High Desert Gold Corporation

High Desert Gold Corporation

March 26, 2009 19:49 ET

High Desert Gold Corporation Files Fiscal 2008 Annual Financial Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2009) - High Desert Gold Corporation ("HDG" or the "Company") (TSX:HDG)(TSX:HDG.WT) reports that it has released its audited financial statements for the year ended December 31, 2008 and the related management's discussion and analysis of financial position and results of operations ("MD&A").

The Company experienced a significant reduction in working capital following the completion of its substantial issuer bid (Press Release 09-01 dated January 8, 2009). After adjusting for the share buy-back of 33,862,870 shares in January 2009, the Company had working capital of approximately US$1.7 million. There are currently 7,190,464 shares issued and outstanding.

The plan for 2009 is to focus on its gold properties and to joint venture its copper properties. A drill program is envisaged to extend the known mineralization at Canasta Dorada and a surface program will be completed at Artillery Peak. Joint venture agreements will be considered for all properties if terms are favourable.

The Toronto Stock Exchange has announced that it is reviewing the common shares and warrants of HDG with respect to meeting the continued listing requirements. The Company has been granted 210 days in which to regain compliance with those requirements, pursuant to the remedial review process. The Company is considering its options.

Copies of the audited 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 and entail various risks and uncertainties. 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. 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 two major properties held by the Company are the Canasta Dorada gold property in Sonora, Mexico, and the Gold Lake porphyry copper-gold-molybdenum property in New Mexico.

Contact Information

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