SOURCE: Hunt Gold Corporation

August 15, 2008 12:14 ET

Hunt Gold Corporation -- Statement

Company CEO Issues Statement to Clarify Issues

NEW YORK, NY--(Marketwire - August 15, 2008) - Hunt Gold Corporation (PINKSHEETS: HGLC) CEO Mike Saner wishes to clarify a number of issues raised by stockholders.

1. The Private Equity Group bidding for the Company now holds an amount of 93,150,103,500 shares of the Company's stock amounting to 31.7% of the Company's Common Stock. That makes them a very substantial stockholder whose opinions cannot be ignored by this Company's Management.

2. The Private Equity Group has conceded that they will not succeed in their quest in their bid to take the Company private as they are unwilling to raise their bid price of US$0.03 per share; a price which has been rejected out of hand by other substantial stockholders. The Private Equity Group has dropped its bid for the Company primarily due to other substantial stockholders refusing to sell at a price below US$0.20 per share.

3. The Company will not be implementing any stock splits whatsoever.

4. The Company is concluding the transaction to dispose of its "American Molygold" interests to focus solely on its Gold interests.

5. The Company intends to distribute all of the proceeds from the sale of its "American Molygold" interests to its stockholders upon receipt of these proceeds. This has been approved in writing by stockholders holding in excess of 75% of this Company's Common Stock including the Private Equity Group. This is a substantial bonus for all stockholders who have watched the Company's stock price fall to a ridiculously low price. The proceeds will not be utilized to fund a stock repurchase. Management is of the opinion that once stockholders are in a position to analyze our assets, the stock price will recover as a matter of course.

6. The Company is aware that Fortress Financial Group, Inc. is intent to dispose its 483,000,000 "free trading" shares. It is in the major stockholders interests to ensure that these shares are purchased "off the market" from Fortress Financial Group, Inc.; and to that end a deal is being negotiated with Fortress Financial Group, Inc. to purchase their "free trading" stock "off the market."

7. We are acutely aware that this Company needs to provide data on its mining interests and to clearly set out its future plans; if the share price is to recover to reasonable price levels. The Company's Management will be retaining expert Counsel to advise us on a proper stockholder communications strategy as your Company's Management is engaged in the business of Mining and not in the business of stockholder communications. We recognize our failings in this area and we are addressing the issue.

8. The Company is proceeding with its stated intentions of filing to become "Reporting" with the SEC and will update our stockholders very shortly as to the expected date of these filings with the SEC.

9. All future communications from this Company will deal solely with the business in which we are engaged; that being Gold Mining & Exploration; that said, our focus is on the Gold mining interests which are owned by this Company.

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," "Lookout Silver," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," "Red Cloud" and "Federal" interests. The Company is completing the sale of its "American Molygold" 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 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:

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