SOURCE: Hunt Gold Corporation

February 24, 2009 11:57 ET

Hunt Gold Corporation -- Company Proves High Grade Gold Reserves

Company's Initial Drilling Campaign's Assay Results Prove Gold Mineralization in Every Hole Drilled and High Grade Mineralization

NEW YORK, NY--(Marketwire - February 24, 2009) - Hunt Gold Corporation (PINKSHEETS: HGLC) announced yesterday and today, the assay results from the first eight drill holes of its first recently completed drilling campaign at the Company's "Mockingbird" Gold Project in Arizona. The assay work was done by Jacobs Assay of Tucson, Arizona.

COMPANY HIGHLIGHTS:

--  All of the first eight drill holes encountered Gold Mineralization.
    
--  Eighth Drill Hole encountered High Grade Gold Mineralization.
    
--  The Assay Results have matched and in fact beaten, the Company
    Management's expectations.
    
--  Company has now proven that it has viable Gold Mining properties which
    will be exploited by Management on a "fast track;" yet scientific and
    methodical approach.
    
--  Management determined to make Hunt Gold Corporation one of the most
    aggressive and successful Junior Mining Companies in the USA. The Company
    already has the Management and top class Executives in place to achieve
    this goal.
    
--  Company has significantly increased its Claim Blocks in strategic
    locations surrounding its "Mockingbird" Gold property; sparing no expense
    to obtain these vital claims. The Company now has huge amounts of claim
    blocks throughout its portfolio of Gold Mining properties.
    
--  Extensive new Drilling Contract to be announced this week utilizing
    new drilling equipment which is far faster and more cost effective than
    previous drilling.
    
--  Company's new Funding arrangements already in place to commence a "Non
    Stop Drilling & Exploration Campaign."
    
--  Company's Geologists preparing detailed reports reflecting the impact
    of these first Assay Results coupled with a Gold price of nearly
    US$1,000/oz. Management is extremely bullish on the price and the outlook
    for Gold in the immediate and for the long term.
    
--  Company in the process of the launch of its web site with its recently
    appointed IR Firm, MDM Worldwide Solutions, Inc.
    
--  Company's Joint Venture Company has already acquired an amount of
    3,028,863,000  shares of Company's "free trading" Common Stock in a series
    of "off the market transactions" an average price of US$0.0001 per share;
    as a short to medium term investment. This Joint Venture Company to
    continue to purchase shares of the Company's stock; in the market; and
    after the launch of the Company's web site. These purchases have massively
    reduced the number of our shares being offered in the market.
    
--  Company Management satisfied that the Company's stock price will
    shortly trade at far higher levels as our results are analyzed and as
    significant Investors commence purchasing the Company's stock.
    
--  Stock Buyback & Cancellation to proceed after web site launch.
    
--  Company retains an interest in Silver Mining Sector; through its stock
    holding in a Silver Company valued at US$65 million following the disposal
    of its "Lookout Silver" interests.
    
--  Company to pay Stock Dividend in due course following the sale of its
    American Molygold Corp. subsidiary Company.
    

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," "Williamson," "Blue Copper Mine," "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. The Company has disposed of its "Lookout" Silver Projects and will be retaining an amount of US$65 million in quoted stock from that disposal.

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:

    MDM Worldwide Solutions, Inc. (Investor Relations Enquiries)
    E Mail : Email Contact
    Telephone : (646) 961-4458
    Contact : Richard Hausig

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