Calvista Gold Corporation (TSX:CVZ)(OTCQX:CAGOF) ("Calvista" or the "Company")
today announced that at a special meeting of the shareholders and in-the-money
warrantholders of the Company (the "Meeting") held earlier today, shareholders
and in-the-money warrantholders voted to overwhelmingly approve the plan of
arrangement (the "Arrangement") pursuant to which AUX Canada Acquisition 3 Inc.
("AUX"), a wholly owned subsidiary of AUX Acquisition 3 S.A.R.L. will acquire
all of the issued and outstanding common shares of the Company (the "Common
Shares") and the in-the-money warrants to acquire Common Shares (the "Warrants")
at a price of $1.10 per Common Share in cash. The resolution approving the
Arrangement was approved by 100% of the votes cast by shareholders and
in-the-money warrantholders (voting as a single class) present in person or by
proxy at the Meeting, 100% of the votes cast by minority shareholders, and 100%
of the votes cast by shareholders.


The Company's Chief Executive Officer, Mr. Mark Haywood, stated that "the Board
and Management are very pleased with the outcome of the arrangement with AUX and
the overwhelming unanimous support of the votes cast. As I complete my service
to Calvista early next week as its President & CEO, it has been my pleasure to
manage Calvista, its dedicated and loyal workforce, and return significant value
to all our shareholders and Colombian stakeholders."


The Company's Executive Chairman, Dr. Ruben Shiffman, stated that "since
inception we had a strong conviction on the Calvista initiative and the result
is now an empirical example of a significant socially responsible project with
high returns."


Calvista obtained an interim order of the Ontario Superior Court of Justice
(Commercial List) under the Business Corporations Act (Ontario) to authorize the
Meeting in connection with the Arrangement. Calvista will return to court on
December 10, 2012 to seek a final order to implement the Arrangement. The
closing of the Arrangement is subject to certain customary conditions, including
obtaining certain regulatory approvals and is expected to occur on December 11,
2012.


For further information, please contact Kingsdale Shareholder Services Inc.
("Kingsdale"), toll free in North America at 1-866-229-8214 or call collect
outside North America at 416-867-2272 or by email at
contactus@kingsdaleshareholder.com.


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, statements
with respect to the anticipated closing of the Arrangement. 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Calvista Gold Corporation
Ruben Shiffman
Executive Chairman
+1 416 504 4199


Calvista Gold Corporation
Mark Haywood
President & CEO
+1 416 504 4199


Calvista Gold Corporation
Donald Christie
CFO and Corporate Secretary
+1 416 504 4199


Calvista Gold Corporation
Gary Anstey
Investor Relations/Business Development
+1 416 504 4199


Corporate office
Suite 1500, 4 King West
Toronto, Ontario, Canada, M5H 1B6
info@calvistagold.com
www.calvistagold.com
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