High Desert Gold Corporation

High Desert Gold Corporation

May 13, 2008 18:38 ET

High Desert Gold Corporation Files First Quarter 2008 Financial Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2008) - High Desert Gold Corporation (TSX:HDG)(TSX:HDG.WT)("HDG" or the "Company") reports that it has released its unaudited consolidated financial statements for the three months ended March 31, 2008 and the related management's discussion and analysis of financial position and results of operations ("MD&A").

In October 2007, the Company completed its IPO for net proceeds of US$15.3 million and at March 31, 2008, the Company had cash and cash equivalents of US$12.9 million and working capital of US$12.6 million. With this funding in place, the Company is in a strong financial position to pursue its current exploration and property acquisition strategy.

The Company's business objectives are to aggressively drill and explore its Canasta Dorada and Gold Lake properties so that these properties can be advanced as quickly as possible. The Company also plans to explore its Monitor property through a drill program in 2009, continue early stage exploration on its other existing properties and to evaluate new opportunities. Where appropriate, the Company intends to seek joint venture partners for certain of its properties.

Drill results for holes 15-32 from Canasta Dorada are expected to be received in the second quarter. The Canasta Dorada property is located in the Sonoran Gold Belt, a particularly gold enriched province extending from southern California through northern Sonora. Mines in this established gold trend include Mesquite, Picacho, La Herradura and El Chanate in the Caborca region of northwest Sonora, Mexico.

At Gold Lake, the Company plans to aggressively drill and explore the geophysical and geochemical targets defined by the work completed on the property to date. Accordingly, the Company started the planned 4,000 metre drilling program at Gold Lake in January 2008 and is presently drilling the third hole.

Copies of the unaudited consolidated financial statements and related MD&A can be found on SEDAR at www.SEDAR.com.

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. These forward-looking statements are based on current expectations and entail various risks and uncertainties. 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.

HDG 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 the Company 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
    William Filtness
    Chief Financial Officer
    (604) 684-0693
    (604) 684-0642 (FAX)