SOURCE: Hunt Gold Corporation

July 16, 2008 09:35 ET

Hunt Gold Corporation -- Planned Share Buyback

Company Confirms Its Intentions to Effect a Substantial Share Buyback

NEW YORK, NY--(Marketwire - July 16, 2008) - Hunt Gold Corporation (PINKSHEETS: HGLC) announced on July 14, 2008 that certain Investment Groups had assumed voting control of the Company and the Board of Directors, with the assistance of these Investment Groups, and that the Company will definitely be disposing of its "Molygold" interests very shortly.

Stockholders are advised that the Company has identified holders of the Company's "free trading" stock; equal to 81% of the Company's outstanding "free float" of its shares of Common Stock. The Investment Groups are commencing with offers to each of these stockholders at this time, with the intention of attempting to acquire these shares "off the market."

The Investment Groups have made an offer to Fortress Financial Group, Inc. to acquire their entire stockholding in Hunt Gold Corporation. The Board of Directors of Fortress Financial Group, Inc. has agreed to this disposal, subject to the price per share being acceptable to themselves, and that the entire holding be purchased in full and paid for in cash. It is expected that this deal could be consummated within days.

The proceeds from the sale of these "Molygold" interests are to be utilized to effect a substantial share buyback of the Company's "free float" of Common Stock.

The Investment Groups with voting control of this Company are determined to narrow the discount between the current low stock price and the Company's NAV. Their short-term price target per share is not lower than US$0.02 (2c) per share compared to the closing price of US$0.006 on July 15, 2008.

Stockholders will continually be advised accordingly, as your Company's Management becomes aware of further details and developments.

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," "American Molygold," "Gladstone Lookout," "Lady Alde," "Lookout Silver," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," "Red Cloud" and "Federal" interests.

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:

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