SOURCE: Hunt Gold Corporation

November 26, 2008 11:04 ET

Hunt Gold Corporation -- JV Acquires Additional Stock

Company and Mining Fund Joint Venture Confirms Their Second Substantial Acquisition of the Company's Stock

NEW YORK, NY--(Marketwire - November 26, 2008) - Hunt Gold Corporation (PINKSHEETS: HGLC) announced on November 14, 2008 that the Joint Venture Company (The 50/50 partnership between Company and a Mining Fund) had identified a substantial and consistent seller of your Company's stock and had offered to purchase all of their shares of your Company's stock. The Company purchased all of this stock and today was able to secure another substantial portion of your Company's shares of Common Stock from another persistent and financially impaired Seller.

This Seller of your Company's shares of Common Stock sold its entire remaining stockholding of your Company's shares of Common Stock to the JV. The JV purchased an amount of 156,983,000 shares of your Company's Common Stock from this Seller on November 17, 2008, at a price of US$0.00035 per share. This purchase by the JV was transacted "off market" to eliminate brokerage costs and to avoid the distortion of the Company's trading volumes.

The JV was offered this morning, November 26, 2008, an additional amount of 196,880,000 shares of the Company's Common Stock from another Seller whom through financial circumstances was forced to dispose of its stock in your Company and had been a persistent Seller of your Company's stock in the market. The JV has purchased all of this Seller's remaining shares of your Company's shares of Common Stock from this Seller, at a price of US$0.0003 per share of your Company's Common Stock. This additional purchase by the JV was transacted "off market" to eliminate brokerage costs and to avoid the distortion of the Company's trading volumes.

Both of these Sellers were being forced to dispose of these shares due to financial pressures beyond their control and both Sellers were made fully aware that if they were in a financial position to enable them to hold these shares of your Company's Common Stock for a longer period of time, they would have achieved a far greater price per share.

As announced, the JV cannot and will not purchase any shares of your Company's Common Stock in the market, for ethical reasons, and not until the Corporate web site goes "live" and the appointment of the new IR Firm is announced, this being on Monday December 1, 2008.

This acquisition of these additional shares by the JV will should now assist to serve in the reduction and hopefully, the elimination, of the persistent daily selling pressure of your Company's shares of Common Stock, in the market by these financially impaired Sellers.

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." The Company has completed the sale of its "American Molygold" interests and will be distributing the entire sale proceeds through a Stock Dividend to its stockholders, this to be announced shortly.

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