SOURCE: Hunt Gold Corporation

February 24, 2009 16:02 ET

Hunt Gold Corporation -- Further JV Stock Purchases

Joint Venture Company Acquires 375 Million Additional Shares of the Company's Common Stock & Expects to Raise Its Bid Price to Acquire Additional Stock in the Company

NEW YORK, NY--(Marketwire - February 24, 2009) - Hunt Gold Corporation (PINKSHEETS: HGLC) announced on November 14, 2008 that your Company had formed a Joint Venture Company, being a 50/50 partnership between your Company and a Mining Fund, to acquire shares of your Company's Common Stock as a short to medium term investment.

- Total purchases to date by the Joint Venture Company now amount to 3,403,863,000 shares of your Company's "free trading" Common Stock after the Joint Venture Company acquired an additional 375 million shares of the Company's "free trading" Common Stock yesterday afternoon, and at a price of US$0.0001 per share. This will have resulted in a substantial reduction of the amount of the Company's shares being offered in the market at a price of US$0.0001 per share, as from yesterday.

- The Joint Venture Company can confirm that they not are Sellers of the Company Stock at a price below that of US$0.001 per share.

- Joint Venture Company's purchases now definitely resulting in very significant reductions of your Company's shares of Common Stock being offered in the market by these Sellers.

- The Joint Venture Company and the Company's Management realize that it is highly unlikely that they will be able to purchase any additional shares in these "off the market" transactions as we have been unable to attract any further Sellers at the prices we are offering, after having identified all of the Sellers of the Company's shares of Common Stock who were prepared to sell all or part of their stockholdings in the Company.

- The Joint Venture Company will continue to monitor market trading in the Company's stock and will in all likelihood be offering higher prices to the Sellers identified by the Joint Venture Company in an attempt to purchase additional shares of the Company's stock; prior to purchasing the Company's shares in the market.

- The Company's news of Proven Gold Mineralization at the Company's "Mockingbird" Gold Property, after the release of the Assay results, will undoubtedly raise the Company's stock price to higher price levels in a short period of time.

- Additional purchases of the Company's shares of Common Stock by the Joint Venture Company will be effected in the market upon the launch of the Company's web site by the Company's IR Firm, MDM Worldwide Solutions, Inc.

The Joint Venture Company is not purchasing these shares of your Company's shares of Common Stock to increase your Company's stock price, this is a short to medium term investment in terms of the agreement between the Joint Venture Company partners.

PURCHASES BY THE JOINT VENTURE COMPANY:


DATE                    Number of Shares      Price per       Dollar Cost
                                              Share

November 17, 2008       156,983,000           US$.00035       US$ 54,944.05

November 26, 2008       196,880,000           US$0.0003       US$ 59,064.00

February 11, 2009       750,000,000           US$0.00007      US$ 52,500.00

February 12, 2009       300,000,000           US$.00007       US$ 21,000.00

February 17, 2009       400,000,000           US$0.00008      US$ 32,000.00

February 18, 2009       800,000,000           US$0.000075     US$ 60,000.00

February 23, 2009       425,000,000           US$0.0001       US$ 42,500.00

February 24, 2009       375,000,000           US$0.0001       US$ 37,500.00

TOTALS:                 3,403,863,000                         US$369,508.05

Average price paid per share : US$0.0001

These purchases by the Joint Venture Company were transacted "off market" to eliminate brokerage costs and to avoid the distortion of the Company's trading volumes.

Your Company's Management wishes to stress that the Sellers of your Company's shares of Common Stock were being forced to dispose of these shares due to financial pressures beyond their control and the Sellers were made fully aware that if they were in a financial position to enable them to hold these shares of your Company's Common Stock for a longer period of time, they would have achieved a far greater price per share.

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