SOURCE: Hunt Gold Corporation

November 17, 2008 09:53 ET

Hunt Gold Corporation -- Company JV Confirms Stock Acquisition

Company and Mining Fund Joint Venture Confirms the First Acquisition of the Company's Stock

NEW YORK, NY--(Marketwire - November 17, 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.

This Seller of your Company's shares of Common Stock has now 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; and at a price of US$0.00035 per share. This purchase by the JV has been be transacted "off market" to eliminate brokerage costs and to avoid the distortion of the Company's trading volumes.

The Seller was being forced to dispose of these shares due to financial pressures beyond its control and was made fully aware that if it was able to hold these shares of your Company's Common Stock for a period of time, it would achieve a far greater price per share.

This acquisition of these shares by the JV will should now serve to eliminate the persistent daily selling pressure of your Company's stock, in the market by this Seller.

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 company's 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:

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