High Desert Gold Corporation

High Desert Gold Corporation

November 17, 2009 16:37 ET

High Desert Gold Corporation Files Third Quarter 2009 Financial Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2009) - High Desert Gold Corporation ("HDG" or the "Company") (TSX VENTURE:HDG) reports that it has released its unaudited interim consolidated financial statements for the nine months ended September 30, 2009 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). As at September 30, 2009, the Company had working capital of $0.8 million. The Company is actively pursuing further equity financing. There are currently 8,523,798 shares issued and outstanding.

The Company has recently signed a letter of intent to acquire a 60% interest in the Gold Springs (NV/UT) gold property. The Company will focus its resources on this property where it believes a modest exploration program can achieve substantial results.

The Company continues to pursue a joint venture or other type of agreement with prominent exploration companies for its Canasta Dorada property. Past drilling at Canasta Dorada has achieved plus one gram per tonne gold mineralization and management believes a large exploration program is justified which can be best carried out with a partner.

At Artillery Peak, drill permits have been obtained and exploration will move forward if further funds are available or with a partner.

Copies of the unaudited interim 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 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)