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)
