VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/02/12)- High Desert Gold Corporation (HDG.V - News)(HDGCF.PK - News) ("HDG" or the "Company") announces that drilling started on April 25, 2012 at the Gold Springs project. The Gold Springs Project is a 60/40 Joint Venture with Pilot Gold Inc. in which HDG holds a 60% interest and is the operator of the Joint Venture. The first drill holes are located in the Jumbo resource area in Utah and then it is expected that the drill will move to the S. Jumbo Extension and the Etna. Following this the drill will move to Nevada where holes are planned to test many of the higher grade targets, including the Fluorite, Tin Can, Pope, Iris, Horseshoe Extension, Silica Hill and Gray Eagle targets. Presently, a total of 6,400 metres of drilling are planned for the year. This may be split into two programs with the first comprising approximately 1,800m and the second 4,600m. Final details of the drill programs will be based on both drill availability and the speed with which the Company can obtain drill assay results which will be needed to locate holes later in the program.
Ralph Fitch, President and CEO, stated "The drill program this year represents our first opportunity to test many of the higher grade surface gold targets on the property. Historically, all drill holes that have tested surface exposures of gold mineralization have intersected gold and so we are particularly keen to drill the higher grade targets and have high expectations of success".
The Company has now received approvals for additional drill hole locations for two Notices of Intent ("NOI") submitted to the Nevada Bureau of Land Management ("BLM") earlier this month. With this approval HDG now has 28 hole locations approved in Nevada, including the most recently approved 21 drill holes. HDG also received approvals from the State of Utah for 13 new hole locations on State Trust Lands which will allow for the further testing of the Jumbo extension ZTEM geophysical anomaly. The Company also has existing approvals for 17 hole locations on Utah BLM lands which target the Jumbo, North Jumbo, Sharks Mouth and Etna targets. A detailed map of the target areas can be found on the Company's website at http://www.highdesertgoldcorp.com/GS%20Geo%20with%20Target%20Areas%20Jan2011.pdf.
The drill programs this year are designed to drill potential extensions to the previously issued inferred resource of 9.4 million tonnes grading 0.57 g/t gold and 12.9 g/t silver for a total of 173,000 oz. of gold and 3.88 M oz. of silver. This equates to 233,000 ounces AuEq(i) grading 0.77 g/t (see HDG PR11-18, December 22, 2011). Drilling will also test the additional high priority targets within Nevada and Utah.
Geological mapping and geochemical sampling programs are also underway and are designed to better define and understand the many gold targets generated on the project thus far. In addition, HDG will be initiating work on its 100% controlled Pinyon Project located near Gold Springs. It is planned that this project will be ready to drill by the end of the summer season. The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice President of Exploration of High Desert Gold Corporation and he has reviewed and approved the content of this press release.
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 principal property held by HDG is the 60% Gold Springs gold project situated along the border between Utah and Nevada. The Company also holds direct interests in a number of other properties including the San Antonio project in Sonora, Mexico, the Gold Lake property in New Mexico, the Artillery Peak property in Arizona and the Kinkaid and Pinyon properties in Nevada. The Company also has a 34.2% interest in the Canasta Dorada property in Sonora, Mexico, through its equity interest in Highvista Gold Inc. There has been insufficient exploration to define a property-wide mineral resource at Gold Springs and it is uncertain if further exploration will result in the additional targets at Gold Springs 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 "believes", "target", "continue", "expectation", "progressing", "planned", "expected" and similar expressions. These statements include, but are not limited to, statements regarding the continued advancement of the Gold Springs property. 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 http://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.
This news release uses the term 'inferred resources' which is recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), however, such term is not a defined term under SEC Industry Guide 7 and is not normally permitted to be used in reports and registration statements filed with the United States Securities and Exchange Commission. Investors are cautioned not to assume that any part or all of the 'inferred resources' will be upgraded or converted into 'indicated resources' or 'reserves' as defined under NI 43-101. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. Under Canadian rules, estimates of inferred resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
(i) Gold equivalent (AuEq) calculations reflect gross metal content using metal prices of $1020/oz gold (Au), and $15.80/oz silver (Ag), and have not been adjusted for metallurgical recoveries.
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.
High Desert Gold Corporation
Executive Vice President
(303) 758-2063 (FAX)