SOURCE: Hunt Gold Corporation

August 07, 2008 13:36 ET

Hunt Gold Corporation -- Increase in Bid Price

Company Advises That Bid Price in Hostile Takeover Is to Be Increased

NEW YORK, NY--(Marketwire - August 7, 2008) - Hunt Gold Corporation (PINKSHEETS: HGLC) can confirm that the Private Equity Group intends to increase its bid price in order to obtain control of the Company.

The Private Fund has undertaken to advise us late today as to what price per share they intend to increase their offer from their current bid price of US$0.025 per share. This will be announced prior to the market open, in the morning.

The Private Equity Group now holds an amount of 93,150,103,500 shares of the Company's stock, amounting to 31.7% of the Company's Common Stock.

Based upon the non acceptance of the current bid price by a number of substantial stockholders, The Board of Directors believe that this Private Equity Group will have to substantially raise their offer price should they wish to assume control of the Company.

The Private Equity Group has confirmed that they are seeking to acquire all of the outstanding shares of this Company's Common Stock; and to then merge it with another Gold Company already under their control.

ABOUT HUNT GOLD CORPORATION

Hunt Gold Corporation is a Gold Mining & Exploration Company focused on the development and exploration of its Gold properties, namely "Mockingbird," "Ambassador," "Golden Eagle," "Gladstone Lookout," "Lady Alde," "Lookout Silver," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," "Red Cloud" and "Federal" interests. The Company is completing the sale of its "American Molygold" interests.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a companies' annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.

Contact Information

  • For further information contact:
    Hunt Gold Corporation
    E Mail: Email Contact
    Telephone: (954) 840-6956
    Contact: Mr. Michael G Saner