SOURCE: Hunt Gold Corporation

February 23, 2009 11:23 ET

Hunt Gold Corporation -- Further JV Stock Purchases

Joint Venture Company Acquires 425 Million Additional Shares of the Company's Common Stock

NEW YORK, NY--(Marketwire - February 23, 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 3,028,863,000 shares of your Company's "free trading" Common Stock after the Joint Venture Company acquired an additional 425 million shares of the Company's "free trading" Common Stock this morning; 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 today.

-- 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 is now of the opinion that that they will be unable to purchase any further shares of your Company's Common Stock in these "off the market" transactions as we have been unable to attract any further Sellers at these prices 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.

-- Today's news of Proven Gold Mineralization at the Company's "Mockingbird" Gold Property, after the release of the Assay results; will undoubtedly cause 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$0.00035   US$ 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$0.00007   US$ 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

TOTALS:            3,028,863,000                  US$332,008.05

Average price paid per share : US$0.0001

These purchase 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 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