High Desert Gold Corporation Files Second Quarter 2011 Financial Statements
24 August 2011 - 8:28AM
Marketwired
High Desert Gold Corporation ("HDG" or the "Company") (TSX VENTURE:
HDG)(PINK SHEETS: HDGCF) reports that it has released its unaudited
condensed interim consolidated financial statements for the six
months ended June 30, 2011 and the related management's discussion
and analysis of financial position and results of operations
("MD&A").
As at June 30, 2011, the Company had cash and cash equivalents
of US$1.4 million.
The Company has completed its earn-in obligation to acquire a
60% interest in the Gold Springs property. The Company and Pilot
Gold Inc. are participating in a joint development program at Gold
Springs through a limited liability company with the Company
holding a 60% interest and Pilot Gold a 40% interest.
The Company will continue follow up of the ZTEM geophysical
survey at Gold Springs and plans on completing an NI 43-101
Technical Report by year end. Plans for additional drilling will be
completed, with the start date dependent on the timing of
completion of permitting. At San Antonio, surface sampling and
mapping will continue in preparation for further drilling.
The Company has completed the transfer of all of its interests
in the Canasta Dorada property to Highvista Gold Corp. ("HVG"). The
Company may raise additional funds through the sale of some of its
HVG shares to allow for expanded exploration work at Gold Springs
and San Antonio in the second half of 2011 and 2012.
Copies of the unaudited condensed interim 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 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 49% interest in the Canasta Dorada property in Sonora,
Mexico, through its equity interest in Highvista Gold Corp. There
has been insufficient exploration to define a 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 and San Antonio properties 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.
Contacts: High Desert Gold Corporation William Filtness Chief
Financial Officer (604) 684-0693 (604) 684-0642 (FAX)
High Desert Gold Corporation (TSXV:HDG)
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