High Desert Gold Corporation
TSX VENTURE : HDG

High Desert Gold Corporation

March 15, 2010 17:14 ET

High Desert Gold Corporation Completes $292,400 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 15, 2010) - High Desert Gold Corporation (TSX VENTURE:HDG)("HDG" or the "Company") is pleased to report that it has closed the first tranche of a private placement financing for gross proceeds of $292,400 (the "Financing") through the issuance of 1,827,500 common shares of the Company (each a "Common Share") at a price of $0.16 per Common Share. The Common Shares issued today are subject to a statutory hold period expiring July 16, 2010. All amounts are in CAD$. 

The issuance of 1,827,500 Common Shares today is part of a larger offering by the Company of up to 6,562,500 Common Shares. Additional closings may occur up to April 5, 2010.

In connection with the Financing, the Company paid an aggregate of $23,392 in cash commissions or finder's fees and issued non-transferable warrants entitling the selling agents or finders on the Financing to subscribe for an aggregate of 182,750 Common Shares at a price of $0.19 per Common Share for a period of 24 months (until March 15, 2012). 

The Company plans to use the net proceeds from the Financing to conduct exploration on its properties in Mexico and Nevada and for working capital purposes.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States of America (the "United States") or to or for the benefit of U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

HDG is a mineral exploration company that acquires and explores mineral properties, primarily gold, copper and silver, in North America. The current focus of the Company is its properties located in Mexico and the Gold Springs gold property on the Nevada-Utah border.

Certain statements in this press release constitute "forward-looking statements". These forward-looking statements include, but are not limited to, statements regarding the possibility of additional closings. Forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results. Forward-looking statements are based on certain assumptions, including the key assumptions and parameters on which such estimates are based, involve risks and uncertainties and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, the effect of capital market conditions and other factors on capital availability and the ability to complete additional closings up to the maximum offering if at all; possible variations in mineral resources, grade or recovery rates, commodity prices, operating or capital costs; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; political, regulatory, environmental and other risks in the mining industry and other risks more fully described in the Company's Annual Information Form filed and publicly available on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information