High Desert Gold Corporation Files Fiscal 2007 Annual Financial Statements

High Desert Gold Corporation (“HDG” or the “Company”) (TSX: HDG)(TSX: HDG.WT) reports that it has released its audited financial statements for the year ended December 31, 2007 and the related management’s discussion and analysis of financial position and results of operations (“MD&A”). The Company has also filed its annual information form in respect of the year ended December 31, 2007.

In October 2007, the Company completed its IPO financing, raising net proceeds of US$15.3 million, and at December 31, 2007, the Company had cash and cash equivalents of US$14.4 million and working capital of US$14.2 million. Cash equivalents comprise term deposits and bankers’ acceptances. With this funding in place, the Company is in a strong financial position to pursue its current exploration and property acquisition strategy.

The Company’s business objectives are to aggressively drill and explore its Canasta Dorada and Gold Lake properties with the intention of moving these new discoveries to a resource definition phase as soon as possible. The Company also plans to explore its Monitor property through a drill program in 2009, continue early stage exploration on its other existing properties and to evaluate new opportunities. Where appropriate, the Company intends to seek joint venture partners for certain of its properties.

Drilling is in progress at the Canasta Dorada property which is located in the Sonoran Gold Belt, a particularly gold enriched province extending from southern California through northern Sonora. Mines in this established gold trend include Mesquite, Picacho, La Herradura and El Chanate in the Caborca region of northwest Sonora, Mexico. The drilling is part of a planned 40 drill hole program. The first holes are located to drill into the exposed, potentially ore grade mineralization in the Big Pit area. One hundred and forty-three channel samples from this exposure, which covers an area of approximately 375 metres by 200 metres, averaged 1.2 grams per tonne gold.

At Gold Lake, the Company plans to aggressively drill and explore the geophysical and geochemical targets defined by the work completed on the property to date. Accordingly, the Company has started the planned 4,000 metre drilling program at Gold Lake in January 2008.

Copies of the audited financial statements, related MD&A and annual information form can be found on SEDAR at www.SEDAR.com.

Certain statements contained herein constitute “forward-looking statements”. These forward-looking statements are based on current expectations. The nature, timing and extent of the exploration programs may materially change from current intentions for a number of reasons. Additionally, “forward looking statements” look into the future and provide an opinion as to the effect of certain events and trends on the business. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

HDG is a mineral exploration company that acquires and explores mineral properties, primarily gold, copper and silver, in North America. The three major properties held by the Company are the flagship Canasta Dorada gold property in Sonora, Mexico, the Gold Lake porphyry copper-gold-molybdenum property in New Mexico and the Monitor copper-silver property in Arizona.

 Contacts: High Desert Gold Corporation William Filtness Chief Financial Officer (604) 684-0693 (604) 684-0642 (FAX)  

SOURCE: High Desert Gold Corporation