High Desert Gold Corporation
TSX : HDG
TSX : HDG.WT

High Desert Gold Corporation

November 16, 2007 09:51 ET

High Desert Gold Corporation Announces Closing of Over-Allotment Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

High Desert Gold Corporation ("HDG" or the "Company") (TSX:HDG)(TSX:HDG.WT) is pleased to announce that it has completed the sale today of 4,500,000 units, each unit consisting of one common share and one half of one common share purchase warrant, at a price of $0.50 per unit pursuant to the exercise in full of an over-allotment option (the "Over-Allotment Option") by MGI Securities Inc., as lead agent with Canaccord Capital Corporation (collectively, the "Agents"). The Over-Allotment Option was granted by HDG to the Agents in connection with HDG's initial public offering which was completed on October 17, 2007 (the "Offering"). The aggregate gross proceeds to HDG from the Offering and the exercise of the Over-Allotment Option are $17,250,000.

The funds raised through the Offering and the exercise of the Over-Allotment Option are being used to aggressively drill and explore the flagship Canasta Dorada gold property (see HDG PR 07-03). The funds will also be used for drilling and exploration at the Gold Lake property and to continue the exploration at the Monitor property.

Certain statements contained herein constitute "forward-looking statements". These forward-looking statements are based on current expectations. The nature, timing and extent of the exploration programs may materially change from current intentions for a number of reasons. Additionally, "forward looking statements" look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "intends," "anticipates," "should," "estimates," "expects," "believes," and similar expressions. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

The Company is a mineral exploration company that acquires and explores mineral properties, primarily gold, copper and silver, in North America. The three major properties held by HDG are the flagship Canasta Dorada gold property in Sonora, Mexico, the Gold Lake porphyry copper-gold-molybdenum property in New Mexico and the Monitor copper-silver property in Arizona.

Contact Information

  • High Desert Gold Corporation
    Richard Doran
    Executive Vice President, Investor Relations
    (303) 584-0606
    (303) 758-2063 (FAX)
    Email: rdoran@highdesertgoldcorp.com