VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 16, 2013) - High Desert Gold Corporation ("HDG" or the "Company") (TSX VENTURE:HDG)(HDGCF) is pleased to announce that drilling is expected to start at the Gold Springs project on April 17, 2013. The Gold Springs Project straddles the Nevada-Utah border West of Cedar City, Utah and is a Joint Venture with Pilot Gold Inc. in which HDG holds an 82% interest and is the managing partner.
The initial 4 to8 drill holes will be located in the Jumbo Zone in Utah while road and drill pad construction is taking place at Grey Eagle. These holes will look to extend the gold mineralization to the west and south of the resource reported at the end of Q1 of this year. Once these holes are completed the drill will move to the Grey Eagle Zone in Nevada where this season's drilling will be designed to follow up the high grade intersections reported last year, 21.4 metres of 6.18 gpt AuEq* within 62.5 metres of 2.39 gpt AuEq* (see HDG PR12-14, August 16, 2012).
The goal of the 2013 drill program is to expand the resource at Gold Springs beyond the recently announced defined inferred resource of 301,756 oz of gold averaging 0.48 g/t and 6,476,149 oz of silver averaging 10.4 g/t for a total of 415,254 oz. AuEq*averaging 0.67 g/t AuEq within 19,373,085 tonnes (see HDG PR13-07, March 28, 2013).
The Jumbo and Grey Eagle Zones are the two zones that comprised the inferred resource referred to in the paragraph above. Later this year the Company may drill a third zone from the remaining 16 outcropping gold targets at the project to potentially further expand the resource An estimated total of 100 drill holes are planned this year which will provide a steady flow of news from the project.
Ralph Fitch, President and CEO, stated "This year's exploration focus is the expansion of the resource at Gold Springs. We suspended drilling in mid-December of 2012 due to weather conditions at the project and are very pleased to be starting this year's program as planned in mid-April. We are well funded and look forward to another year of "discovery". With mineralization starting at surface, good metallurgy and the project located in two pro-mining jurisdictions we are expecting a very positive year."
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 CORPORATION
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 also has a 30.5% 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 16 additional targets at the Gold Springs project 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 "target", "planned", "expected", "will", "goal", "extend", "expand", "may", "potentially" and similar expressions. Information concerning mineral resource estimates may also be considered forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present if and when a mining project is actually developed. 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, conditions at the Gold Springs project; 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. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the availability of equipment and qualified personnel to advance the Gold Springs project; and execution of the Company's existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs. 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. Unless otherwise indicated, forward-looking statements in this news release describe the Company's expectations as of April 16, 2013.
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.
* Gold equivalent (AuEq) calculations reflect gross metal content using metal prices of $1,600/oz gold (Au), and $28/oz silver (Ag), and have not been adjusted for metallurgical recoveries.