VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 26, 2013) - High Desert Gold Corporation ("HDG" or the "Company") (TSX VENTURE:HDG)(OTCQX:HDGCF) reports that it has released its audited consolidated financial statements for the year ended December 31, 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 December 31, 2012, HDG had cash and cash equivalents of $4.7 million and subsequent to December 31, 2012, the Company received gross proceeds of $0.5 million from a private placement financing. The Company also owns 10.7 million shares of Highvista Gold Inc. (TSX VENTURE:HVV) (30.5% equity interest) which had a quoted value of $2.6 million as at December 31, 2012 (current quoted value is $1.6 million). These shares are subject to a time-released regulatory escrow agreement.
The focus of the Company's exploration program in 2013 will be to continue drilling the Grey Eagle and Jumbo Zones with a view to expanding the Gold Springs resource and announcing an updated resource in Q1 of 2014. An additional area, yet to be chosen from among the remaining 16 outcropping gold targets, may also be drilled with the intent of developing a third resource area on the Gold Springs property. An estimated total of 100 drill holes is planned in 2013. The drill program, which commenced in mid-April, is expected to result in a steady flow of news throughout the balance of 2013.
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 an 82% 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 30.5% interest in the Canasta Dorada property in Sonora, Mexico, through its equity interest in Highvista Gold Inc.
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", "will", "continue", "with a view to", "intent" 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, 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 material assumptions that were applied in making the forward looking statements in this release include the execution of the Company's existing plans and exploration programs for Gold Springs including the availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms. 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.