d1190633_13g.htm

 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. )*


Vista Gold Corp.
(Name of Issuer)


Common Shares without par value
(Title of Class of Securities)


927926303
(CUSIP Number)


October 22, 2010
(Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
[_]  Rule 13d-1(b)

[X]  Rule 13d-1(c)

[_]  Rule 13d-1(d)

__________
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
 
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 

 
 
 


CUSIP No.
927926303
    
     
1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Sun Valley Gold LLC
  
     
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
   
(a)  [_]
   
(b)  [_]
     
3.
SEC USE ONLY
  
     
     
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
Delaware
  
     
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
5.
SOLE VOTING POWER
  
     
 
0
  
     
6.
SHARED VOTING POWER
  
     
 
10,407,826
  
     
7.
SOLE DISPOSITIVE POWER
  
     
 
0
  
     
8.
SHARED DISPOSITIVE POWER
  
     
 
10,407,826
  
     
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
 
10,407,826
  
     
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
  
   
[_]
     
     
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
  
     
 
14.24%
  
     
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
  
     
 
IA
  

 
 
 


CUSIP No.
927926303
    
     
1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Palmedo Holdings LLLP
  
     
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
   
(a)  [_]
   
(b)  [_]
     
3.
SEC USE ONLY
  
     
     
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
Nevada
  
     
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
5.
SOLE VOTING POWER
  
     
 
0
  
     
6.
SHARED VOTING POWER
  
     
 
10,407,826
  
     
7.
SOLE DISPOSITIVE POWER
  
     
 
0
  
     
8.
SHARED DISPOSITIVE POWER
  
     
 
10,407,826
  
     
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
 
10,407,826
  
     
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
  
   
[_]
     
     
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
  
     
 
14.24%
  
     
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
  
     
 
PN
  

 
 
 


CUSIP No.
927926303
    
     
1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Peter F. Palmedo
  
     
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
   
(a)  [_]
   
(b)  [_]
     
3.
SEC USE ONLY
  
     
     
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
United States of America
  
     
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
5.
SOLE VOTING POWER
  
     
 
0
  
     
6.
SHARED VOTING POWER
  
     
 
10,407,826
  
     
7.
SOLE DISPOSITIVE POWER
  
     
 
0
  
     
8.
SHARED DISPOSITIVE POWER
  
     
 
10,407,826
  
     
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
 
10,407,826
  
     
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
  
   
[_]
     
     
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
  
     
 
14.24%
  
     
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
  
     
 
IN
  

 
 
 


CUSIP No.
927926303
    
     
1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Sun Valley Gold Master Fund, Ltd.
  
     
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
   
(a)  [_]
   
(b)  [_]
     
3.
SEC USE ONLY
  
     
     
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
Cayman Islands
  
     
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
5.
SOLE VOTING POWER
  
     
 
0
  
     
6.
SHARED VOTING POWER
  
     
 
6,802,026
  
     
7.
SOLE DISPOSITIVE POWER
  
     
 
0
  
     
8.
SHARED DISPOSITIVE POWER
  
     
 
6,802,026
  
     
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
 
6,802,026
  
     
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
  
   
[_]
     
     
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
  
     
 
9.37%
  
     
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
  
     
 
CO
  

 
 
 


CUSIP No.
927926303
    

Item 1.
(a).
Name of Issuer:
  
       
   
Vista Gold Corp.
  

 
(b).
Address of issuer's principal executive offices:
  
       
   
Suite 5
7961 Shaffer Parkway
Littleton, CO 80127
  

Item 2.
(a).
Name of person filing:
  
       
   
Sun Valley Gold LLC
Palmedo Holdings LLLP
Peter F. Palmedo
Sun Valley Gold Master Fund, Ltd.
  

 
(b).
Address or principal business office or, if none, residence:
  
       
   
620 Sun Valley Road
P.O. Box 2759
Sun Valley, ID 83353
  

 
(c).
Citizenship:
  
       
   
Sun Valley Gold LLC – Delaware
Palmedo Holdings LLLP – Nevada
Peter F. Palmedo – United States of America
Sun Valley Gold Master Fund, Ltd. – Cayman Islands
  

 
(d).
Title of class of securities:
  
       
   
Common shares without par value
  

 
(e).
CUSIP No.:
  
       
   
927926303
  

Item 3.
If This Statement is filed pursuant to §§.240.13d-1(b) or 240.13d-2(b), or (c), check whether the person filing is a

 
(a)
[_]
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

 
(b)
[_]
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

 
(c)
[_]
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

 
(d)
[_]
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

 
(e)
[_]
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

 
(f)
[_]
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

 
(g)
[_]
A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

 
(h)
[_]
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813);

 
(i)
[_]
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

 
(j)
[_]
A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);

 
(k)
[_]
Group, in accordance with §240.13d-1(b)(1)(ii)(K).  If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution:

       
 
 
 
 


 
Item 4.
Ownership.

 
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

 
(a)
Amount beneficially owned:
     
   
Sun Valley Gold LLC:  10,407,826
Palmedo Holdings LLLP:  10,407,826
Peter F. Palmedo:  10,407,826
Sun Valley Gold Master Fund, Ltd.:  6,802,026

 
(b)
Percent of class:
     
   
Sun Valley Gold LLC:  14.24%
Palmedo Holdings LLLP:  14.24%
Peter F. Palmedo:  14.24%
Sun Valley Gold Master Fund, Ltd.:  9.37%

 
(c)
Number of shares as to which the person has:
     

   
(i)
Sole power to vote or to direct the vote
    
         
     
Sun Valley Gold LLC:  0
Palmedo Holdings LLLP:  0
Peter F. Palmedo:  0
Sun Valley Gold Master Fund, Ltd.:  0
  
         
   
(ii)
Shared power to vote or to direct the vote
    
         
     
Sun Valley Gold LLC:  10,407,826
Palmedo Holdings LLLP:  10,407,826
Peter F. Palmedo:  10,407,826
Sun Valley Gold Master Fund, Ltd.:  6,802,026
  
         
   
(iii)
Sole power to dispose or to direct the disposition of
    
         
     
Sun Valley Gold LLC:  0
Palmedo Holdings LLLP:  0
Peter F. Palmedo:  0
Sun Valley Gold Master Fund, Ltd.:  0
  
         
   
(iv)
Shared power to dispose or to direct the disposition of
    
         
     
Sun Valley Gold LLC:  10,407,826
Palmedo Holdings LLLP:  10,407,826
Peter F. Palmedo:  10,407,826
Sun Valley Gold Master Fund, Ltd.:  6,802,026
  
         

 
Instruction:  For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).
   
Item 5.
Ownership of Five Percent or Less of a Class.

 
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following  [   ].
 
   
   


 
 
 


Item 6.
Ownership of More Than Five Percent on Behalf of Another Person.

 
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified.  A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
 
 
N/A
   

Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

 
If a parent holding company or control person has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary.  If a parent holding company or control person has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
 
 
N/A
   

Item 8.
Identification and Classification of Members of the Group.

 
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group.  If a group has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identity of each member of the group.
 
 
N/A
   

Item 9.
Notice of Dissolution of Group.

 
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity.  See Item 5.
 
 
N/A
   

Item 10.
Certification.

   
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

 
 
 


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 

 
April 26, 2011
 
(Date)
   
   
 
Sun Valley Gold LLC*
   
 
By:  /s/ Peter F. Palmedo
 
Name:  Peter F. Palmedo
 
Title:  Managing Member
   
   
 
Palmedo Holdings LLLP*
   
 
By:  /s/ Peter F. Palmedo
 
Name:  Peter F. Palmedo
 
Title:  General Partner
   
   
 
/s/ Peter F. Palmedo*
 
Name:  Peter F. Palmedo


 
Sun Valley Gold Master Fund, Ltd.
   
 
By:  /s/ Peter F. Palmedo
 
Name:  Peter F. Palmedo
 
Title:  Director
   


*  The Reporting Persons disclaim beneficial ownership except to the extent of their pecuniary interests therein.

 
 
 

EXHIBIT A

AGREEMENT


The undersigned agree that this Schedule 13G dated April 26, 2011 relating to the Common Shares without par value of Vista Gold Corp. shall be filed on behalf of the undersigned.


 
Sun Valley Gold LLC
   
 
By:  /s/ Peter F. Palmedo
 
Name:  Peter F. Palmedo
 
Title:  Managing Member
   
   
 
Palmedo Holdings LLLP*
   
 
By:  /s/ Peter F. Palmedo
 
Name:  Peter F. Palmedo
 
Title:  General Partner
   
   
 
/s/ Peter F. Palmedo
 
Name:  Peter F. Palmedo

 
 
Sun Valley Gold Master Fund, Ltd.
   
 
By:  /s/ Peter F. Palmedo
 
Name:  Peter F. Palmedo
 
Title:  Director
   

 




SK 00964 0003 1190633