Solvista Gold Continues to Expand its Gold-Copper Discovery at Caramanta Results Include 160.2 Metres at 1.79 g/t Gold Equivalent with 67.4 Metres at 2.75 g/t Gold Equivalent

Solvista Gold Corporation ("Solvista" or the "Company") (TSX VENTURE:SVV)(OTCQX:SVVZF) is pleased to announce the assay results from the latest seven drill holes completed at its gold-copper discovery at El Retén, one of a number of targets the Company has defined within the Caramanta Porphyry Cluster at its Caramanta Project. These results further support the Company's model for the Caramanta Project to host potentially large mineralizing systems and to generate new gold-copper porphyry discoveries in the Middle Cauca Belt of Colombia.

Highlights

• The latest results indicate the presence of broad areas of significant gold-copper(+/-silver) to the west and southeast of the drill holes announced in late September, 2012 and as such have expanded the previously defined mineralized footprint at El Retén;
  
  
  • Drill holes CAD-1212 and CAD-1214 extended mineralization beyond the previously defined southeastern limits with CAD-1212 intersecting 179.1 m at 1.21 g/t Gold Equivalent (AuEq), including 70.4 m at 1.85 g/t AuEq and CAD-1214 intersecting 114.7 m at 1.08 g/t AuEq including 39.7 m at 1.54 g/t AuEq; and
     
  • Drill hole CAD-1208, with an intersection of 122.0 m at 1.18 g/t AuEq, extended mineralization beyond the previously defined southwestern limits.
     
• The latest results indicate the presence of significant mineralization over 285 vertical metres, beyond that previously announced. Drill hole CAD-1210 intersected the longest continuous mineralized interval to-date with an intersection of 247.5 m at 0.95 g/t AuEq;
   
• Drill hole CAD-1216, which intersected 67.4 m at 2.75 g/t AuEq within a longer interval of 160.2 m at 1.79 g/t AuEq ending in mineralization (before the drill hole was lost due to technical reasons), extended the northwesterly limits of the higher grade mineralization announced previously; and
   
• El Retén is only one of three drill targets that the Company has defined to-date, and will test over the next four months, within the Caramanta Porphyry Cluster, a three kilometre trend 100% owned by Solvista.

Commenting on the drill results, Solvista's President and CEO Miller O'Prey, stated "We are very pleased with the results from these additional seven drill holes at the El Retén target as we continue to drill off our first gold-copper discovery. By combining these drill results with previous drill results as well as results from surface rock chip geochemistry, we have been able to increase the size of the El Retén surface footprint up to 440 metres (in a N15W direction) by 350 metres (in a N75E direction) for an aerial extent of approximately 87,000m², as defined by the >0.4 g/t AuEq contour shown as a green line on Figure 1. Within this surface footprint, results from the 10 drill holes completed to-date (focusing only on the southern portion of the footprint) have defined an oval shaped mineralized envelope at depth that extends for up to at least 350 metres (in a N40W direction) by 200 metres (in a N50E direction). Although these dimensions and limits of mineralization are approximate at this time and will require a detailed diamond drill program to define them for any future resource estimate, the Company is confident that with the further drilling planned and underway, there remains significant potential to extend the present limits of the mineralized zone."

Details

Drill hole CAD-1216 was drilled from Platform 1 (Figure 1) and was designed to test the northwestern extensions of the higher grade mineralization seen in the upper sections of drill holes CAD-1202 and CAD-1203 announced previously. Due to technical reasons the drill hole had to be abandoned at 163.5 metres, in pervasively altered and mineralized El Retén porphyry. Results for the full length of the completed drill hole are 160.2 metres at 1.79 g/t AuEq, including 67.4 metres at 2.75 g/t AuEq. Following termination of CAD-1216, the drill hole was recommenced from the surface and results are pending at this time.

Drill holes CAD-1212 and CAD-1214 were also drilled from Platform 1 (location of the first three drill holes announced previously) and were designed to test the southern limits of the El Retén mineralization. Both drill holes were drilled to the southeast, with CAD-1212 drilled at -70 degrees with CAD-1214 at -45 degrees. Both these drill holes also expanded the footprint of the near surface, higher-grade mineralization previously announced. CAD-1212 intersected an interval of 70.4 metres at 1.85 g/t AuEq starting at 15 metres downhole, within a longer intercept of 179.1 metres at 1.21 g/t AuEq and CAD-1214 intersected an interval of 39.7 metres at 1.54 g/t AuEq starting at 52.5 metres downhole, within a longer intercept of 114.7 metres at 1.07 g/t AuEq. Following these successful results, the Company plans to drill to the southwest from Platform 1 platform to continue the definition of the southern limits of gold-copper mineralization.

Drill hole CAD-1210 was drilled vertically from Platform 2 (80 m northwest step-out from Platform 1) to test the continuity of mineralization at depth. This drill hole was successful in returning the longest continuous intercept to-date on the El Retén target, with an intersection of 247.5 metres at 0.95 g/t AuEq, including 99.0 metres at 1.21 g/t AuEq. As a result of this drill hole, significant mineralization has now been encountered over 285 vertical metres. The geology identified in this drill hole suggests that it was collared close to the surface limits of the El Retén porphyry intrusive phase, although it appears that the contact, at least on the western side, is irregular in nature. Based on drilling to-date, it is believed that the El Retén porphyry intrusive phase is steeply dipping to the northeast, being more extensive in the northwest-southeast direction.

Drill hole CAD-1208 was drilled from Platform 2 to test the southwestern extents of the porphyry- style gold-copper mineralization typical at El Retén. These results (122.0 metres at 1.18 g/t AuEq) when projected to surface, extend the previously defined surface footprint of mineralization approximately 65 metres from its previously defined limit.

Drill hole CAD-1204 was drilled from Platform 2 to test the western limits of the porphyry style gold-copper mineralization identified at El Retén. The drill hole encountered mineralization over most of its length with six separate significantly mineralized intervals including 104.1 metres at 0.90 g/t AuEq starting at 2.7 metres. In addition to this near surface interval, the drill hole also intersected two high-grade silver intervals at depth. These intercepts, which include 6.9 metres with 0.96 g/t AuEq and 58.4 g/t Ag, may represent an additional, silver rich exploration target at El Retén.

Both drill holes CAD-1204 and CAD-1208 were drilled almost entirely in the volcanic host rock that surrounds the El Retén porphyry intrusive phase and suggest that significant gold-copper mineralization on the western margin may continue for up to 70 metres into the volcanic rocks, a similar distance as was noted previously on the eastern margin (Drill hole CAD-1201).

Drill hole CAD-1206 was drilled to test the porphyry gold-copper mineralization within the main El Retén intrusive phase. The drill hole collared in and drilled typical El Retén style alteration and mineralization to 106.2 metres, for a continuous interval of 106.2 metres at 1.03 g/t AuEq. From 106.2 to 115.1 metres the drill hole encountered a post-mineral dike. From a depth of 115.1 metres to 155.8 metres the drill hole re-entered the El Retén porphyry (seen from 46.8 metres to 94.2 metres), however, the quartz veining and associated quartz flooding did not contain significant gold-copper mineralization. At 155.8 metres the drill hole re-entered the post mineral intrusive phase and continued in it until the end of the drill hole.

Table 1 includes all the intervals of significant gold-copper mineralization and Table 2 provides location information for the seven drill holes at El Retén. Surface geology, drill hole collars and drill hole traces (with intervals of significant gold-copper mineralization) are shown on Figure 1. Drill holes CAD-1204, CAD-1206, CAD-1208 and CAD-1210 were drilled from the same platform (Platform 2), located approximately 80 metres to the northwest of Platform 1, from where the first three drill holes at El Retén were drilled (results published on September 17, 2012 and September 25, 2012). Drill holes CAD-1212, CAD-1214 and CAD-1216 were drilled from Platform 1. Significant intervals are defined as being greater than 6 metres in length and averaging more than 0.4 g/t AuEq with no interval including "internal dilution" greater than 6 metres at less than 0.4 g/t AuEq.

Table 1

Table 2

Drilling to-date at El Retén has defined a variably-weathered, irregular, near-surface zone, locally up to 60 metres thick where recoveries average between 60%-90 %. Below this zone, weathering is much reduced and recoveries are typically in the 90%-100% range.

Based on the ten drill holes completed to-date at El Retén, it is currently interpreted that up to eight different porphyry phases have been encountered (Figure 2). The presence of numerous porphyry phases, many with associated alteration and mineralization is interpreted by Solvista's geologists as a clear indication of a very dynamic magmatic-hydrothermal system. By way of comparison, the 24 Moz Au(-Cu) La Colosa porphyry project being developed by AngloGold Ashanti has a total of eight porphyry-related intrusive phases.

The ongoing Phase 1 drill program is designed to test target areas of identified porphyry-related alteration and mineralization (as indicated by surface rock chip geochemistry and ground based magnetic susceptibility) within the Caramanta Project area and to help understand the geology and controls on mineralization in these areas. The Phase 1 drill program is focused on three target areas - El Retén, Ajiaco Sur and Malabrigo, which represent the three southernmost targets within the currently defined Caramanta Porphyry Cluster. As it is presently understood, the Caramanta Porphyry Cluster, which is 100% owned by Solvista, is a three kilometre long trend with a generally north-south direction, remaining open in all directions. The Company looks forward to releasing results from the Ajiaco Sur and Malabrigo sectors as the Phase 1 drill program continues into the first quarter of 2013.

Quality Control and Assurance

The Company utilizes an industry-standard Quality Assurance/Quality Control program for the taking and analyzing of samples. Rock, drill core and stream sediment samples are prepared and analyzed at facilities in Antioquia, Colombia and Ontario, Canada run by the ActLabs Group of Companies. Gold values were determined by fire assay with an atomic absorption finish on 30 gram samples; other elements were analyzed with a 4 acid digestion and an ICP finish. Blanks, duplicates and certified reference standards are routinely inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at ACME Laboratories in Vancouver, British Columbia.

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

About the Caramanta Project

The Caramanta Project is located at the center of the Middle Cauca Belt, one of the most prolific gold districts in Colombia, with production dating back to pre-Colonial times. It has also been the focus of intense exploration over the past five years with a number of new discoveries including La Colosa (Anglogold Ashanti), a porphyry-gold deposit with a JORC-compliant Inferred resource of 24.15 Moz Au at 0.94 g/t Au. Directly south of Caramanta is Gran Colombia Gold's Marmato Project with NI 43-101 compliant Measured and Indicated resources of 12.4 Moz Au at 1.02 g/t Au and Inferred Resources of 2.4 Moz Au at 1.1 g/t Au. To the north is Sunward Resources' Titiribí deposit where a NI 43-101 compliant Measured and Indicated resource of 4.6 Moz Au at 0.52 g/t Au and Inferred resource of 6.4 Moz Au at 0.56 g/t Au have been announced.

About Solvista

Solvista is a gold exploration company with two projects, Caramanta and Guadalupe. These projects cover approximately 60,000 hectares in the Antioquia province of Colombia, a region rich in historic gold mining tradition and where several new gold discoveries have recently been made. Solvista is well funded and has initiated drill programs at both its projects this year, with drilling ongoing at Caramanta. Solvista's head office is located in Toronto, Canada with its Colombian headquarters located in Medellín. For further details on Solvista, its management team and its projects, please refer to Solvista's website (www.solvistagold.com).

CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Solvista's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Solvista's public documents filed on SEDAR. Although Solvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Solvista disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Figure 1

Figure 1 - Map of El Retén sector showing surface traces of all ten drill holes completed to-date as well as interpreted surface geology and geochemical anomalies - the orange line shows the 90% percentile gold anomaly used in previous Press Releases and the green line shows the newly defined surface expression of the El Retén anomaly based on a 0.4 g/t AuEq cutoff. New drill holes discussed in this Press Release are shown in black, with previously announced drill holes shown in blue with the date of publication: http://media3.marketwire.com/docs/figure1solvista.pdf.

Figure 2

Figure 2 - Northwest-southeast cross-section showing drill holes CAD-1202, CAD-1204, CAD-1210, CAD-1212, CAD-1214 and CAD-1216. Significant intervals are highlighted form those drill holes announced in this press release only. Intervals for previously announced drill holes can be found in the respective press releases: http://media3.marketwire.com/docs/figure2solvista.pdf.

Contact Information:
Solvista Gold Corporation
Miller O'Prey, PGeo
Chief Executive Officer
+1 647 694 0149
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Solvista Gold Corporation
Melissa Moriarty
Corporate Relations
+1 647 694 0149
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www.solvistagold.com