Calvista Announces Closing of Non-Brokered Private Placement

TORONTO, ONTARIO -- (Marketwire) -- 07/23/12 -- Further to its press releases dated July 11 and July 18, 2012, Calvista Gold Corporation (TSX:CVZ)(OTCQX:CAGOF) ("Calvista" or the "Company") is pleased to announce the completion of its previously announced non-brokered private placement for gross proceeds of $1,534,144 through the sale of 3,835,360 units (the "Units") at a price of $0.40 per Unit (the "Offering").

Each Unit consisted of one common share in the capital stock of Calvista ("Common Share") and one-half (1/2) of one Common Share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share for $0.45 until July 23, 2014.

In connection with the Offering, a 6% finder's fee was paid in cash to certain eligible finders and 83,400 finder's warrants ("Finder's Warrants") were issued equal to 6% of the number of Units placed by eligible finders pursuant to the Offering. Each Finder's Warrant entitles the holder to acquire one Unit for $0.40 until July 23, 2014.

Calvista intends to use the net proceeds from the Offering to acquire mining titles, fund continued exploration on Calvista's assets, namely its California Project in Colombia, and for general working capital purposes.

All securities issued in conjunction with the Offering are subject to a statutory fourth month and one day hold period.

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. All our prospects in the California Valley are located below 3,200 metres and are not affected by the Paramo ecosystem law. With a head office in Toronto and Colombian headquarters in Bucaramanga, Calvista is led by a management team with over 50 years of exploration and mining experience, principally in South and Central America. For further details on Calvista, please refer to our web site (www.calvistagold.com) and Calvista's Canadian regulatory filings on SEDAR 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, Calvista's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, 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 Calvista's public documents filed on SEDAR. Although Calvista 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. Calvista 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.

The Toronto Stock Exchange does not accept responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.