SOURCE: Hunt Gold Corporation

November 14, 2008 09:36 ET

Hunt Gold Corporation -- Company Forms JV to Commence Stock Purchases

Company Partners With Mining Fund in a Joint Venture to Commence With Purchases of Its Own Stock

NEW YORK, NY--(Marketwire - November 14, 2008) - Hunt Gold Corporation (PINKSHEETS: HGLC) announced on November 4, 2008 that it had been resolved that the Company will commence with the purchase of shares of its own Common Stock in the market.

The Company was approached by a small but very active Mining Fund to work with the Company on these stock repurchases. The Company has formed a Joint Venture with this Mining Fund on a 50/50 profit sharing and equity basis to operate and manage these purchases and subsequent sales of the company's stock. Your Company's Management is of the opinion that this Mining Fund has the necessary expertise in this area, are in a position to obtain maximum leverage and/or Margin for this trading, and are in a position to obtain the lowest brokerage commission rates. These factors will greatly increase the Company's profits from these share purchases and subsequent sales, and most importantly has resulted in a much more significant amount of funds being available for these stock purchases.

The Joint Venture Company has already identified a substantial and consistent seller of your Company's stock and has offered to purchase all of their shares of your Company's stock. The Seller has agreed to sell all of its stock in your Company to the JV. It is expected that this purchase of this Seller's stock will be consummated very early next week. This will greatly reduce the selling pressure in the market.

The Company and the Mining Fund will commence purchases through the new JV once all significant and material facts are disclosed to our stockholders, namely:

--  The Announcement of the details and scope of the Drilling Programme
    and the Announcement of the appointment of the Drilling Contractor; and
--  The Announcement of the confirmation of the drilling to commence in
    the last week of November of 2008; and
--  The Announcement of the appointment and full details of the Project
    Manager; and
--  The Announcement of the appointment of the Company's new IR Firm and
    their contact information; and
--  The Announcement with full details concerning new Board appointments;
    and
--  The web site with all vital investor information on the Company going
    "live."
    

These events will take place during the course of next week and all stockholders will be in a far better position to decide whether to buy, hold or sell their shares of the Company's Common Stock prior to the JV purchasing these shares in the market, as it is considered inappropriate for the JV to purchase shares of the Company's stock ahead of the Announcements of these very material events.

The Company remains confident that it will be in a position to accumulate fairly substantial amounts of stock at the current very low price levels as it appears that there are significant sellers at these current price levels, based upon our observations of the past few weeks' trading patterns in the market.

The Company stresses that these purchases of its shares of Common Stock in the market are for investment purposes only, once purchased they will be held by the Mining Fund JV and will not be cancelled.

The JV intends to sell these shares in the market in due course and at what Management believes will be at a substantial profit; and only at such time as the Company's stock price corrects itself to reasonable and accurate prices.

The JV will report every fortnight as to its dealings in the Company's shares of Common Stock.

The Company will account for these profits as an Extraordinary Item in its Financial Statements.

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.

For further information contact:

Hunt Gold Corporation
E Mail: investor@huntgoldcorp.com
Telephone: (954) 840-6956
Contact: Mr. Michael G Saner

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