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GTX 295 on a 500w Power Supply?

Hi everyone, I'm putting together a budget gaming rig for a friend and decided that I'd use the GTX 295 I already had on hand for the graphics despite its power requirements. Upon calculating the power the max load came out to be 493 watts. The full system specs are as follows with a link to the power supply I plan to use:

CPU: Xeon X3460 @ 2.8ghz
GPU: GTX 295 EVGA red edition
RAM: 2 x 4GB DDR3 @ 1066mhz
PSU: Corsair VS500 (https://m.newegg.com/products/N82E16817139196)
Storage: 500GB WD Blue

Just wanted to make sure that this is a safe load for the PSU in question, or if I should look elsewhere for either a different PSU or graphics card.
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  1. Best answer
    1| You're going to need at least 650W of power.

    2| The VS unit is more of a firecracker than a unit you'd like to house inside the system. Pick out a more robust unit per this tier list.

    3| In tandem with your PSU's wattage, are you sure your chassis has the appropriate airflow to cope with the heat dump? Speaking of heat, what's the make and model of your motherboard and CPU cooler?
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