High Desert Gold Corporation
TSX VENTURE : HDG
OTCQX : HDGCF

High Desert Gold Corporation

April 28, 2011 19:07 ET

High Desert Gold Corporation Files Fiscal 2010 Annual Financial Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2011) - High Desert Gold Corporation ("HDG" or the "Company")(TSX VENTURE:HDG) (OTCQX:HDGCF) reports that it has released its audited consolidated financial statements for the year ended December 31, 2010 and the related management's discussion and analysis of financial position and results of operations ("MD&A").

As at December 31, 2010, the Company had working capital of US$2.9 million, including cash and cash equivalents of US$3.1 million. With this funding in place, the Company is in a strong financial position to pursue its current exploration strategy.

Drilling has recently commenced at the Company's flagship Gold Springs Project. HDG's management believes that the strong exploration and drilling programs at Gold Springs will provide a stream of positive news throughout the year and management plans on completing a NI 43-101 report by year end.

At San Antonio, the Company has completed a scouting drill program consisting of 11 RC drill holes and expects to have results available for release shortly. The purpose of the program was to drill under a "cut" made previously by local miners, which is approximately 10 metres deep that contained many chip samples with values greater than one gram per tonne gold within a range of 5 ppb to 100 grams per tonne. The samples were collected by HDG staff under the supervision or by a Qualified Person (see HDG PR10-10, May 19, 2010). In addition to the holes located near the "cut", holes were located to also test other areas of the property where anomalous geochemistry had been found in the rocks and to better understand the stratigraphic sequence.

At Artillery Peak, three short trenches using a trackhoe have been completed to depths of one to two metres to test the gold content of the rocks in the subsurface within the large 950 metre long surface gold anomaly (see HDG PR09-10, August 20, 2009). Results were recently reported (see HDG PR11-06) and HDG will be considering additional trenching or a follow-up drill program.

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

ABOUT HIGH DESERT GOLD

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 mineralization at and continued advancement of the Gold Springs, San Antonio and Artillery Peak properties. 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

  • William Filtness
    Chief Financial Officer
    (604) 684-0693
    (604) 684-0642