VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2012) - High Desert Gold Corporation (HDG.V - News)(HDGCF.PK - News) ("HDG" or the "Company") reports that it has released its audited consolidated financial statements for the year ended December 31, 2011 and the related management's discussion and analysis of financial position and results of operations ("MD&A").
As at December 31, 2011, the Company had a working capital deficiency of ($0.2) million, however, during February 2012, the Company received gross proceeds of $4.7 million from the completion of a private placement financing with the result that the Company is in a strong financial position to pursue its current exploration strategy.
The Company also owns 10.7 million shares of Highvista Gold Inc. ("HVG") (34.2% equity interest) which currently have a quoted value of $1.7 million. These shares are subject to a time-released regulatory escrow agreement and a contractual lock-up undertaking entered into by the Company.
The focus of the Company's exploration program in 2012 will be the Gold Springs project where a 6,400 metre drill program has been planned. In addition to the drill program, the Company will be conducting extensive surface geological, geochemical and geophysical exploration. The Company plans to update the existing resource by the end of the year.
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 principal property held by HDG is its 60% interest in the Gold Springs gold project situated along the border between Utah and 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 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 continued advancement of the Gold Springs property and the possible sale of HVG shares by the Company. 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.
High Desert Gold Corporation
Chief Financial Officer
(604) 684-0642 (FAX)