|By Marketwired .||
|August 22, 2013 06:49 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/22/13 -- High Desert Gold Corporation ("HDG" or the "Company") (TSX VENTURE:HDG)(OTCQX:HDGCF)(FRANKFURT:7HD) reports that it has released its unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2013 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, 2013, HDG had cash and cash equivalents of $3.1 million. The Company also owns 10.7 million shares of Highvista Gold Inc. (TSX VENTURE:HVV) (26.8% equity interest) which had a quoted value of $610,000 as at June 30, 2013. 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 estimate 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. The drill program, which commenced in mid-April, is expected to result in a steady flow of news throughout the balance of 2013.
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 that straddles the Nevada and Utah state border, and the San Antonio project in Sonora, Mexico. The Company also has a 26.8%% equity interest in Highvista Gold Inc. which owns the Canasta Dorada property in Sonora, Mexico.
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", "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. Unless otherwise indicated, forward-looking statements in this release describe the Company's expectations as of August 22, 2013.
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)