High Desert Gold Corporation Files Third Quarter 2011 Financial Statements
November 23 2011 - 7:23PM
Marketwired
High Desert Gold Corporation ("HDG" or the "Company") (TSX
VENTURE:HDG)(OTCQX:HDGCF) reports that it has released its
unaudited condensed interim consolidated financial statements for
the three and nine months ended September 30, 2011 and the related
management's discussion and analysis of financial position and
results of operations ("MD&A").
As at September 30, 2011, the Company had operating working
capital of approximately US$1.0 million. The Company also owns
approximately 10.7 million shares of Highvista Gold Inc. ("HVG")
with a current quoted value of approximately Cdn. $6.7 million.
These shares are subject to a time-released regulatory escrow
agreement and a contractual lock-up undertaking entered into by the
Company.
The Company will continue follow up of the ZTEM geophysical
survey at Gold Springs and plans on completing an NI 43-101
Technical Report during the first quarter of 2012. 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. Depending on market or other conditions, and
subject to compliance with the regulatory escrow agreement and
contractual lock-up undertaking entered into by HDG, the Company
may raise additional funds through the sale of some of its shares
of HVG to allow for expanded exploration work at Gold Springs in
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 34.8% 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 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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