SOURCE: Hunt Gold Corporation

June 16, 2008 10:29 ET

Hunt Gold Corporation -- Significant Acquisitions

Company Completes Further Extremely Significant Acquisitions

NEW YORK, NY--(Marketwire - June 16, 2008) - Hunt Gold Corporation (PINKSHEETS: HGLC) confirmed that it completed the acquisition of very significant additional Gold Mining Properties.

-- Company's Gold Mining assets now increased in size in excess of 1,000%.

-- Company acquires 100% of "Gladstone Lookout," "Lookout Silver," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," and "Red Cloud" Gold Mining Projects.

-- Company acquires 51% of "Lady Alde" and "Federal" Gold Mining Projects.

The Company has acquired a very significant portfolio of precious metals mining properties located in Yavapai County, Arizona. There are three groups of properties:

1. Gladstone Lookout -- Near Prescott, Arizona, the Gladstone Lookout is adjacent to the Gladstone McCabe Mine, which produced, from 1880 to 1926, at least 62,800 ounces of gold and 779,000 ounces of silver. The Gladstone McCabe was reopened during the 1980s by Stan West and later sold to a subsidiary of BHP. Reportedly, Stan West used a suboptimal recovery method, leaving gold values in the tailings (initial estimate of over 100,000 tons at .036 oz. gold per ton) that could be recovered with more effective methods. The 460 acre claim block also includes a 50% interest in the mineral rights of the patented Lady Alde gold mine, as well as the Lookout Silver Mine. The Lookout is on the same vein as the Arizona silver mine, which produced over $4,500,000 of silver, with grades up to 20 ounces per ton.

2. Hassayampa -- The Hassayampa Mining District is located approximately 15 miles south of Prescott, Arizona. Spread over 800 acres are the Starlight, American Flag and Venezia gold mines, as well as the mineral rights to the Stormcloud group of 13 patented mining claims. These are preCambrian deposits located in Yavapai schist, rhyolite and granodiorite. There are veins on the rhyolite / schist contact, which range in width from 2 feet to 10 feet. Vein filling is quartz and ore occurs in the form of chalcopyrite carrying both gold and silver. Past production was reported together with the neighboring Senator Mine, formerly owned and operated by Phelps Dodge, and exceeds $10,000,000 in current dollars.

3. Cherry -- The Cherry project is located in the Cherry Creek Mining District, about 10 miles southeast of Jerome, which has been Arizona's premier producer of gold, silver, copper and zinc from preCambrian ore deposits. The Cherry claim block is strategically located between the American Molygold gold and molybdenum property to the east, and the Ambassador gold mine to the west. Included in the 650 acre land package are the Buffalo Limecap and Red Cloud gold mines, as well as a 51% interest in the mineral rights of the Federal Mine, which is comprised of 14 patented mining claims. The quartz veins occur in preCambrian granite, and are associated with limonite and tourmaline. The "Ambassador" and "American Molygold" are already owned by the Company.

The full details in respect hereof will be filed in a Form 8-K with the SEC.

The Company is delighted to have grown rapidly into a very substantial owner of Gold Mining & Exploration properties; particularly given the extremely positive outlook and forecasts for the price of Gold.

The Company has now, in the opinion of its Management, achieved the critical mass required to expedite its financing plans for the funding of an aggressive exploration policy.

The purchase consideration was settled through the issue of restricted shares of the Common Stock.

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