SOURCE: Hunt Gold Corporation

August 01, 2008 10:02 ET

Hunt Gold Corporation -- Update on Takeover Bid

Company Confirms Serious Offer Which Could Lead to a Takeover of the Company

NEW YORK, NY--(Marketwire - August 1, 2008) - Hunt Gold Corporation (PINKSHEETS: HGLC) confirmed on July 31, 2008 that it had received, early yesterday morning, a serious Takeover Offer for the Company.

This offer to the Company was valued at US$0.025 per share. There were a number of conditions attached to this Offer and the Board of Directors requires more time before advising stockholders as to whether they can recommend this bid to stockholders.

The Company is reluctant to recommend any offer to its stockholders until such time as it has completed an accurate and updated valuation of all of its Gold Mining assets. This is expected to take at least another month.

The Board of Directors cautions stockholders that the offer was made by a highly aggressive Private Equity Group which may attempt (and succeed) to purchase large blocks of this Company's stock; thereby giving it control of this Company through the "Back Door." We are powerless to stop this should it occur.

The Board of Directors is seeking external advice on this Offer and will advise stockholders accordingly.

The Board is duty bound to enter into formal discussions with of all of the various bidders for the Company and with any other Bidders who step forward and make direct contact with us.

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