SOURCE: Hunt Gold Corporation

February 13, 2009 14:10 ET

Hunt Gold Corporation -- Further JV Stock Purchases

Joint Venture Company Acquires 300 Million Additional Shares of the Company's Common Stock

NEW YORK, NY--(Marketwire - February 13, 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
    1,403,863,000 shares of your Company's "free trading" Common Stock after
    the Joint Venture Company acquired an additional 300 million shares of the
    Company's "free trading" Common Stock yesterday afternoon.
    
--  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 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.

The Joint Venture Company purchased an amount of 156,983,000 "free trading" shares of your Company's Common Stock on November 17, 2008; and at a price of US$0.00035 per share. The Joint Venture Company purchased on November 26, 2008; an additional amount of 196,880,000 "free trading" shares of the Company's Common Stock from another Seller and at a price of US$0.0003 per share of your Company's Common Stock.

The Joint Venture Company purchased on February 11, 2009; an additional amount of 750,000,000 "free trading" shares of the Company's Common Stock from another Seller and at a price of US$0.00007 per share of your Company's Common Stock. That Seller has now cancelled their offer to sell these shares in the market.

The Joint Venture Company purchased on February 12, 2009; an additional amount of 300,000,000 "free trading" shares of the Company's Common Stock from another Seller and at a price of US$0.00007 per share of your Company's Common Stock. That Seller has now cancelled their offer to sell these shares in the market.

The Joint Venture Company is now holding an amount of 1,403,863,000 shares of your Company's Common Stock. All of these purchases were settled in cash.

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.

These acquisitions of these additional shares of your Company's Common Stock by the Joint Venture Company are definitely now making a significant reduction in the amount of your Company's shares on offer in the market.

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