Corporate Structure - The
disposition by the Borrower of all or
substantially all of its property or undertaking or the amalgamation or merger
of the Borrower with any other corporation or corporate reorganization of the
Borrower, without the prior written consent of the Lender.

 

5.2                                                                               Consequences of
Default - After any of the Events of Default has occurred
and at any time thereafter, provided that the Borrower has not theretofore
remedied or caused to be remedied all outstanding Events of Default, the Lender
may, in its discretion, by notice to the Borrower, declare this Agreement to be
in default.  At any time thereafter,
while the Borrower shall not have remedied all outstanding Events of Default,
the Lender may, in its discretion, declare the outstanding balance of the Loan
and all liabilities of the Borrower hereunder to be immediately due and payable
(to the extent such amounts are not already due and payable) and such moneys
and liabilities shall forthwith become due and payable without presentment,
demand, protest or other notice of any kind to the Borrower, all of which are
hereby expressly waived.

 

6.                                                                                      MISCELLANEOUS

 

6.1                                                                               Notices - All notices, demands and payments
required or permitted to be given under this Agreement shall be in writing and
may be delivered personally, by courier or may be forwarded by first class
prepaid registered mail to the addresses set forth on page one or at such
other addresses as may from time to time be notified in writing by the parties
to this Agreement.  Any notice delivered
personally or by courier shall be deemed to have been given and received at the
time of delivery.  Any notice forwarded
by first class prepaid registered mail shall be deemed to have been given and
received on the expiration of 72 hours after it is posted provided that if
there shall be between the time of mailing and the actual receipt of the notice
a mail strike, slowdown or other labour dispute which might affect the delivery
of such notice by the mails, then such notice shall only be effective if
actually received.

 

6.2                                                                               No Set-Off - The obligation of the Borrower to
make all payments hereunder shall be absolute and unconditional and shall not
be effected by any circumstance, including without limitation any set-off,
compensation, counterclaim, defence or other right which the Borrower may have
against the Lender relating to the transactions contemplated under this
Agreement or otherwise.

 

6.3                                                                               Amendments - Neither this Agreement nor any
provision hereof may be amended or modified except by agreement in
writing.  No provision of this Agreement
may be waived or released except by instrument in writing signed by the party
against whom enforcement of such waiver or release is sought.

 

G-4

 

6.4                                                                               Further Assurances - Each of the parties shall execute
such further and other documents and instruments and do such further and other
things as may be necessary to implement and carry out the intent of this
Agreement.

 

6.5                                                                               Governing Law - This Agreement shall be governed
by and construed in accordance with the laws of the Province of British
Columbia which shall be deemed to be the proper law of this Agreement.

 

6.6                                                                               Severability - If any provision of this
Agreement is wholly or partially invalid, this Agreement shall be interpreted
as if the invalid provision had not been a part of this Agreement.

 

6.7                                                                               Headings - The headings appearing in this
Agreement have been inserted for convenience of reference only and in no way
define, limit or enlarge the scope or meaning of this Agreement or any
provision in this Agreement.

 

6.8                                                                               Time - Time is of the essence of this
Agreement.

 

6.9                                                                               Enurement - This Agreement shall enure to the
benefit of and be binding upon the parties to this Agreement and their
respective successors and assigns.

 

6.10                                                                        Counterparts – This Agreement may be executed in
any number of counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same document.

 

6.11                                                                        Facsimile – This Agreement may be executed and
delivered by facsimile transmission and when so delivered this Agreement shall
be deemed to be an original executed and delivered agreement and binding upon
the parties for all purposes as if originally executed and delivered.

 

IN WITNESS WHEREOF the parties have executed this Agreement as of the
day and year first above written.

 

	
  VISTA GOLD CORP.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Authorized Signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  REPUBLIC GOLD LIMITED 

  	
   

  	
   

  
	
  ACN 106 399 311

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Authorized Signatory

  	
   

  	
   

  

 

G-5

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