VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/23/12)- High Desert Gold Corporation (HDG.V)(HDGCF) ("HDG" or the "Company") reports that it has released its unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2012 and the related management's discussion and analysis of financial position and results of operations ("MD&A"). In this press release, all amounts are reflected in U.S. dollars.
As at June 30, 2012, the Company had working capital of $2.4 million, including cash and cash equivalents of $3.0 million. The Company also owns 10.7 million shares of Highvista Gold Inc. (HVV.V) (34.2% equity interest) which had a quoted value of $1.6 million as at June 30, 2012. 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 is the Gold Springs project where the first phase of a 6,400 metre drill program has been completed and returned some significant gold intercepts including 21.4 metres of 6.18 g/t gold Eq (i) within 62.5 metres of 2.39 g/t gold Eq. The second phase of drilling is planned to commence in October. In addition to the drill program, the Company is conducting extensive surface geological, geochemical and geophysical exploration both at Gold Springs and the 100% owned Pinyon project adjacent to Gold Springs. The Company plans to update the existing resource at Gold Springs by the end of the year.
Copies of the unaudited financial statements and related MD&A can be found on SEDAR at www.sedar.com.
(i) Gold equivalent (gold Eq) calculations reflect gross metal content using metal prices of $1,600/oz gold and $28/oz silver, and have not been adjusted for metallurgical recoveries.
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 a 70% interest in the 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, 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 "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. 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)