High Desert Gold Corporation

High Desert Gold Corporation

October 10, 2007 13:40 ET

High Desert Gold Corporation Files Final Prospectus

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2007) - High Desert Gold Corporation ("HDG" and "Company") is pleased to announce that it has filed a final prospectus dated October 9, 2007 in connection with an initial public offering of units in each of the Provinces of Ontario, British Columbia, Alberta and Manitoba and the Yukon Territory. MGI Securities Inc. is acting as lead agent of the offering along with Canaccord Capital Corporation.

Pursuant to the offering, HDG will issue 30,000,000 units, each unit consisting of one common share of the Company and one half of one common share purchase warrant, at $0.50 per unit for gross proceeds of $15,000,000. One full common share purchase warrant entitles the holder to purchase an additional common share of the Company at a price of $0.65 until the second anniversary of the closing of the offering. HDG has also granted the agents an over-allotment option (exercisable within 30 days of closing) to purchase up to an additional 4,500,000 units at $0.50 per unit for additional gross proceeds of $2,250,000. Closing is scheduled for October 16, 2007. The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the common shares and warrants of HDG, subject to HDG satisfying the customary requirements of the TSX.

The Company is a mineral exploration company that acquires, explores and develops mineral properties, primarily gold and copper, 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.

The funds raised through the IPO will be used to aggressively drill and explore the Canasta Dorada flagship gold property and the Gold Lake property and to continue the exploration at the Monitor property. At Canasta Dorada the planned exploration includes a substantial program of drilling, tunneling and detailed metallurgical testing.

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," "indicates," "targeting," "suggests," "potential" "interpretation" and similar expressions. These forward-looking statements, including statements regarding the Company's beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations as more information regarding the property is gathered or if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. 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.

Contact Information

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