High Desert Gold Corporation

High Desert Gold Corporation

February 24, 2011 08:31 ET

High Desert Gold Corporation Joins the OTCQX in the U.S.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2011) - High Desert Gold Corporation (TSX VENTURE:HDG) (OTCQX:HDGCF) ("HDG" or the "Company") is pleased to announce that the Company's common shares have commenced trading on the OTCQX, the top tier of the broker-dealer quotation services operated by OTC Markets Inc., using the ticker symbol, HDGCF. HDG's common shares continue to trade on the TSX.V under the symbol, HDG.

Ralph Fitch, President and CEO of the Company, stated "That with OTCQX we expect that U.S. investors will be better served now that they have an alternative trading platform for our common shares. We believe that our U.S. investors will now have easier access through their regulated broker-dealers and will be more comfortable with their trading transactions knowing that the Company is trading on OTCQX. This also provides an opportunity for potential new shareholders to become familiar with a developing gold exploration company focused on several exciting new projects with potential for discoveries such as our Gold Springs target in Nevada and San Antonio Gold Project in Sonora Mexico, both of which we believe have substantial potential."

Berenbaum Weinshienk PC will serve as HDG's Principal American Liaison ("PAL") on OTCQX and will be responsible for providing guidance on OTCQX requirements and compliance with U.S. securities law.

The following are summary descriptions of the Company's primary properties that include information that has been previously released:

Gold Springs (straddles the Utah-Nevada border):

Eighteen drill targets exhibiting greater than one gram per tonne gold at surface have been identified at the Gold Springs property and a second round of drilling is planned for this spring as soon as the snow clears. In 2010, rock geochemistry results were obtained (examples shown in following table) which were followed by drilling that demonstrated thick intercepts with gold grades similar to gold grades publicly announced by such companies as Kinross Gold Corporation (Round Mountain Mine) and Goldcorp Inc. (Marigold Mine) which are operating mines in the same region as the Gold Springs property. 

Rock Geochemistry examples previously reported in HDG PR10-18, Oct. 27, 2010:

Sample Number Sample Type Gold g/t Silver g/t
42161 Rock chip 99.5 143.6
8984 Rock chip 12.0 42.3
8071 Rock chip 6.08 88.2
53655 Rock chip 6.27 93.4

Drill results examples previously reported in HDG PR10-14, Aug. 19, 2010:

  • Completed 11-hole RC drill program in 2010 – results include significant thicknesses of typical "heap leach" grade mineralization:

  • J-10-3 includes 97.5 m @ 0.63 g/t Au Eq (gold equivalent)
    • Includes intervals totaling 49 metres of > 1g/t Au Eq
  • J-10-4 includes 169.16 m @ 0.6 g/t Au Eq
    • Includes intervals totaling 48 metres of > 1g/t Au Eq
  • Gold eq based on $1,000/oz Au and $16/oz Ag. Intercepts represent approximate true thicknesses

San Antonio Gold Project (Sonora, Mexico):

Rock chip sample results showing high grade gold values were obtained in 2010 (examples shown in following table) and the Company is presently drilling the project with the first results expected in March 2011.

Rock chip geochemistry examples previously reported in HDG PR10-10, May 19, 2010:

Sample Number   Sample type/length   Sample Description   Gold
73897   7.6m chip   Silicified siltstones with stringer quartz veins   3.5   22.3
73900   Grab   Skarn, massive black silica with magnetite   7.14   46.8
73949   2.1m chip   Massive silicified sandstone   3.66   119
73950   0.9m chip   Hematite stained clay   2.57   27.7
73951   0.6m chip   Fault zone, gouge+ limestone rock fragments   1.82   14.0
73952   3.1m chip   Gossan   1.71   9.6
73953   0.9m chip   Silicified sandstone with thin quartz veinlets   6.94   31.6
73954   1.22m chip   White vuggy quartz vein with rock fragments   100   70.5
73955   0.9m chip   Hematite stained quartz vein   8.3   491
73956   Grab   Open spaced white quartz   14.05   81.1
122449   1.52m chip   Open spaced quartz within arkosic sandstone   12.45   142
122450   2.74m chip   arkosic sandstone silicification+clay alteration   2.36   6.04
122451   4.57m chip   Silicified arkosic sandstone   2.11   12.25
122452   2.1m chip   Silicified arkosic sandstone   1.65   11.85
122453   2.44m chip   Silicified arkosic sandstone with rare quartz vein   22.3   46.5
122454   2.44m chip   Massive silicified arkosic sandstone   23.7   25.2
122455   2.44m chip   Massive silicified arkosic sandstone   21.3   113
122456   2.13m chip   Massive silicified arkosic sandstone   44.1   160
122457   3.66m chip   Clay altered arkosic sandstone   2.41   44.2
122458   2.74m chip   Clay altered arkosic sandstone   3.44   16.65
122460   2.44m chip   Silicified limestone with quartz veinlets   1.315   6.37
122463   2.44m chip   Silicified limestone with quartz veinlets   3.82   3.42
122464   2.44m chip   Gossan   3.87   18.05
122465   2.44m chip   Silicified limestone with quartz veinlets   3.45   14.75


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. The Company recently completed a financing for gross proceeds of Cdn$3.0 million and has already initiated a drilling program at San Antonio and will commence drilling in early spring at Gold Springs.

To learn more about High Desert Gold Corporation, please visit the website: www.hdggold.com.

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 "expect", "believe", "potential", "planned", "will", "developing" and similar expressions. Information concerning the previous exploration of the Gold Springs and San Antonio property may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. 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, availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms, availability of equipment; equipment malfunctions; 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 and www.otcmarkets.com where continuous disclosure documents can be viewed. 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.

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