SOURCE: Hunt Gold Corporation

February 26, 2009 08:00 ET

Hunt Gold Corporation -- Further Acquisitions

Company Acquires an Additional 1,600 Acres Surrounding Its "Mockingbird" Gold Project and Confirms It Is Planning Further Acquisitions

NEW YORK, NY--(Marketwire - February 26, 2009) - Hunt Gold Corporation (PINKSHEETS: HGLC) has acquired an additional 1,600 acres of mining claims that have been staked south of its existing claim block at the Company's "Mockingbird" Gold Project in Arizona.

- Company is in negotiations to acquire more advanced stage Gold Mining projects that include proven reserves or proven and probable gold resources, in order to move from an Exploration Company to that of a Mining Company.

- An additional 1,100 acres of mining claims are still in the process of being staked. The exact locations cannot yet be released for competitive reasons, but will be announced upon completion of the process.

- Company's "Mockingbird" Gold property is now 4,500 acres following the Company's additional purchases in the past few months. This excludes the additional 1,100 acres currently being staked by the Company.

The claims were staked by an association affiliated with the original project vendor, and are being acquired by Hunt Gold Corporation following the recordation with the Mohave County Recorder and the Bureau of Land Management. This will bring the project total to about 4,500 acres.

The new claims extend for 2 miles south and west from the "Dandy" and "Great West Mines" which form part of the Company's "Mockingbird" Gold Project, near the summit of Mount Perkins. This includes all or part of Sections 27, 33, 34 and 35 of Township 26 North, Range 21 West and Sections 3 and 4 of Township 25 North, Range 21 West.

The Section 27 claims were added in the southwest quarter of that Section in order to cover the possible southwest extension of the gold mineralization encountered at the "Dandy" Gold Mine during the recent drill campaign. Hunt Gold Corporation's "Dandy" Mine is located in the southeast quarter of Section 27.

Previous work by Chevron found anomalous gold in Section 35. Another major exploration company, Lac Minerals, held the ground to the south at that time. Past conversations with the former Chevron exploration manager indicated that secondary gold mineralization was located in pegmatites in the area. This was consistent with observations by Hunt Gold Corporation personnel during the ongoing rock chip geochemical sampling that some of the pegmatites appeared to be mineralized.

Additionally, historic mine workings (shafts, adits and drifts) were found in Sections 34 and 35 and the ground appeared to be altered and mineralized. The Hunt Gold Corporation team had planned to await the assay results from the rock chip sampling before staking additional claims. However, Company personnel on the ground had observed a growing number of unidentified low altitude helicopter flights over the area, and acted to have it claimed before any competitors could move in.

An additional 1,100 acres of mining claims are still in the process of being staked, based on similarly compelling reasons. The exact locations cannot yet be released for competitive reasons, but will be announced upon completion of the process.

In response to a number of inquiries, the Company also wishes to clarify the reporting of the results of its recent successful drilling campaign at its "Mockingbird" Gold Mining Project in Arizona.

First and foremost, the Company is very encouraged that the assay results demonstrate that there is gold at this property. All of the eight drill holes encountered gold mineralization. Three holes encountered intervals of commercially interesting gold. One of these was .16 ounces of gold per ton, which the Company considers to be "high grade" as it is over .1 ounce per ton.

In mineral exploration, "proven reserves" require that there be close spaced drilling to give assurance of continuity of the gold deposit, as well as a feasibility study demonstrating that the deposit can be mined at a profit. Obviously a lot of drilling must take place to get to this point, and that is what Hunt Gold Corporation is in the process of doing. The gold mineralization at the Company's "Mockingbird" Gold Project cannot be considered to be a "proven reserve" until much later in the "Mockingbird" exploration process.

While the Company's current activity is centered around generative exploration and the building of proven gold reserves by exploration over time, it is also in a position to consider acquisition of more advanced stage projects that include proven reserves or proven and probable gold resources. A number of such potential acquisitions are presently being evaluated subject, of course, to customary requirements of confidentiality.

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 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:

    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