High Desert Gold Corporation

High Desert Gold Corporation

June 28, 2011 18:28 ET

High Desert Gold Corporation Files First Quarter 2011 Financial Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2011) - High Desert Gold Corporation ("HDG" or the "Company") (TSX VENTURE:HDG)(OTCQX:HDGCF) reports that it has released its unaudited condensed interim consolidated financial statements for the three months ended March 31, 2011 and the related management's discussion and analysis of financial position and results of operations ("MD&A").

As at March 31, 2011, the Company had working capital of US$2.4 million, including cash and cash equivalents of US$2.5 million. With this funding in place, the Company is in a strong financial position to pursue its current exploration strategy.

At the Gold Springs property located on the Nevada-Utah border, the Company is earning into its 60% position with Pilot Gold Corporation and will shortly be forming an operating company. Going forward, plans for further exploration at Gold Springs, with both partners contributing based on their proportionate shares, will be developed. HDG will be the managing partner with its 60% interest and will be directing the exploration plans through a committee to be made up of personnel from both companies. The Company expects to be announcing results from the current round of drilling at Gold Springs in July and plans on completing an NI 43-101 Technical Report by year end.

The Company has completed the transfer of all of its interests in the Canasta Dorada property to Highvista Gold Corp. ("HVG"). The Company plans to raise additional funds through the sale of HVG shares which should allow for further exploration work at Gold Springs and at the San Antonio property in Mexico in the second half of 2011.

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


The Company is a mineral exploration company that acquires and explores mineral properties, primarily gold, copper and silver, in North America. The major properties held by HDG are the Gold Springs gold project situated along the border between Utah and Nevada and the San Antonio project in Sonora, Mexico. There has been insufficient exploration to define a mineral resource at Gold Springs and at San Antonio and it is uncertain if further exploration will result in the targets at these two projects being delineated as a mineral resource.

Certain statements contained herein constitute "forward-looking statements". 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", "expects", "should", "will", "believe", "likely", "intention" and similar expressions. These statements include, but are not limited to, statements regarding the continued advancement of the Gold Springs and San Antonio properties and the possible sale of HVG shares by the Company. These forward- looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. 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; 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 and other risks more fully described in the Company's Management Discussion & Analysis of Financial Position and Results of Operations, which is 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. Except as required by law, HDG 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 the 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

  • High Desert Gold Corporation
    William Filtness
    Chief Financial Officer
    (604) 684-0693
    (604) 684-0642 (FAX)