November 13, 2008
High Desert Gold Corporation Files Third Quarter 2008 Financial Statements
High Desert Gold Corporation ("HDG" or the "Company") (TSX: HDG)(TSX: HDG.WT) reports that it has released its unaudited consolidated financial statements for the nine months ended September 30, 2008 and the related management's discussion and analysis of financial position and results of operations ("MD&A").
In October 2007, the Company completed its IPO for net proceeds of US$15.3 million and at September 30, 2008, the Company had cash and cash equivalents of US$10.2 million and working capital of US$10.1 million.
As at October 31, 2008, the Company had cash-on-hand of approximately US$8.8 million net of current and expected near-term commitments including certain costs associated with the unsolicited take-over bid from Northern Financial Corporation ("Northern"). This figure does not take into account all costs associated with that unsolicited bid.
The Company is now subject to Northern's take-over bid and therefore the outlook for the Company's continuing exploration programs is not clear at this time.
The Company's initial business objectives were to aggressively drill and explore its Canasta Dorada and Gold Lake properties so that these properties can be advanced as quickly as possible. The Company also planned to progress its other strong targets including Kinkaid, Artillery Peak and Bluebird. Where appropriate, the Company intends to seek joint venture partners for certain of its properties.
Copies of the unaudited consolidated financial statements and related MD&A 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 and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. The material factors and assumptions that were applied in making the forward-looking statements in this release include but are not limited to assumptions regarding: the current status of Northern's unsolicited take-over bid; the Company's current and expected near-term commitments; and currency volatility. Material factors that could cause actual results to differ materially from the forward-looking statements in this release include risks and uncertainties relating to Northern's unsolicited take-over bid; the availability of any superior alternatives to present to shareholders and whether any such alternative can be sufficiently pursued before the expiry of Northern's bid; and that the nature, timing and extent of the exploration programs which may materially change from current intentions for a number of reasons.
Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company or its business, or if the Company's estimates or assumptions prove inaccurate. The Company cannot provide any assurance that forward-looking statements will materialize. Except as required by law, 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. Additional information regarding risks and uncertainties that could affect the Company's business is contained in the Company's MD&A and in its Annual Information Form, which are available on SEDAR at www.sedar.com.
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