Calvista Gold Corp. Announces Normal Course Issuer Bid

TORONTO, May 11, 2012 - Calvista Gold Corporation (the "Company" or "Calvista") (TSX:CVZ) is pleased to announce today that it intends to proceed with a normal course issuer bid ("NCIB") to purchase up to 2,442,501 common shares of the Company ("Common Shares").

The Company is commencing the NCIB because it believes that the current market price of its Common Shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that the purchase of Common Shares for cancellation is in the best interests of the Company's shareholders by increasing their respective proportionate shareholdings and therefore increasing the respective equity interest in the Company for all remaining shareholders.

As at May 11, 2012, the Company had 48,850,024 Common Shares issued and outstanding. The 2,442,501 Common Shares that may be purchased by the Company under the NCIB represents approximately 5% of the total issued and outstanding Common Shares. The Company has received acceptance from the Toronto Stock Exchange ("TSX") to commence the NCIB on May 15, 2012. The NCIB will terminate on May 14, 2013 or at such earlier date in the event that the number of Common Shares sought in the NCIB has been repurchased. The Company reserves the right to terminate the NCIB earlier if it feels that it is appropriate to do so.

All Common Shares will be purchased on the open market through the facilities of the TSX, and payment for the Common Shares will be in accordance with the policies of the TSX. The price paid for the Common Shares will be the market price at the time of purchase. Purchasing may be suspended at any time, and no purchases will be made other than by means of open market transactions during the term of the NCIB.

The maximum number of Common Shares that may be purchased on a daily basis is 9,377 Common Shares representing approximately 25% of the average daily trading volume for the last six calendar months, except where purchases are made in accordance with "block purchases" exemptions under applicable TSX policies. The Common Shares purchased by the Company will be cancelled.

The Company has engaged Haywood Securities Inc. to act as broker through which the NCIB will be conducted.

There have not been any previous purchases under a normal course issuer bid by the Company within the past 12 months.


About Calvista

Calvista is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. Calvista was founded by, and was initially a subsidiary of, Norvista Resources Corporation, a private resource-oriented merchant bank based in Toronto. Calvista's California property is comprised of eleven mining titles grouped into six non-contiguous blocks located in the California mining district, Department of Santander, Colombia. Calvista is well funded and led by a management team with over 45 years of exploration and mining experience, principally in South and Central America. Calvista's head office is located in Toronto with its Colombian headquarters located in Bucaramanga. For further details on Calvista, its management team and its project, please refer to Calvista's web site (www.calvistagold.com). Calvista's Canadian regulatory filings can be found under the Company's SEDAR profile at www.sedar.com.


CAUTIONARY STATEMENT:

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, statements with respect to the anticipated impact of the NCIB, the Company's objectives, goals or future plans, statements regarding exploration results, exploration plans and the timing of a potential resource estimate with respect to its California property. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, 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, enhanced risks inherent to conducting business in a jurisdiction such as Colombia, and those risks set out in the Company's public documents filed on SEDAR. Although the Company 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. The Company 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.



Contact Information

Calvista Gold Corporation
Donald Christie, Chief Financial Officer and Corporate Secretary
+1 416 504 4199
dchristie@calvistagold.com
www.calvistagold.com