VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/28/13 -- High Desert Gold Corporation ("HDG" or the "Company")(TSX VENTURE: HDG)(OTCQX: HDGCF) reports that an associate company, South American Silver Corp. ("SASC") has released its audited financial statements for the year ended December 31, 2012, and that the audited financial statements of SASC contain certain summary financial disclosure related to the financial position of HDG. SASC's audited financial statements for the year ended December 31, 2012 can be found on SEDAR at www.sedar.com.
HDG has not yet completed its own audit and therefore the summary financial disclosure related to the financial position of HDG contained in the financial statements of SASC may not necessarily reflect the financial position of HDG to be included in the audited financial statements of HDG which the Company expects to release on or before April 30, 2013.
As at December 31, 2012, HDG had cash and cash equivalents of U.S. $4.7 million. 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 U.S. $2.6 million as at December 31, 2012 (current quoted value is U.S. $2.0 million). These shares are subject to a time-released regulatory escrow agreement.
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" including statements regarding the summary financial information of the Company as at December 31, 2012 which has not yet been audited. 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. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release or on the summary financial information contained in SASC's financial statements. 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 March 28, 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)
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