Global Hunter Corp.
TSX VENTURE : BOB

Global Hunter Corp.

October 31, 2007 21:21 ET

Global Hunter Announces Drill Results at Rabbit South Property in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - Global Hunter Corp. (TSX VENTURE:BOB) ("the Company") is pleased to announce results from its exploration program at its Rabbit South molybdenum project in south-central British Columbia, Canada. A total of four confirmation diamond drill holes were completed on the Rabbit South property this year. Highlights of the drill program include drill hole DRL0701, which graded 0.030 percent molybdenum over a 207 metre intercept and drill hole DRL0702, which produced a result of 0.031 percent molybdenum over a 221 metre intercept. Further, drill hole DRL0703 included a 16.5 metre interval grading 0.079 percent molybdenum (As a point of reference, drill hole DRL0703 was drilled 75 metres west of hole DRL0701).

"These results are very exciting for Global Hunter," said Rod Husband, President and CEO. "They confirm previous findings at the property and pave the way for an aggressive exploration program to advance the project."

In Zone B three holes were drilled in an east-west pattern immediately north of the east-west fault that separates Zone B from Zone A. Drill results are presented in the table below.



TABLE 1: 2007 Diamond Drill Results from Rabbit South Property

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Total
Drill UTM83- Azi- Depth
Hole UTM83-E UTM83-N Elev muth Dip (m)
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DRL0701 666984.568 5606254.34 1553.61 0 -90 215.49
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Including
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including
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DRL0702 666750.796 5606243.9 1554.28 0 -90 264.26
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DRL0703 666882.641 5606247.6 1554.69 0 -90 237.74
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Including
----------------------------------------------------------------
Including
----------------------------------------------------------------
DRL0704 666702.472 5606405.83 1565.08 0 -90 336.5
----------------------------------------------------------------
Including
----------------------------------------------------------------


----------------------------------------------------
Drill From To %
Hole (m) (m) Interval Mo
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DRL0701 6.00 213.00 207.0 0.030
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Including 43.50 78.00 34.5 0.048
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Including 55.50 64.50 9.0 0.092
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DRL0702 32.61 254.44 221.83 0.031
----------------------------------------------------
DRL0703 10.50 229.50 219.0 0.034
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Including 120.00 169.50 49.5 0.050
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Including 120.00 136.50 16.5 0.079
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DRL0704 26.00 330.77 304.77 0.030
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Including 275.00 303.50 28.50 0.058
----------------------------------------------------


The current drill program has produced similar results to historical drilling and has provided additional confirmation of historical data and the molybdenum mineralization. The Company has also confirmed Zone B has intercepted molybdenum mineralization at significantly greater depths than previously encountered in Zone A. The Company is taking the necessary steps to initiate a National Instrument 43-101 Resource Estimate on the project and will provide updates in the coming weeks.

Previous operators drilled a portion of the Rabbit South property system extensively to establish the existence of a large body of molybdenum mineralization. Historical exploration on the property included the drilling of 104 holes, of which 79 were percussion holes (6,009 metres) and 25 were diamond drill holes (2,968 metres). Near surface molybdenum mineralization was intersected in 44 of these drill holes.

The mineralized zone is a horseshoe shaped structure where a high angle east-west fault separates two mineralized lobes into Zone A to the south and Zone B to the north. Zone A was defined by twenty-five holes and measures approximately 1,000 metres long by an average of 350 metres wide covering a surface area of approximately 350,000 sq metres. The average grade of mineralization in the twenty-five holes was 0.065 percent molybdenum and the average thickness was 80.5 metres. Zone B was defined by 19 holes and measures approximately 400,000 square metres in plan view, and is approximately 800 metres long by 500 metres wide. The average grade of mineralization in the 19 holes was 0.043 percent molybdenum over an average thickness of 64.6 metres.

ABOUT RABBIT SOUTH

The 1,900 hectare Rabbit South property is located in the Dominic and Roper Lake area, approximately twenty-seven kilometres west-southwest of Kamloops, British Columbia. The project area is accessible in all weather conditions from by a combination of highways and logging roads and is situated near two world class mines: twenty-five kilometres northeast of Highland Valley (British Columbia's largest porphyry copper mine); and twelve kilometers southwest of Afton (British Columbia's richest porphyry copper mine).

CORPORATE FINANCE

In addition to the positive drill results the Company wishes to announce it has arranged for the non-brokered private placement of 3,333,332 units with the MineralFields Group at the price of C$0.45 per unit to raise gross proceeds of C$1,500,000. Each unit will consist of one flow-through common share and a one-half warrant. Each whole warrant will entitle the holder to purchase one non-flow-through common share at the price of C$0.60 for two years from closing.

"We are very pleased to be entering into this relationship with MineralFields Group," said Rod Husband, President and CEO. "This is an important milestone in the growth of Global Hunter Corp. and we look forward to working with MineralFields Group as we develop our holdings in Canada."

No "control persons" (as defined in Policy 4.1 of the TSX Venture Exchange) or new insiders will be created as a result of the private placement. All shares issued in connection with the private placement, and any shares issued pursuant to the exercise of warrants, will subject to a four month hold period. On closing, the Company will pay finder's fees in respect of the private placement in accordance with TSX Venture Exchange policies. The private placement is subject to acceptance of a filing in respect of same by the TSX Venture Exchange.

ABOUT GLOBAL HUNTER CORP.

Global Hunter is currently exploring and advancing development of La Corona de Cobre project located 70 km north of La Serena, Chile along the Pan American Highway within the coastal belt of the Andean Cordillera. The 2007 program at the property will focus on further defining the resource and economics of Las Posadas deposit. In addition to La Corona de Cobre, the Company is also working to complete further delineation drilling and an initial resource estimate at its Rabbit South Property molybdenum project in south-central British Columbia, Canada.

ABOUT MINERALFIELDS, PATHWAY AND FIRST CANADIAN SECURITIES®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group.

This news release was reviewed by qualified persons as defined by National Instrument 43-101, including Rod Husband, P. Geo., who has prepared and reviewed the technical information contained herein, and all assaying has been performed at the Eco Tech laboratories in Kamloops, British Columbia.

On Behalf of the Board of Directors

GLOBAL HUNTER CORP.

Rod Husband, P.Geo, President

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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